It is a new season! Is it also time for a new business strategy?
The HME News Financial Benchmarking Survey, released in Q4 2018, suggests that HME providers still see outsourcing as a viable business strategy. Collections, billing and compliance have especially seen significant growth over the last two years.
Business process outsourcing (BPO) allows you to focus on what really matters to your business—patient care and referral sources—by reducing or eliminating large departments such as billing, collections and deliveries. Many providers turn to outsourcing as a business strategy to scale their business and grow their revenues without necessarily growing headcount.
If you are struggling to lower costs, build a quality, yet cost-effective team, or implement more efficient processes, BPO may be right for you. Outsourcing also provides better visibility into your processes, better tools, and better resources for your business.
You and your provider need to develop a partnership built on trust, give-and-take, and substantial time and energy. You will get out of outsourcing what you put into it. Your team, for instance, must trust yet verify your partner’s work. Is its quality at the highest level? Is its reporting accurate and insightful? Setting up regular, standing meetings and watching the correct datapoints help to ensure that both parties are on the right track.
Setting these expectations will set up your business and your BPO partnership for success.
If your team is interested in HME billing and process outsourcing, Prochant’s team of billing experts is available to chat. Contact us today to see if we can help you move your HME business in the right direction.
This article originally appeared in HME News’ Smart Talk series.
Prochant helps HME providers become more profitable by combining superior billing and process outsourcing with highly-skilled specialists. We audit existing front and back-office processes, rapidly implement changes, and conduct proactive analytics to enable providers to consistently exceed industry benchmarks. Headquartered in Charlotte, North Carolina, our clients include leading medical equipment providers and health systems.