Page 20 - HME Business, May 2017

The Great
Effectively analyzing your billing and claims data can uncover big revenue- generating and cash- saving opportunities, but most HME providers are not using data reporting and analysis to its fullest potential. Here’s what you need to know.
By Joseph Duffy
Mining metrics — those quantifiable data jewels used to track and assess your business processes — is an ongoing treasure hunt that can bolster the success of your business. Data can lead
you to financial health, helping you to better understand where your money is coming from, to discover new revenue streams and to uncover problems before they permeate your business.
However, instead of leading HME providers to new strains of business gold, much data remains raw and untapped for many providers.
“Having been in the industry for over 25 years and in and out of well over 100 provider sites implementing systems that capture data, I would venture to guess that at least 60 percent of data collected is not put to good use analyzing the success of business operations,” says Kimberly Commito, director of product management for Mediware Information Systems Inc. “Providers many times
do not think outside of the usual box of reports offered to them in their soft- ware platforms and many platforms make it difficult to get to the data that is
not offered up in the usual cookie cutter report offerings. As a result, day-to- day operations get in the way of using that data in a thoughtful way to gauge progress on business goals and to assist in identifying areas for improvement.”
Claims Data Treasure Hunt
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