Revenue Cycle Management (RCM) hits Home Medical Equipment's (HME)

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Revenue Cycle Management (RCM) hits Home Medical
Equipment's (HME)
In the business world as well as in the
healthcare field growth is good. However, with
growth comes a unique challenge which may or may
not be solved. Even though an evolving or growing
medical facility services may not change, the
internal processes related to claims submission,
income cycle, billing and coding and revenue
cycle management need a serious overhaul in order
to stay efficient and sustainable as they scale
up the operation. In order to cope with
adversaries in growth, processes need to be
flexible and adaptable. Common tenets of a
scalable business include use of appropriate
technology, adherence to state and federal
regulations, documented processes and procedures,
streamlined workflows, and effective measurement
tools to gauge business growth. A basic
situation A large home medical equipment (HME)
billing service provider is looking to
aggressively expand their RCM business. They
understand that their in-house team and manual
processes would not be able to scale and would
impact their profit margins. This situation
prompts them to search for an outsourcing HME
medical billing partner to handle portions of
their revenue cycle management. It then becomes
important that this partner be able to cope with
the planned aggressive growth and not impact
delivery for current customers.
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Revenue Cycle Management (RCM) hits Home Medical
Equipment's (HME)
Solution to the situation rose!! Future
healthcare (Pseudo name) was chosen to be the
preferred vendor based on their competency and
growth story. Future healthcare without wasting
any time contracted specialty medical billers and
coders for their HME reimbursement operations.
These experts will work with the existing team to
modify processes and workflows to meet the
business needs of the customer. Future healthcare
HME then utilized system management software
designed by their contracted biller as it came in
handy during this endeavor. With their state of
the art billing platform, Future healthcare was
able to optimize the processes, improve
efficiency, and provide real-time reporting to
their patients and in-hose staff. And all of
this, while improving the RCM priorities of the
HME supplier! Future healthcare delivered the
solution to the customer ahead of schedule and
quickly helped in ramping up with business needs.
Not only did the medical facility successfully
run the pilot, they also won several new clients
to meet their end goal of expanding business and
revenue. As a result, turnaround times actually
decreased, despite a huge increase in workflow.
The customer was able to maintain a 48-hour
turnaround time in cash posting and sales orders,
and a 12-hour turnaround time for their critical
clients.
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Revenue Cycle Management (RCM) hits Home Medical
Equipment's (HME)

• For AR Denials, the billers have consistently
  maintained their AR days which have resulted in
  better cash flow for their clients. The customer
  has been so impressed by the processes and
  technology used to handle their business theyve
  actually adopted their workflow technology to use
  internally for their captive center. Future
  healthcare solution helped in increasing
  efficiency and accuracy among their internal
  teams.
• Although the mentioned healthcare facility did
  not have experience in the HME industry, their
  competency in business expansion and business
  continuity planning as well as their flexible
  solutions approach made this a great partnership.
  Indeed, Future healthcare has experienced
  aggressive growth itself over the past few years,
  so they were uniquely qualified to accept this
  challenge.
• Results of RCM in HME
• Better turnaround times for payment posting and
  claims orders, despite aggressive growth
• Maintained AR days resulting in better cash flow
• Improved efficiency of internal teams making
  continued growth possible
• Access and visibility to real time reports
• Processes and best practices to cope with
  aggressive growth