Imagine if you were able to reduce the inventory sitting in your warehouse and have vendors like McKesson, VGM, and Medline drop-ship many of your items. This would undoubtedly increase your efficiency and decrease your inventory overhead. Your margins would immediately increase.
The good news is that this functionality is completely possible. Bonafide’s Enterprise Resource Platform (ERP) is integrated with more than 20 vendors. Here’s how it works:
Our competitor Brightree promises vendor drop-shipping functionality, but it is not nearly as comprehensive, and sometimes adds complexity and therefore cost to the process. Only Bonafide offers automatic order tracking and delivery confirmation. Brightree requires double-entry and manual processes where we offer automated workflow.
Additionally, Brightree charges significant additional fees for its drop-ship functionality. At Bonafide, we pride ourselves on providing every single customer with a comprehensive solution without any hidden fees or surprises. We also are willing to add vendors to our system at no charge to you. Because that’s just good business.
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By Bruce Gehring, Allegiance Group
Are you struggling trying to collect your private pay balances?
If so, you are not alone. Outstanding private pay balances can create problems for business small and large. Your staff gets too busy to mail statements or make collection calls. And in the back of your mind you know the longer a balance goes unpaid, the harder it will be to collect. Where can you turn for help?
Consider using a billing and collection partner. They can help you get your statements mailed on time and can generate several touches to remind your client of their outstanding private pay balance which results in you collecting more cash faster using fewer resources from your office.
Here are the five areas you should consider when selecting a partner:
You will want an industry leader, so make certain the company is experienced in collecting outstanding balances in the HME/DME industry and can show results.
The growth of your business depends on repeat customers. Any partner is an extension of your reputation, so make certain your clients will be treated with respect.
The biggest tools that billing and collection companies use to reach out to your clients are invoices and phone calls. Ask for a copy of their invoice and phone scripts. As you review them, ask yourself the following questions:
Note: The company’s timeline should be flexible to meet the needs of your business.
Integrations streamline the flow of data so your client services team will have current information to better serve your patient.
When you compare costs, here’s what to expect:
Take the time to check the company’s references. The comments will probably be positive, but you can still find out how a vendor will work with you by asking the right questions:
Why take the time to go through this process?
Here are a few of the benefits of hiring a billing and collections partner:
If you have any questions how a billing or collections partner can help your business, please contact Bruce Gehring at firstname.lastname@example.org or 913-338-4790 x202.
Bonafide Management Systems announced today that it has released improved features in its integration with McKesson Corporation. The comprehensive EDI integration, which has been in place since 2013, allows Bonafide’s DME customers to improve patient satisfaction. The improved features streamline business operations by providing a fully-integrated DME environment in which to manage the complexities of the supply chain across multiple vendors.
“McKesson and Bonafide have streamlined order and fulfillment by creating a robust integration that features the 832 product catalog, the 850 PO, the 855 PO Confirmation, the 810 Invoice and the 856 Advanced Ship Notice,” says Jillian Small, Senior Manager of Product Innovation at McKesson. “The catalog eliminates the need to manually maintain products, while the PO allows for submission of clean orders without leaving the Bonafide platform. The confirmation of the PO provides visibility into order status and the invoice allows for easy reconciliation. Finally, the advanced ship notice provides confirmation that the order is on its way with detailed tracking information.”
“We are pleased to have been able to able to innovate alongside McKesson and expect the partnership to expand, giving our customers access to other even more functionality as the DME market continues to evolve,” says Sam Saw, vice-president of Bonafide. “It is critical for our DME customers to be able to more tightly integrate the supply chain allowing them to improve service and reduce costs. Our advanced software and technology implemented on the Amazon Web Service (AWS) Cloud Computing Platform allows us to quickly integrate with our partners, offering them a painless path for advanced integration.”
In addition to McKesson and McKesson Pharmacy, Bonafide offers supply chain integration with VGM, Sleep3, AmeriSource, Deroyal, DSD Medical, First Choice Medical Supply, Geriatric, GulfSouth, HD Smith, Independence, Invacare, Invacare Supply Group, Medline, Respironics, Ross and Sigma Medical, and more.
The healthcare industry has faced massive shifts in recent years. As presented on December 20, 2017, in a Wall Street Journal article entitled “Deals Boom in Health-Care Shift,” these massive changes include:
Data analytics, in which healthcare companies collect patient data to provide a more efficient, lower-cost care plan, are increasingly driving healthcare decisions.
These industry changes signal a significant opportunity for DME suppliers. As healthcare moves out of the hospital, more people will be seeking home health care supplies.
But the healthcare giants are going to seek partnerships with only the most advanced DME suppliers. This means that DME suppliers must incorporate the latest in software and data analytics solutions to ensure they can provide necessary information to healthcare companies. DME suppliers that survive the industry shift will be able to collect data that supports payors in demonstrating how products are keeping patients from being readmitted to hospitals.
The DME suppliers that recognize how they fit into the bigger picture of healthcare today are the ones that will succeed. They will recognize how they can make themselves indispensable to hospitals and payors.
In order to become an ally with payors, DME suppliers must maintain flawless records on their customers, including:
This data should be available instantly. With this data, the DME supplier can provide payors and hospitals with valuable insight into the efficacy of patient care, as well as the performance and usage of various DME products over time.
DME suppliers that invest in data collection and analytics are the ones that will survive the current industry consolidation.