Prochant recently made the trip to Atlanta for the last Medtrade East trade show and conference. It was with an air of bittersweetness we bid farewell to the annual event, but we're excited to see what the new, larger Medtrade events will have in store. Joey Graham, Prochant’s Chief Revenue Officer, and Melissa Wagner, VP of DME Services, were in attendance this time and stopped by The Modern Healthcare Back Office to tell us all about his experience.
Medtrade East 2022 was loaded with valuable presentations and demonstrations from beginning to end. One discussion in particular was called, “Billing and Reimbursement Benchmarking: Comparison to Your Competition.” The workshop was held by Ronda Buhrmester of the VGM Group and Miriam Lieber of Lieber Consulting.
The discussion covered the current state of the billing and reimbursement industry, and the most common challenges providers are faced with on a day-to-day basis. It was refreshing to hear providers express their shared frustrations surrounding increased levels of red tape, changing regulations, and the policy changes recently enacted in the industry.
There was also no shortage of insightful back-office process workshops taking place at Medtrade East. The Hot Spot in the Revenue Cycle session provided insightful information on the topic of held revenue. The reasoning behind the subject’s popularity was due to the recent industry trend of providers increasing their held revenue collection efforts.
The workshop also emphasized the importance of setting your system up to be proactive, prevent denials, and pay closer attention to payer behaviors.
Our reimbursement experts were beyond impressed by the overwhelming number of innovative technologies showcased at Medtrade East. HME 360 exhibited its automated inventory management systems for the first time. The management system uses radio-frequency identification (RFID) to track inventory latently. This one-of-a-kind piece of technology uses a wand to communicate with each individual RFID chip attached to a specific product.
Adding RFID chips to products means barcoding and scanning would become obsolete when managing inventory. Considering the chips are proximity based, they can be located anywhere on a pallet by simply passing through where an item is stored.
Another factor that makes HME 360’s system attractive to providers is inventory issues are one of the leading causes behind an order not getting confirmed. Regardless of the industry, the number of orders a company can fill will increase as their inventory efficiency improves. The sooner a provider is aware an item is out of stock, the sooner they can start the process of getting the product back on their shelves.
You’ll feel like you attended Medtrade East when you tune in to the summary of the event on The Modern Healthcare Back Office. Get brought up to speed by listening to the episode below:
Prochant has 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 pharmacy and HME providers and health systems.