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It’s time to evolve and implement a sophisticated billing software system

August 30, 2017 Posted on Categories Billing Software, DME

Today’s DME providers are under increasing pressure to maximize every dollar of reimbursement, and the only way to do that is with a sophisticated billing system. Your chance of surviving the current industry consolidation rests almost entirely on profitability, which must be driven by technology.

Old, non-integrated billing systems not only put you at risk for lower reimbursement rates, they also increase the time it takes your billing team to submit for reimbursement, increases the rates of rejection and under-reimbursement, and puts you in danger of an extensive and time-intensive process in case of an RAC audit.

Yesterday’s simple billing systems have evolved into high-level software systems that streamline the billing process from patient intake to delivery and service. Our advanced software eliminates manual and time-intensive processes that are dragging down your margins. Today’s leaders in DME are adopting our technology and training their staff to utilize the full capabilities of our business management software, allowing for a streamlined workflow and increased profitability.

Our advanced billing software system makes the process of collecting all the necessary data related to billing convenient, and customer service representatives and delivery staff make fewer mistakes because each step is defined in the software system. The billing team works off a fully integrated system ad is alerted to missing information before submission, cutting down on rejection and increasing the turnover of submission to full reimbursement.

The importance and advantages of having a multifunctional software management system like Bonafide cannot be overstated. With a single platform from which to manage all essential business duties, from billing to inventory management, you have the opportunity to not just survive DME market consolidation, but to become a leader in the DME market.

Five reasons your DME business needs an ERP System

May 24, 2017 Posted on Categories DME, Documentation, ERP, Inventory Control

The DME industry is changing at an alarming rate, and if you’re not ahead of the game, you could fall behind. If you’re finding that you’re having trouble managing your business, having trouble identifying your profit centers, and suspect you are wasting time and money, consider switching to an ERP software system.

Here are five signs you need an ERP System:

1. You have many different software programs

How many different software programs does your business run on? If you’re like most DME businesses, you have different software systems running accounting, sales, inventory, billing, delivery and compliance documentation. These different systems mean that you’re adding minutes – sometimes hours – to every single order. When margins were healthy, that was fine, but now that margins are tight, every minute counts. Worse, your software systems probably don’t talk to each other, so you’re adding even more minutes with double entry. Time is money, and multiple software systems are a time suck.

2. You don’t have easy access to business information

To run a business in a competitive, tight-margin market like DME, you need complete and instant access to critical business information. What is your average sales margin? What are your most profitable products? What are your accounts receivable? How many claims remain under-worked every month? You need this information at your fingertips to remain competitive in this market, and you can’t access this information unless you have a single ERP platform that spans billing, sales, inventory, accounting and delivery.

3. Accounting takes a long time and is difficult

Often the biggest sign that you need ERP software is that your accounting department is lagging. When employees rely on paper-based delivery documentation and spend hours every week manually entering them into different inventory and billing systems, you need to consider how much time is being wasted on tasks that could easily be taken over with ERP software. Along the same lines, if financial reports are delayed and take hours of preparation, an ERP solution will make a significant impact. With all financials in a single database, your billing, accounting and inventory staff don’t have to spend time cross-posting information and reconciling data manually. This will free up your accounting staff, making them more productive.

4. Inventory management is suffering

DME businesses are complex, but at their core is inventory. Without the right products in the right warehouse, in the right trucks, and with the right customers, you simply can’t run your business. Separate sales, inventory and billing data systems make it virtually impossible to know your inventory status in real-time. This leads to breakdowns in communication when customers are promised items that are out of stock, or delivery drivers are sent out with incorrect items. With an ERP system, staff in every department has real-time access to inventory data. Products can be seamlessly counted, loaded, sold, rented and ordered from a single database. Even better, you can quickly see the margins for every item.

5. Your IT is Complex

Every software system that your business uses requires someone who understands it and can train employees how to use it. As your business grows across multiple software systems, you need a larger support staff to bug-fix, train on and administer all those software systems. Patchwork software systems require a team of administrators and trainers, and yet they still underperform. ERP systems require less oversight, because it is a single company providing your software business-wide, and you can quickly and easily deploy training, support and new features company-wide.

To learn more about Bonafide’s cloud-based ERP is the best solution for growing DME businesses, contact us to schedule a demo.

Turn Your Trucks Into Mobile Profit Centers

April 21, 2017 Posted on Categories Delivery, DME, Inventory Control

Did you know that your trucks could be running much more efficiently – and they could even become mobile profit centers for your business?

The key is to rethink your trucks not as just delivery vehicles, but as mobile stores. With the right software in place, your drivers can have everything they need to be more efficient, eliminate costly return trips to the warehouse, and immediately obtain delivery confirmation, which speeds up the reimbursement process.

You can only do this with Bonafide’s software. Why?

Inventory: Bonafide offers the best inventory control software available for the DME business. Our software ensures your trucks are fully stocked with everything they need for their delivery route. A fully-stocked truck means you can adjust your drivers’ route in real-time, without sending drivers back and forth to the warehouse in between drop-offs.

Documentation: How many times do your drivers fail to get the correct documentation, and then have to return to the customer? Only Bonafide offers smart-phone enabled technology that guides your drivers through the documentation process error-free.

Billing: Are you forced to wait several days between delivery and billing due to the paper trail that your drivers have to maintain? Only Bonafide offers digital delivery documentation, which is immediately sent to your billing department, error-free and in real-time, reducing errors and speeding time-to-payment.

The businesses that will survive the current industry consolidation in DME are adopting Bonafide’s technology to make it happen. Do you want to talk about how you can get started?

Are you going to survive the DME industry consolidation? 

March 11, 2017 Posted on Categories DME, Inventory Control
By Wayne Bailey, Director of Client Services, 805-908-2333

As all of us have noticed, the DME industry is undergoing massive change. Last week at Medtrade, which is a very public reflection of the health and vibrance of the industry, we saw the consolidation of the industry first-hand. The show floor has dwindled down to a very small audience of DME providers, and you can feel the change in the air.

As a software provider in the DME industry, we can see first-hand the disaster that lower reimbursement rates have wreaked on small business providers. We have taken note that the providers that are surviving today are adopting new systems and business infrastructure. These changes are undoubtedly very uncomfortable, and require massive changes in the way they do business, but they are also critical to survival.

There are a few providers who are quickly embracing Bonafide’s software to help them gain important business systems, insight and management tools. These are the providers that are thriving. Their margins are healthy because they have close control over their inventory, delivery systems and billing systems. They maintain lean overhead, get reimbursed faster, and at maximum rates. These providers are taking market share from other providers based on their ability to control margins with powerful software from Bonafide.

As we see it from the inside, change is a welcome godsend if embraced, death if not. Please, give me a call and let’s talk about how Bonafide can help your business be not just a survivor but a thriver in today’s compressed market. I would like to see you on the other side of this consolidation process, and I know we can help make that happen for you.

Contact Us

Bonafide Management Systems 241 Lombard St.
Thousand Oaks, CA 91360

805-908-2333 info@bonafide.com
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