HME News

OCT 2018

HME News is the monthly business newspaper for home medical equipment providers. This controlled circulation publication reaches 17,100 home medical equipment services providers, including traditional HME dealers & suppliers, hospital- and pharmacy-o

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Smart Talk 12 www.hmenews.com / october 2018 / hme news business operations leadership equipment management medtrade booth 1438 u se your policy as a compass Anne Orrick q . Why should a company have a collection policy? a . In today's environment, HME margins are narrower than ever. Tightening mar- gins mean you cannot afford to allow any payments to fall through the cracks. What can you do to close the gaps? A written collection policy. A policy serves as your company's rule- book for all the procedures starting from the time an order is received until the bal- ance is paid. Here are four benefits of using a policy: Documenting proce D ures to D rive results By taking the time to outline your work- flow, the policy will serve as the compass for your collection efforts and help ensure a consistent approach throughout your operation. c larifying roles By assigning employees specific tasks and m ake your equipment fleet visible will rO ss q . h ow can accessible equipment service records improve my business? a . The methods of keeping organized equip- ment service records are as varied as the com- panies themselves. When we consult with our HME customers regarding equipment service and the related service records, we find orga- nization methods that include records in spi- ral notebooks, Excel sheets, three-ring bind- ers and, of course, files in filing cabinets. The most important elements of a robust service records database are: 4 Complete and accurate service records on all your clinical equipment. 4 The immediate availability of those records for both internal and external stakeholders. In today's digital world, maintaining these records in a secure, digital format, allowing for immediate availability, is your best alter- native. However, that is just a portion of an effective equipment management program. Here are a couple of other areas to consider when thinking about your visibility of your equipment fleet: w hat D o i have? w hat its status? Far too often, business managers don't have a handle on their assets and are paying the cost of inefficiency, as a result. By using systems and processes to improve your visibility into your equipment fleet, you will save money, improve management efficiency, and reduce the risks that are associated with out-of-com- pliance assets. m onitoring service tren D s Lemons happen! The goal is to reduce their impact on patient care and your bottom line. Systems that provide good visibility can help you keep eyes on the problem devices before they become a problem for your business. Again, this involves maintaining records over the life of the asset and being able to review these service records in a matter of minutes. Otherwise, the time needed to simply collect and review these records will likely prevent you from doing this on a periodic basis. hme Will Ross is vice president of marketing at Quality Medical. He can be reached at wross@qualitymedi- calsouth.com. l ead from place of abundance By k elly Fr A nk O q . h ow can i be a mindful and effective leader? a . Mindfulness has been gaining popular- ity in many circles from factories to retail experiences. When we think of mindful leaders, some of the great ones include Ghandi, Jim Rohn and Zig Ziglar. All were teachers of servant leadership and generosity, expressing gratitude for what we have rather than want for what we lack. Mindfulness teaches us to live in the moment and be present in all that we are doing. We lead from a point of where we are, rather than where we've been or where we could be. As an industry, we have experienced much loss with greater regulation. It is important to seek out what we can be grateful for, including the fact that we are survivors. Despite all the changes and challenges, we are still here. There is an answer to whatever challenge you may be facing. Look for that which you want more of. The saying goes that we attract that which we think about, so think about what you want and where you want to be, not what you are attempting to avoid or hide from. Where will we lead those who chose to follow us today? How will we positively impact the lives of others today? What actions can we take that inspire others to do the same and offer the servant's heart when caring for our customers? As a leader, it is your role to lead from a place of abundance. Focus on giving, not getting; serving, not ruling. Be present in thought when discussing where you will lead your business. Be present in body and thought when speaking with employees about their concerns or fears. Be swift to praise and reward others who demonstrate the servant leadership you have mod- eled. Mindful leaders help to calm others, remove judgment and strengthen ties that bind their team together. hme Kelly Franko is owner of Advantage Training & Coaching Solutions. Reach her at kelly.franko@ aol.com. objectives in the workflow, you will stream- line the process and improve your staff's efficiency and accountability. p rovi D ing consistency The policy should guide every employee to make the same decisions in the same scenario, which will eliminate confusion and help reach your collection goals. If you train to and abide by the policy rules, you will have peace of mind knowing that every balance is being treated the same way. t racking progress Tracking your key performance indicators such as days sales outstanding, collec- tion rate and employee efficiency, you can determine if your policy is generating the expected results. If not, adjust your work- flow and policy. Consider changing tasks, assignments, timing, etc. After the changes are implemented, assess the impact on your results. Long A/R cycles and continued stressors in the healthcare environment create a lot of pressure on everyone—your staff, your patients and your bottom line. Creating or reviewing your collection policy can help improve your cash recovery. hme Anne Orrick is COO of Allegiance Group. Reach her at aorrick@allegiance-group.com Company p age Website p hone AAHomecare .............................. 16 ......... www.aahomecare.org ................... 202-372-0107 Brightree LLC ............................. 7 ........... www.brightree.com ......................888-598-7797 Computers Unlimited ................. 8 ........... www.timssoftware.com ................406-255-9500 Fisher & Paykel Healthcare ........ 16 ......... www.fphcare.com.........................800-446-3908 Flex-A-Bed, Inc. ......................... 21 ......... www.flexabed.com .......................800-648-1256 GCE Group ................................. 13 ......... www.gcehealthcare.com/clarity ...888-659-2102 Golden Technologies .................. 5 ........... www.goldentech.com ...................800-624-6374 HME Webcast............................. 28 ......... www.hmenews.com/webcasts .....207-846-0600 Invacare Corporation .................. 32 ......... www.invacare.com/blueprint ........800-333-6900 Masimo Corporation .................. 31 ......... www.masimo.com ........................800-326-4890 McKesson .................................. 15 ......... www.mckesson.com/hme ............888-822-8111 Medtrade .................................... 25 ......... www.medtradespring.com ...........800-241-9034 Merits Health Products .............. 17 ......... www.meritsusa.com .....................800-963-7487 National Seating and Mobility .... 19 ......... www.nsm-seating.com .................615-595-1115 Pride Mobility Products Corp. .... 2-3 ........ www.pridemobility.com ................800-800-8586 ResMed ...................................... 9 ........... www.resmed.com .........................800-424-0737 Sunset Healthcare Solutions ...... 12 ......... www.sunsethcs.com ....................877-578-6738 VGM Group ................................ 6 ........... playbook.vgm.com .......................800-642-6065 a dvertiser i ndex

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