One of the biggest challenges any DME business will face is securing reimbursements from private insurance firms and medicare. It is hugely time & labor-intensive & DME providers do not always get reimbursed for all their efforts. If one does not resolve this issue, it can lead to low revenue & can cause DME’s to shutter.
Therefore, outsourcing DME billing services is the way to go to maximize reimbursements & myriad other benefits.
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1) Reduced billing errors & claim denials
DME billing is not as complicated as you think. However, it requires you to coordinate with different parties and understand HCPCS. In addition, every type of DME have their unique HCPS level 2 code. the biller must make sure that every piece of equipment is coded correctly.
DME billing specialized company knows the ins and outs of the process, so will make fewer coding and billing errors, which can lead to delayed or denied reimbursements. They will collect all the necessary documents and check them for accuracy, medical justification & compliance. If one rejects the claim, they will try to find out the reasons for the denial & then resubmit the claim where possible.
2) Increase in revenue
Decreased rejections mean an increase in the revenue for your business. Having a DME expert to track all your receivables & collections and provide you reports on your DME’s financial performance will help you manage your finance in a better way and increase cash flow. Due to this, you will have the freedom to focus on growing your business & providing quality care to patients.
3) Reduces overhead & labor costs
Outsourcing services to DME billing specialists can help you forgo the costs of hiring & training in-house medical billing personnel. You can gain access to a team of professionals knowing the latest billing practices, technologies & requirements just by paying affordable monthly fees. It will also save your expense on billing software as the DME billing company will take care of it for you.
4) Provides data security & compliance
DME billing specialists constantly update themselves regarding the healthcare industry regulations like HIPAA. They also use various medical billing technologies and processes, which allows them to safeguard the data of your patient & the company at rest & in transit. It is essential to keep patients’ records secure since they can contain social security numbers, birth dates & various other confidential information that can carry fraudulent activities.
5) Increases satisfaction of the patient
It is highly recommended to outsource billing services to DME billing professionals as they are well-versed in all the billing process nuances. They can efficiently address patient concerns regarding billing statements & handle various other complaints. Your patients will receive the information promptly, which will lead to an increase in their satisfaction & trust in your service.
