Last week, we recapped the first part of Joey Graham and Ty Bello’s new white paper, “2021 & Beyond: From Surviving to Thriving,” in How to Thrive in HME Billing. Now, it’s time to share their additional recommendations for succeeding in the new, flourishing HME industry.
Here are 4 keys to success in HME billing.
A strong team forms the foundation of a strong business.
By emphasizing ongoing development, training, and team building, providers create an engaged and educated culture, an environment with purpose, and ultimately, a workplace that grows and retains employees. Yet, in an era of low unemployment, the pool of workers is also scant. HME companies must connect with their communities to reach and recruit new hires.
Most of us enter the HME industry because we want to provide patients with the best products and equipment possible. Yet, there are challenges that derail this purpose daily: data processing and call center-type tasks such as massive phone queues, coding, claim forms, and large team management, to name a few.
Outsourcing your revenue cycle provides access to world-class tools and industry best practices.
If you lack the resources to build a robust HME billing team, outsourcing is a viable option. There are multiple, high-quality outsourcing partners who can manage tedious business processes, which range from intake and eligibility verification to order confirmation and hold management.
Find someone with an outside perspective to improve the areas you do not outsource.
You need a true partner and coach in your consultant – a professional who works well with your employees. If your consultant can implement their recommendations, then you are ready to begin the consultative process; if you plan to implement their suggestions internally, then you will need to gather a group of your strongest talent. They will lighten the load and allow your team to perform their jobs effectively as the consultant and their team bring necessary change to your company.
Full-line, or “one-stop shop,” providers once thrived in the HME industry. Items such as standard wheelchairs, oxygen concentrators, and semi-electric hospital beds are now commodities, which leads to low margins and little difference in products or prices. Providers are consolidating and several large players are circling our market.
Now, it is time to specialize. This process differs for each provider. If you serve a large area with little competition, you might focus on 25-plus products or services; others may have fewer than 10. See what your community needs, decide if you can meet that need, research the market, and pursue the opportunity. In doing so, you simplify and refine your business, as well as develop true expertise in your chosen niche.
Joey and Ty’s recommendations are also available as a white paper, “2021 & Beyond: From Surviving to Thriving.” Download the white paper now. Happy reading!
Prochant is the nation’s leading HME billing and process outsourcing company. Our highly-skilled team helps providers become more profitable by outsourcing or enhancing front- and back-office processes. We rapidly implement changes and proactively monitor metrics to ensure client success. Headquartered in Charlotte, North Carolina, we work with top medical equipment providers and health systems.