The medical device value chain has always been a complex and, at times, chaotic process to keep a handle on. With tons of moving pieces, regulations, payor relationships, billing cycles, etc. it can be difficult to keep tabs on your incoming payments and which are still outstanding. Every facility has their own finance process, every patient their own insurance, and every rep their own way of keeping track of their cases and purchase orders. This can create additional risk that payments will be delayed or missed entirely, placing a significant burden on reps and admins to keep track of where each case stands in the billing and payment cycle. COVID has amplified these risks as the number of surgical cases are in flux and provider revenue and cash flow continue to be constricted – and every day you have to wait for a PO in order to invoice against the case squeezes your business even further.
Implementing systems that help bring visibility to your sales and payment cycles can drive massive value into your business and pull unnecessary burden off your sales and admin staff. For instance, when you can easily track which cases you have paid Commissions on and which Cases have received payment, you’re enabled to ensure that no payments are missed and you can start reducing the time-to-payment for your cases overall. As you plan out how to keep your business healthy through the rest of the pandemic and these economically tumultuous times, consider the impact this extra cash can have on your business. If you want to learn more about implementing strong platforms to help drive visibility into your field operations, drop us a line.