The business of O&P requires companies to operate as efficiently as possible while streamlining workflows, improving collections, managing inventory and reducing AR. Oftentimes providers are using multiple systems to complete business functions requiring more manual effort resulting in higher costs. Here are some things you may want to look for when evaluating the right software for your business.
1. Streamline Ordering and Inventory Management
Manage the order intake and fulfillment process within one system. Gain visibility into key order metrics while reducing error and improving your order fulfillment times.
Track orders across the lifecycle of your order intake process ensuring completeness of order fulfillment requirements.
Track inventory across locations ensuring an accurate inventory count and product availability.
Use integrated patient home delivery partners to easily drop-ship products with ease and accuracy.
2. Go Paperless with Electronic Claims
One of the major problems affecting specialty practices is proper coding and billing. Errors in filing claims increase denial rates and negatively impact your revenue cycle management. With electronic claims, you automate the entire process, enabling you to eliminate mistakes and get paid faster.
This system allows you to capture information once for use in all stages of the billing process, eliminating the need to re-key information repeatedly.
3. Reduce Accounts Receivable (AR)
Submit claims real-time ensuring you get paid faster through automation. Automate claim edits to reduce any denials and rejections while improving your first-pass claim acceptance.
Eliminate the need to manually post with an AI based automated posting solution that can transfer patient balances, post adjustments and identify denials correctly. Look for a solution that can improve your time to collect from charge entry through remittance while removing as many manual touch points as possible.
As the financial burden of receiving prosthetics and orthotics, along with other DME products shifts increasingly towards the patient, simplifying the patient collection process becomes increasingly critical. Look for a software that can calculate patient responsibility at the time of order fulfillment allowing you to collect more upfront. Remove the need to print and mail patient statements and engage with electronic statements and an integrated patient collection vendor.
4. Reporting and Business Analytics
Every business owner needs to see what’s happening across the business. Having key data available at your fingertips enables you to make business decisions faster. Working off different spreadsheets trying to piece data together can become a daunting task and often leads to a lack of decisiveness. Make sure your software has the robust reporting requirements necessary to meet your business needs. Things need to happen outside of your system and in those cases, you may need to access data or connect systems to automate the process. Identify the extensibility of the software and look for access to available APIs to meet current or future needs.
5. Anytime, Anywhere Accessibility of Your Business
Its 2023 and it’s time for your business to operate anytime from anywhere. Look for a cloud based software solution that provides benefits such as eliminating IT costs while ensuring your data is safe and secure. Look for software platforms that leverage the latest technology security and cloud hosting partners, such as Amazon Web Services. Forget about the old days of on-premise and adopt software as a service software partner.
Are You Ready To Explore the Software That’s Right for You?
Learn more about how NikoHealth can help your business. Its end-to-end all-in-one solution allows companies like yours to cut operating costs, improve patient care, and energize business growth.