A/R Adjustments – made EASY

It’s bad enough that you have to adjust off accounts receivable. This is money that you have booked as revenue and counted on receiving. In most home infusion companies the adjustment process is a manual process of filling out an adjustment request form, getting it approved by a manager, re-looking up the invoice and applying this adjustment. The end result is a lot of errors, overstated A/R, wasted time by collectors calling on invoices that should have been adjusted, etc.

Rock-Pond Solutions worked with one of our customers to create a report that streamlined the process whereby the collector or cash posting clerk would make the adjustment according to predefined procedures. The manager runs the Detailed Adjustments with Invoice Status report each day to review the adjustments from the prior day and either approve or reverse them with notes in the system to the collector. The results included time savings, improved accuracy, elimination of paper, improvement of audit trails in the system and a much better understanding of why A/R was being adjusted in the first place so it could be prevented. If you are using the CPR+ software and are not using this report – call us right now and we’ll show you what it looks like with YOUR DATA.  If you are using HomecareNET or Ascend, call us and we’ll write this report for your software.  No matter what you are using, you need this adjustment report and it doesn’t come with your software.

Rock-Pond Connect Released!

After 9 years in business, Rock-Pond Solutions has released its first internally developed application.  And we are giving it away for FREE to all of our customers.  Rock-Pond Connect is a server based application that allows us to automatically transfer files to our customers as soon as they are available.Customers install and schedule the application to update based on a desired schedule and they never have to worry about having out of date report templates or other important files they need from Rock-Pond Solutions.

In addition to the obvious time saving advantages this provides to our customers today, Rock-Pond Connect establishes some important infrastructure for some exciting products to be released by Rock-Pond in 2010.

Extending the Value of your Home Infusion DATA

Regardless of what home infusion software you are using, your staff spends countless hours entering data into the system and often comes up blank when looking for information they need to get their job done.  The more data you enter and the more feature rich your software becomes, the more potential there is to exploit the data to get critical information to meet your business goals.  That’s where Rock-Pond Solutions can help.  We will extend the value of the your systems and give you the information you need from the data you’ve got.

Although we’d like to take the credit, the truth is that everything we have produced started with a request from someone working in a home infusion company who had an obstacle or an opportunity.  Welcome to Rock-Pond.com.  Here you’ll find an overview of who we are and what we do as well as regular posts about the things we are doing and problems we are solving.  If you use one of the top  3 home infusion software products (CPR+, Ascend or HomecareNET), the quickest and best way to get to know us is to let us show you some of the reports we’ve developed for other home infusion providers.  We’ll set up our viewer on your system in 15 minutes and show them to you with your data.  We’re looking forward to your call.

AWP Settlement Impact

Do you update your average wholesale prices for drugs each month?  (Correct answer is Yes)  Do you get this information from Medispan or First DataBank?  (99% of home infusion providers will answer Yes)  Do you get a list of drugs whose AWP changed when you run the update?  (Correct answer is Yes)  Was the list of drugs changed on the September 26th update bigger than you’ve ever seen before?  (Probable answer is Oh My God!)

In the aftermath of a class-action lawsuit brought against First DataBank (FDB) and McKesson Corporation by a third-party payor class accusing the two companies of conspiring to inflate the average wholesale price (AWP) of hundreds of drugs, there was a reduction in f AWP values that is one one of the largest single drops in AWP prices on a given day ever.  As 2009 draws to a close, many home infusion providers have not been significantly impacted by this change since their average DSO (days sales outstanding in A/R) is 75-90 days.  However, the impact is coming like a dark cloud on the horizon.  The payers have reduced their AWP prices and any of the contracts that are based on AWP will see reduced reimbursement.   If bills sent in October are typically paid 75-90 days out, the impact is about to be felt most dramatically.

Rock-Pond Solutions is working with providers to analyze the impact based on their payer / therapy mix.  NHIA is working hard to stay ahead of the developments related to home infusion providers.  As a provider you must know the impact the reduction AWP pricing implemeted on September 26, 2009 will have on your company.  You may be in the calm before the storm.  The question is, will you be able to handle the storm when it hits?