A Dangerous Waiting Game
This year is a tipping point for the HME industry as CMS forces providers to become far more efficient than they have ever been. Extreme pressures from competitive bidding, audits, compliance initiatives and new technology standards are hitting at an unprecedented rate. To keep pace national providers such as Apria and Lincare spend millions on technology development. That, along with many other signals, should make it clear to independent providers that the ability to automate their businesses and streamline processes will determine who succeeds in 2013 and beyond. In addition, the speed of technology progress has accelerated dramatically, so you owe it to your business to explore the latest innovations. Here’s why you need to make bold moves now.
Legacy electronic billing applications aren’t good enough: Today, you need a business management platform rather than a traditional electronic billing application. The platform must deliver automation and other capabilities across your business, from comprehensive reporting and analytics to patient contact, delivery, audit response and more. Every HME software vendor wants to say that its solution “automates.” But just because it’s electronic doesn’t mean it delivers true automation. And just because it’s HME software doesn’t mean it is a business management solution. It may just be a cumbersome billing application. I guarantee that the nationals are investing in automation across their businesses. Why? Because it enables them to provide better service and operate more profitably.
Regulation places more demands on you and your software: The complexity and speed of regulatory change is exponentially greater now than just a couple of years ago. The 5010 electronic claims format, massive ICD-10 transition, CMS esMD audit program and expansion of HIPAA rules all make it critical that you have an advanced, well-supported platform. A strong software partner must invest in development as new standards emerge. In addition, a tsunami of audits and new rules for CPAP, power mobility and other product types mean you must do more work with less reimbursement. The right platform allows you to adapt quickly and address compliance effectively.