You’ve learned how to calculate and analyze common metrics. Now, let’s match them to your goals.
HME providers often struggle to increase their revenue and manage complex billing processes. They face daily challenges amid focusing on what matters most: caring for their patients. So, how can providers prioritize patient care? The answer might surprise you. By using HME metrics to identify your pain points, you can tackle problem areas head-on.
At Prochant, we often meet providers struggling to track the right metrics. This greatly reduces their revenue and leads to larger, long-term problems. So, how can you course-correct? Let’s start by identifying the metrics relevant to your business.
How to Identify Relevant HME Metrics
Your financial health makes your patients’ health possible.
This is a great place to start: By focusing on your financial needs, you’ll be better equipped to care for your patients. You might ask, “Where am I seeing the most pain?” Perhaps you’re not meeting your billing goals. Are your billing processes effective? Are they efficient?
To address these challenges, we suggest looking to familiar, quantifiable measures such as allowable billing and A/R balances. Your A/R balances help you to assess whether or not you’re meeting your billing goals. With nearly one-hundred metrics related to your HME revenue cycle, it’s easy to lose sight of the metrics that matter to your business. If you look at dozens of metrics, you might miss some of your smaller pain points. At the same time, you can place blinders on your business by only focusing on one or two metrics.
This is where key performance indicators (KPIs) come in.
KPIs allow you to measure and track metrics that match your goals. In addition, KPIs help you to gain a deeper understanding of your business and use this understanding in your decision-making process.
Here are some of the most important KPIs:
- Days Sales Outstanding
- 90+ A/R Percentage
- Payment Rate
- Write-off Rate
- Adjustment Rate
- Denial Rate
- Open Order Days
- Hold Days
Bringing It All Together
HME metrics are an important window into the health of your business. By analyzing your existing data with the right KPIs, you can identify your company’s most crucial pain points. In turn, you’ll have the tools to improve your processes for the future.
Our experts are available to answer questions about your metrics. Schedule a call to receive a complimentary audit of your database against industry benchmarks.
Prochant is the leading reimbursement firm with a dedicated focus on HME and pharmacy. We have a proven track record of helping HME and pharmacy providers meet their financial goals. Our scalable solutions, years of experience, and advanced technology provide best-in-class results to the healthcare community. Headquartered in Charlotte, North Carolina, our client base includes national HME and pharmacy providers and health systems.