Inspira attends Recovery Results 2016 in Dallas
Now that Inspira is billing for substance abuse treatment facilities, we sponsored the photo booth at Recovery Results in Dallas November 28-30 and we had a terrific time!
It was our first time attending a conference as a sponsor for an addiction treatment conference and we couldn’t have been happier with the warm reception we received. Inspira sponsored a photographer, David Braud, who took awesome, professional-quality head shots for attendees. He also edited them to “make you look like yourself, only better”. Many attendees told us they would replace their LinkedIn or Facebook profile pictures with the new headshot. Some even planned to use them on their business cards or websites.
Inspira surveys attendees about their billing companies
Almost 100 people stopped by our booth to get their photograph taken. That means more than a quarter of all event attendees got their picture taken at our booth. In fact, we made a little “art project” from the photos of some of the people we met as a memory of our time there (left). Cool, huh?
Along the way, Inspira met business development professionals, clinicians, founders, and representatives from billing companies. But we didn’t talk to a single company that did both billing and lending. Being the only biller-lender at the conference was a great opportunity to tell people who we are. In fact, we had a few people introduce us to their friends with, “These are the guys who can lend you money.” That got certainly people’s attentions and broke the ice a bit.
Inspira also started talking to decision makers about their billings and collections. We asked facility owners and executives to answer a quick 7 question survey and they were kind enough to oblige. Although it wasn’t scientific, since we had a small sample size and were not able to randomly select amongst all attendees, we uncovered quite a few surprises.
Billing company fees and satisfaction
One of the first things we found was that fees billing companies charge vary widely. If a facility outsourced its billing, we heard estimates from 7% to 14% of billings. Some billing companies “nickeled and dimed you”, as one of our new friends put it, charging for verification of benefits, utilization reviews, and the like. Inspira charges from 5-7% (depending on volume) and includes VOBs and URs in our fees, so we were quite pleased to hear the competition being on the high side.
We also were surprised to learn that while most people were relatively satisfied with their billing company, they didn’t know much about the features or services offered. Many people we spoke to seemed to think, “If it ain’t broke, don’t fix it.” When we probed further, asking for instance, “Does your billing company predict billings for a specific client during pre-authorization?” we received a majority of blank looks and “I don’t knows”. Similarly, no one said that their biller would alert them if a client missed a scheduled therapy. Of course, our billing software does both of those things.
Substance abuse laboratories and average daily census
Another surprise was the number of facilities that owned their own laboratories. We didn’t expect to find about a third of facilities we encountered had an associated lab. That’s a low number, since that means two-thirds don’t own their own labs. As we do billing for laboratories, too, it is another interesting way we can help substance abuse facilities.
Our final discovery was that the size of facilities also vary widely. About one third of people we surveyed had an average daily census across all their facilities of 100+. Another one third had 20-29 clients a day. Most of the rest fell somewhere along the continuum between those two.
Although Recovery Results 2016 was our first conference in the addiction treatment space, we expect to attend many more in the future. We also just sent a representative to Treatment Center Investment & Valuation Retreat in Scottsdale, AZ, December 5-7. The results were similarly positive.
Inspira plans to sponsor aXis (Addicition Executives Industry Summit) in Naples, Florida, January 29 to February 1, and Innovations in Recovery in San Diego, April 3-6, with more to come.