Tag: Strategic Office Support

Q. What financial metrics guarantee business health?  A. Although there are hundreds of financial metrics to consider for business health, we will focus on five: revenue, accounts receivable, cash deposits, denials and profit.  Revenue is the total of all booked sales for a given period.  To know your revenue, your fee schedules must be up to date. You can then trend your revenue and track growth.  We must acknowledge that there is a delay between the booked sale and...

Q. How can you manage what you don't measure?   A. Metrics. A lot of times we're frozen by inability to even know where to start.  But start you must, because you cannot fly blind. In this industry with tight margins, crippling staffing shortages, ever changing fees and payer requirements, you must know and track what is going on.  Thankfully, the EMRs we use have the data. We must harness this data, refine it, and translate it into actionable insights....

Automation technology has made great strides within the HME industry, organizing and streamlining operational office functions that go beyond billing. That progress has changed the dynamic of a provider’s financial processes and business workflow.  “Basically, there are many areas in the HME provider’s business, including revenue cycle management, where advanced technology and automation – including artificial intelligence – can be used to improve process throughput,...