According to industry experts, inefficiencies in the DME/HMEbilling and collection process are still causing autonomous medical practices to lose up to 30% of the income. This is due to an excessively high rate of rejection and denial. About half of all denials are never worked, resulting in a 5-7% loss of income. When you receive a large number of denials, your revenue may become stuck in Accounts Receivable (AR), causing a major disruption in your cash flow.
Current Challenges in DME/HME Billing
It's challenging to locate a consumer-driven workforce that
can help with inventory control and reimbursement. With so many top HME
suppliers looking for reliable outsourcing partners, it's more important than
ever to give dependable and trustworthy assistance.
Unfortunately, many DME/HME billing service providers are currently under a lot of stress. They're also struggling to strike a balance between their increasingly dispersed workforces. It is no longer easy for them to keep effective control over their staff and provide the same level of service to their clients as before.
Global Crisis and the changes in DME/HME Billing
The current global pandemic epidemic has aggravated the
situation. Even the most advanced providers, those with the most advanced
technologies, face manpower and cost limits. Most outsourcing companies are
unable to assist at the same rate because they are also dealing with similar
issues.
As a result, medical providers must pool their resources and
build better protocols and procedures to guarantee that they are paid
efficiently and lawfully. They could also look for outsourcing companies that
continue to provide the necessary support to their clients’ regularly.
Now let’s talk about the strategies, to overcome the DME/HME Billing crisis today.
Refined Collection
Method
One of the most successful proactive techniques for
generating income is to have a well-defined collecting strategy in place. A
well-defined step-by-step procedure can assist you in ensuring that patients
fully comprehend their financial obligations. The stages below should be
included in any good collection procedure. The following are examples of this:
•
Contact
information
•
Job
Status
•
Your
home address
•
Email
contact information
All of these should be taken into account. Obtaining photo identification during the appointment is also essential.
Claims Management
Many of these claims are quickly dismissed due to the strictness of insurance policy payments. The insurance company will not pay you if your system fails to receive and process these denials timely. This necessitates ensuring you have a specific denial management system in place for reprocessing claims.
Knowledgeable clients
Medical professionals devote a significant amount of time in
learning about insurance payments. Co-pays, deductibles, and other medical
billing procedures must all be understood by your patients.
Teaching DME/HME billing concepts to your patients through simple brochures or banners is an effective method for speeding up claims processing. You may even set up a dedicated helpline to assist your customers with the payment process.
Software for DME/HME
Billing
To avoid fighting an uphill struggle, consider upgrading to effective HME/DME Billing software. By tracking pending bills, locating outstanding payers, and automating the application of late fees to their bills, good medical billing software may help you reorganize your collections process. This multi-purpose technique accelerates claims processing while putting the financing constraints on your clients.
Maintain a record
Investing in reliable DME/HME billing solutions allows you to focus on your work as a physician with confidence. You could already have everything you need to boost your DME/HME Billing collections. However, it is always advisable to be more proactive in the collection process and be prepared for anything.
Sunknowledge offers the
best DME/HME billing technology available in the healthcare industry today.
Sunknowledge takes pride in offering world-class standards as
well as knowledgeable HME billers and coders. We also facilitate with:
•
Certification
checks
•
Prior
authorization
•
Appointment
scheduling
•
Doctor’s
office follow-ups
We've put together a dynamic transition strategy that
includes a handbook and a checklist for how we'll handle your DME/HME billing
needs. It is customized to meet your requirements. Our experts will be happy to
share their best practices and strategies for developing the finest approach
for you. We have the advantage of being able to handle all of your DME/HME
Billing invoicing for as little as $7 per hour or 1.99% of collections.
What’s the key
takeaway?
Hence to summarize, the goal is to accumulate experience
while maintaining consistency. In actuality, outsourcing your HME billing as a
supplier may be a challenging decision. Choosing the right one, such as
Sunknowledge, can assist you in generating money and significant benefits from
collecting. It also makes taking care of the rest a lot easier.