It is a new season! Is it also time for a new business strategy?
The HME News Financial Benchmarking Survey, released in Q4 2018, suggests that HME providers still see outsourcing as a viable business strategy. Collections, billing and compliance have especially seen significant growth over the last two years.
Why Outsourcing and Why Now?
Business process outsourcing (BPO) allows you to focus on what really matters to your business—patient care and referral sources—by reducing or eliminating large departments such as billing, collections and deliveries. Many providers turn to HME outsourcing as a business strategy to scale their business and grow their revenues without necessarily growing headcount.
If you are struggling to lower costs, build a quality, yet cost-effective team, or implement more efficient processes, BPO may be right for you. Outsourcing also provides better visibility into your processes, better tools, and better resources for your business.
HME Outsourcing is Not a Magic Bullet
You and your provider need to develop a partnership built on trust, give-and-take, and substantial time and energy. You will get out of HME outsourcing what you put into it. Your team, for instance, must trust yet verify your partner’s work. Is its quality at the highest level? Is its reporting accurate and insightful? Setting up regular, standing meetings and watching the correct data points help to ensure that both parties are on the right track.
Setting these expectations will set up your business and your BPO partnership for success.
If your team is interested in HME billing and process outsourcing, Prochant’s team of billing experts is available to chat. Contact us today to see if we can help you move your HME business in the right direction.
This article originally appeared in HME News’ Smart Talk series.
Prochant is the nation’s leading HME billing and process outsourcing company. Our highly-skilled team helps providers become more profitable by outsourcing or enhancing front- and back-office processes. We rapidly implement changes and proactively monitor metrics to ensure client success. Headquartered in Charlotte, North Carolina, we work with top medical equipment providers and health systems.