Tag: Metrics
Metrics: Change the course of dissatisfaction
December 12, 2023Skye Banegas
Q. Are your five stakeholders satisfied?
A. We started this series of articles stating that you cannot manage what you don’t measure, and this includes patient satisfaction metrics. But satisfaction does not stop at the patient. In our industry, there are five stakeholders to satisfy: referral sources, patients, payers, employees and vendors.
The HME industry usually relies on lagging indicators of satisfaction. Lagging indicators tell us what has already happened. This...
Metrics: Specialize & simplify
November 8, 2023Skye Banegas
Q. How can I supercharge productivity without hiring any more employees?
A. In 1920, Henry Ford took an economic principle from the economist Adam Smith and created the assembly line. The assembly line emphasized specialization of labor. Ford proved out the theory that an employee’s highest productivity is achieved with mastery over a set specific task.
Today, we see the most efficient companies employing specialization of labor to streamline order processing from...
Metrics: Live by the numbers
October 10, 2023Skye Banegas
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 the...
Metrics: Start with correct setup
September 13, 2023Skye Banegas
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. Only then...
Prochant launches metrics white paper
March 22, 2019HME News Staff
CHARLOTTE, N.C. - Prochant, a provider of HME billing and outsourcing services, has released a white paper, “Are You Tracking the Right Metrics?” to help providers track metrics that are critical to success. The paper suggests using industry-standard key performance indicators (KPIs) such as days sales outstanding, 90+ A/R, payment rate, and write-off rate allows providers to measure and track what is most relevant to their decision-making process. “The KPIs shared in our new white...
Lab Tactical launches online academy
February 20, 2018HME News Staff
ATLANTA - Lab Tactical Consulting has launched LabTac Academy, a collection of online courses for HME leaders. The courses draw on the Lab Tactical team's experiences in the field with providers. The first bundle of courses offered through the academy is called HME Business Basics and comprises “Excel for HME,” “Net Revenue in HME,” and “Baseline Metrics in HME.” “This series of three courses will share no-nonsense insight into managing the revenue metrics...
Technology: Measure it, manage it
November 25, 2015Jana Macon
A. Typically when we receive questions about tracking metrics, they are from providers searching for ways to improve their business, but unable to determine which areas to focus on. It is increasingly imperative that organizations manage every area of their business through metrics, with a keen eye on constantly improving processes and streamlining or eliminating repetitive tasks and activities. We always recommend that providers start with measuring and monitoring business metrics like days...
HME Business Summit, Day 1
April 21, 2009Mike Moran
The Sword in the Stone film It was a whirlwind day in Baltimore. There were five sessions and two workshops, as well as a networking reception. Here are some highlights from the day's events:
Godzilla vs. Mechagodzilla II full
Bad Dreams release Possession hd
Douglas Hough, a professor at the Johns Hopkins Carey Business School, told attendees that the success of independent HME providers in the next several years will depend on their ability to prove their clinical effectiveness. If providers...