Providers are used to doing a lot by themselves: processing claims, delivering DME, servicing, maintaining compliance, working with referral partners, etc. However, as the Medicare funding environment continues to make life tougher for providers, they have felt the need to become even savvier regarding various aspects of their businesses. One of these areas is managing their finances.
And that can require enlisting some expert help. Fortunately, there are a number of firms offering a variety of services to help HMEs manage their money. One of the main resources available to HMEs are financing services for both providers that need to purchase expensive DME, as well as patients that need equipment for which they do not have funding. Other key services include are firms that assist in collecting co-pays, which might not have been a priority in the past, but are now critical in maintaining cash flow. And of course, there are a variety of consultants that specialize in the DME marketplace and can provide financial insights and assistance that are relevant to the HME provider business.
If you’re looking for financial help that understands homecare, here are some financial services currently available to HMEs that are worth reviewing:
Cost Savings
Finance Capital Leasing
- Leasing option designed to reduce equipment costs and minimize overhead.
- Offers 30-, 60- and 90-day payment skips for 12- to 36-month lease options.
- Available with a 12 month, 0 percent interest option.
SeQual Technologies
(800) 826-4610
www.sequal.com
Conserve Capital
VGM Financial Services
- Provides financing for a variety of HME equipment, including concentrators, CPAPs, wheelchairs, billing software, beds and cylinders.
- Offers a flexible and fast phone service to assist users with the lease process.
- Features multi-vendor bundling of accounts payable to make one monthly lease payment.
VGM Financial Services
(800) 532-7392
www.vgmfs.com
Increase Efficiency
Invacare HCS
- Provides as a cost-effective solution for collecting patient balances.
- Works with Brightree’s Internethosted platform, which allows HCS to perform the patient billing function.
- The patient receivable management program is designed to help providers increase efficiency and cash flow.
Brightree
(888) 598-7797
www.brightree.com
Variety of Options
Financial Services
- Users can pay for Fastrack software, bar code-enabled PDAs and pointofsale equipment, as well as training and custom programming services with a 24, 36, 48 or 60 month lease.
- Users can rent the products for 12 or 24 months, which can be renewed or purchased after the timeframe.
- Fastrack works with multiple thirdparty financial companies, including Bevenco Leasing and Finance.
Fastrack Healthcare Systems
(800) 520-2325
www.onlyfastrack.com
Easy-to-use
Consumer Financing Program
- Finances providers’ retail sales of Pride lift chairs, scooters and vehicle lifts.
- Handles credit documentation and credit compliance issues.
- Features reasonable rates, payments that can be stretched up to 24 months, and flexible credit criteria.
Pride Mobility Products Corp.
(800) 800-8586
www.pridemobility.com
Maintain a Handle on Cash Flow
Financial Consulting Service
- Examines internal practices and helps providers with general business goals and preparation for accreditation.
- Tracks and manages accounts receivable, denials and write-offs, sales commissions and collected sales tax.
- Manages the cost of goods sold, inventory counts, purchases, sales by product and sales margin by product.
Mike Tracey Consulting LLC
(920) 493-5121
www.miketraceyconsulting.com
