I just read a quote derived from Albert Einstein this week that really resonated with me while cultivating this topic… “We cannot solve our problems with the same thinking we used when we created them.” Here at MiraVista, we run a lot of numbers for our clients, and the most notable providers are achieving 95% collection rates, with some approaching close to 100% without material changes to products or payers. How is this possible? These providers are moving forward with new ways of thinking. They are aggressively securing auto-pay arrangements with their customers. The simplicity of this strategy is predicated on one concept: ensuring all payers (including patients) meet their obligations on delivered product.
You don’t have to abandon the core of what you do to be profitable, but you’ll have to do things differently because the road we are on has a few hairpin curves ahead. Get low and get lean. If you’re interested in this topic, we can run numbers for your business and help you determine your best course of action moving forward. You can also join us for our upcoming webinar co-hosted with HME News on October 6 at 2 PM Eastern: Is Anything Profitable Anymore? We’ll explore this topic in depth, and we’ll share what we see working across the country and brainstorm with fellow providers as to what’s working in the wild. I hope you’ll join the conversation! You can register here.