Tag: risk management
Risk management: Make it a pop quiz
November 12, 2019Adam Miller
Q. What should I consider before bringing on a new vendor or product?
A. Whether your operation has a history of successful vendor partnerships, or you've just started expanding your product line, bringing in a new partner is an opportunity to grow your business. However, it's important that the relationship is beneficial to both parties. Asking potential new partners these questions can help determine whether the partnership will be a good fit.
What references can you provide?
To...
Risk Management: Err on side of caution
October 28, 2019Adam Miller
A. When done right, good documentation tells a story. It paints a clear picture of the facts surrounding a claim—the classic who, what, when, where, why. But, of course, it's no simple task. Every claim and every patient is different, making a one-size-fits-all solution for documentation almost impossible. Still, there are a few solutions you can incorporate into your process to help you mitigate your risks.Document service, changesKeep a record of the initial equipment setup, as well as when...
Risk Management: Be proactive with rental equipment
September 30, 2019Adam Miller
A. It's a common practice for HME providers to rent equipment to their patients. The arrangement works out well, for the most part. The patient doesn't have to pay the full price of their device up front, and the provider gains a steady source of recurring revenue. It's win-win. Unfortunately, this arrangement exposes providers to certain risks that their insurance policy may not always cover.What happens, for example, if a patient passes away while in possession of your expensive equipment? Their...