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Management By Reports

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  • 1. Management by Reports: Accountability at its Best June 11, 2008 Miriam Lieber
  • 2. Agenda
    • Reduce/eliminate duplicative functions
    • Automation for employee tracking
    • Create efficiencies…save time and money
    • Manage from reports
    • Inventory management
  • 3. Ask Yourself…
    • How often does staff use manual intervention to solve a problem?
      • Manual log of patients by a product/supply?
      • Cut and paste data from your billing software into an excel spreadsheet?
    • How often do you find employees searching every desk and file for a patient chart?
    • Do you have to physically check inventory before deciding if you can accept an order?
    • Do you often find that faxed orders are missing or never make it to your desk?
  • 4. When you find a manual function, determine how it can become an automated task.
  • 5. Detecting Manual Work
    • Evaluate each department within your company
    • Observe conduct – watch for hand written functions
      • Patient notes
      • 1-31 tickler files for written orders and CMNs
    • Numerous checklists
    • Limited understanding of software and its capabilities
  • 6. Your Expenses
    • Employees
      • Wages and benefits
    • Cost of goods
      • Inventory
    • Select Administrative costs
      • Storage/warehouse – real estate
      • Delivery/shipping
      • Order processing – intake to collections
      • Computer costs
  • 7. Using Automation to Maximize Efficiency
  • 8. Employee Tracking
    • Assign tasks and track via software
    • Track quantitative results
      • E.g. Orders taken by CSR rep
    • Easy to calculate incentives if progress is monitored in automated fashion
      • Dollars collected from A/R project
    • How does this improve productivity?
  • 9. Small Change – Big Impact
    • Seek additional training, re-training
      • Use internet training and testing resources
      • Reduce staff turn-over -- improve bottom line
    • Most HME companies use 50% of software’s capabilities
        • Learn nuances and shortcuts
    • On-line eligibility and verification of insurance benefits
    • Data collection for strategic decisions
      • Disease state and equipment
      • Length of use
      • Average payment turn-around time
    • Imaging today is affordable and makes dramatic impact on operation
  • 10. Managing by Report
    • Intake
      • Daily revenue figures
      • Insurance verifications
      • Sales/referral source tracking
    • Open order report
      • Undelivered sales versus actual deliveries
  • 11. Managing by Report
    • Cash collections (COD)/retail
    • Documentation
    • Billing/revenue versus receivables
      • Correspondence tracking
      • Billing to collection ratio
        • Length of time from billing to collections
    • Manage write-offs
      • Measure against percentage of A/R
  • 12. Managing by Documentation Reports
    • Report of held billing by:
      • Dollars
      • Doctor
        • Clinic, specialty
      • HCPCS/Item
      • Written order versus CMN
      • Age – How many days do you await documentation?
  • 13. Authorization Management
    • Track authorizations and re-authorizations separate from CMNs and written orders
    • Lead time on re-authorizations and recertifications
    • Can you track status checks?
      • Last action taken, next step, tickle date
  • 14. Confirmation Tracking
    • Number of unconfirmed orders
    • Number of confirmed orders
    • Look for benchmark and trends
    • Measure for accuracy
    • Monitor productivity
  • 15. Accounts Receivable Management
      • A/R Reports
        • Sort A/R by payer/age
          • Segregate old from new A/R
        • Compare cash receipts to collections
        • A/R as a percentage over 90 or120 days
        • Write-offs/bad debt percentages
        • Days Sales Outstanding (DSO)
  • 16. Referral Source Tracking
      • Referral source report
        • Track generic and specific referrals
          • Within clinic or hospital
        • Track by payer
          • Competitive bidding segregation
        • Track by equipment
        • Historical, aggregate aging (year -to-date, this month last year)
        • Revenue per patient
        • Teaches where to focus marketing efforts
          • Do you conduct routine needs assessments?
  • 17. Other Reports
    • Consider using claim filing and remittance software to monitor and manage denials
      • Optimally your software will incorporate this function into software
      • Non integrated solutions =RemitData
        • Enables you to track Medicare, Medicaid and other third party payments
      • Assists in managing A/R more effectively
      • Provides on-demand EOBs
    • Private pay collection management
      • Outsource or maintain internal control
      • Measure effectiveness of current efforts
  • 18. Ultimate Inventory Management
    • Manage inventory control via bar coding
      • Real time solution
      • Eliminate theft and loss/shrinkage
      • Improve operational efficiencies
        • Easy automated purchasing/ordering, receiving, stocking
      • Use scanner to dispense product
        • Instant updates
  • 19. Tracking Inventory
    • Reporting for monitoring
      • Quantity on hand by warehouse
      • Most readily used products
        • Profit margins
      • Preferred vendors
        • Formulary management & control
      • Inventory turns
      • Cost of goods by product & category
      • Asset value – depreciation
      • Physical count
      • Items on repair – quantity
  • 20. Competitive Bidding
    • Requires quarterly inventory reporting
      • Manufacture
      • Make
      • Model
    • Quantity of product type sold/rented
      • By payer, percentage
    • Delivery method
    • Compare inside CBA versus outside
      • Comp. bid products versus others
  • 21. Control Your Own Destiny
    • Data control and management prepares you for your future
      • Buying another company
      • Selling your company
      • Expanding into other locations and product lines
      • Growing retail segment
    • Knowing your financial status prepares you for important strategic decisions
  • 22. Summary
    • Evaluate internal operations
    • Look for ways to increase efficiencies through automation
    • Maximize use of software
    • Use management reports to track business
    • Inventory management is essential for enhanced productivity and competitive bidding reporting
    • Use software for inventory tracking, accountability, operational control and planning your future
    • Outcome: realize increased profitability
  • 23. Speaker Information
    • Miriam Lieber
    • President, Lieber Consulting
    • 15030 Ventura Blvd.
    • Sherman Oaks, CA 91403
    • 818 789 0670
    • Fax 818 990 9466
    • Email: [email_address]
    • Website: Lieberconsulting.com