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Collections: Use available resources to get paid

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02/24/2012

A. Ah yes, the dreaded DSO (days sales outstanding). Let us start by stating this: You are not alone. Providers constantly struggle to keep their DSO low. It's important to first evaluate how individual providers are computing DSO.

Mergers & Acquisitions: Surround yourself with strong players

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02/24/2012

The ideal team will include both inside and outside players, each bringing a unique experience and know-how. The type and number of team members will vary greatly from deal to deal. Nonetheless, there are some strategic members that should be a part of each team.

Business Assets: Assess your company culture

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02/24/2012

A. Company culture is perhaps the most difficult success indicator to place a value on; however, it is the most important value to cultivate a thriving business.

Legal: Request reviews thoughtfully

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01/22/2012

A. If you want to continue to pursue your appeal after an unfavorable ALJ decision, you can request review of that decision by the Medicare Appeals Council (MAC). The MAC, which is a part of the Departmental Appeals Board of the Department of Health and Human Services, is the next level of the Medicare appeals process after ALJ review. It is independent from the ALJs and conducts a "de novo" review, meaning it does not have to defer to the decisions issued in your appeal at previous levels.

Business assets: Maximize sales per customer

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01/22/2012

A. In most retail venues revenue models are built off of traffic. Traditionally, DME retail DME retail has been focused on physician or prescription driven business. A casual counter effect of this model is that customer service and loyalty never really seemed to be a focus. Customer relationships were often sacrificed by lack of sales training, product driven sales associates and information platforms required to maintain a profit producing retail model. Even today most DME retail venues focus first on insurance coverage and physician requests versus customer service and patient care. In turn, the intangible value to service many mediums of care, i.e. product sales, for each customer is often lost.

Collections: Reward employees for job well-done

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01/22/2012

A. Last month we talked about encouraging your patients to pay their bills. What about encouraging your employees to collect on those bills? Do you have an incentive program in place for motivating your billing staff? Many DME providers have implemented incentive programs with great results. This is something to seriously consider as a little stimulation can motivate your staff to go the extra distance in helping collect those balances.

Mergers and Acquisitions: Communicate clearly to alleviate fears

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01/22/2012

A. Many buyers fall into the trap of focusing solely on paperwork when purchasing a DME company. They negotiate the letter of intent. They finalize the purchase agreement. They review the strength of the Seller's claims, billing policies and procedures, focusing on due diligence. This concentration on paperwork is appropriate and necessary. But, for a truly successful purchase, the buyer must consider the paper as only half of the story; people are the other half of the equation.

Collections: Clearly communicate patient's responsibility

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12/27/2011

A. As a whole, the healthcare industry has taught patients to not pay their bills by stamping the phrase "insurance pending-don't pay" on the statement. While the bills you send may not include that verbiage, sending out statements each month without follow-up encourages payment delays. The patient's mindset can be difficult to change but it can and must be done.

Legal: Don't be caught off-guard by contractors

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12/27/2011

A. You may be surprised to learn that a Medicare Administrative Contractor or Qualified Independent Contractor will be part of your ALJ hearing, especially since the same contractor has likely already reviewed and denied your claim. However, these contractors now have the ability to participate in the Medicare appeals process at the ALJ level. What that means for your hearing depends on whether the contractor has chosen to be a participant or a party.

Business assets: Identify assets, expected return

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12/27/2011

A. Each marketing platform used for organic growth within your organization should be customized to the potential revenue gain. As you know, there are multiple mediums of marketing including direct mail, call center utilization and specialized retail sales platforms. To determine the best marketing source to capture the largest return on your investment you must first complete a mini business model identifying the targeted intangible assets to be used and your expected return.

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