Prochant, which provides outsourced billing and process services to HME businesses, has unveiled a new white paper that discusses why HME providers aren’t tracking their performance enough and what KPIs can help them succeed.
Are You Tracking the Right Metrics? makes the case that providers aren’t focusing on the right metrics, and that the metrics they are tracking, such as allowable billing and accounts receivable (A/R) balances, can lead to problems.
Instead, the white paper argues that HME businesses should track industry-standard key performance indicators (KPIs), such as days sales outstanding (DSO), 90+ A/R, payment rate, and write-off rate, because those KPIs are more relevant and useful to their decision-making.
Furthermore, the white paper explains the differences between metrics and KPIs; explains each of the KPIs; and offers insights into how analyzing and interpreting each KPI can shed light on a provider’s business. For example, the white paper shows how a high balance of 90+ A/R outside of normal collections issues can suggest a lack of processes internally to handle adjustments and write-offs.
“The KPIs shared in our new white paper are critical to moving your company in the right direction because they offer a deeper understanding of your business and allow you to course-correct when you encounter red flags,” said Joey Graham, executive vice president and general manager for Prochant.
Providers can download the white paper for free by visiting www.prochant.com/home/kpis-white-paper.
