Smart Talk

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. What are the elements of a good onboarding program for employees?  A. The employee onboarding process is crucial for shaping new hires' perception of their workplace and laying the foundation for their future success. It's more than a checklist; it's a carefully designed integration into the organization. There are three key phases: preboarding, the first day and defining success.  Preboarding: Building confidence   Upon accepting the offer, ensure...

Q. Why does my accrediting organization ask about complaints?   A. A delivery is late, someone is unhappy with their bill, a phone call was on hold for an extended time. Each of these incidents may seem minor and yet your surveyor expects to see documentation of complaints.   Accrediting organizations (AOs) are guided by CMS when it comes to how DME suppliers handle complaints. CMS requirements address complaints in both the supplier and the quality standards.   CMS...

Q. How do HCPCS codes impact access?  The purpose of miscellaneous HCPCS codes such as K0108 wheelchair component or accessory, not otherwise specified, and E1399 durable medical equipment, miscellaneous, is to facilitate billing of items infrequently provided and when no defined HCPCS code describes the item. The two aforementioned codes were made effective Oct. 1, 1993.   Miscellaneous codes have served their initial purpose, but over the last 30 years, they have become problematic....

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....

Q. Why is the onboarding experience crucial to long-term employee and company success?  A. According to a CareerBuilder and SilkRoad Technology survey, 9% of employees have bid farewell to a company due to poor onboarding. Even more concerning is that 37% of employees said their managers failed to play a critical role in supporting their onboarding process. However, when a company implements stellar onboarding procedures, 69% of employees will likely stay with the company for at least three...

Q. What steps can my company take to safeguard reimbursement for products sold or rented to Medicare patients?   A. You may be receiving payment from a variety of sources including Medicare Part B and private payers. Your accreditation organization (AO) has a role to play because CMS requires that AOs verify the products you are supplying to patients and that you meet the requirements to supply those products. This may include the use of credentialed personnel, state licensure or other...

Q. What does access to CRT mean?  A. Access to complex rehab technology (CRT) has been the mantra of stakeholders. While that mantra has been consistent, the issue at the center of each initiative has been different. Initiatives have included attempts to prevent inclusion of CRT items in Medicare’s competitive bidding program, improve HCPCS coding, obtain adequate payment rates, improve processes for obtaining new HCPCS codes, and modify methodologies for developing payment.  Each...

Q. What are some KPIs I can use to measure the success of our resupply program?  A. Measuring the success of your resupply program is an important element for not only your business but also your patients. Having key performance indicators to measure is the first step in establishing benchmarks and goals.  Compliance  The foundation of a solid resupply program starts with patient compliance. Successfully getting patients compliant on PAP therapy leads to active resupply...

Q. When is it time to challenge the status quo?   A. We cringe when we hear the phrase, “We’ve always done it that way.” Leaders know that change is constant and reliance on outdated methods can prove fatal to a business. However, when it comes to advocacy, many ask “What’s the use, it’ll never change?” It is easy to understand how people come to feel this way, as our industry is often overlooked and undervalued. However, the reality is that...