With the rapid growth phase that the Durable Medical Equipment (DME) industry is currently going through, the regulatory standards are always evolving. In such situations, monitoring these changes, executing elaborate procedures and ensuring administrative compliance is one of the biggest challenges and can prove to be extremely taxing. Due to the demanding nature of this process, many DME providers prefer outsourcing the DME revenue cycle management.
Some of the advantages of outsourcing DME revenue cycle management have been discussed below.
Cost-Effectiveness: Trim Unnecessary Expenses
One of the prime advantages of outsourcing revenue cycle management is how cost-efficient it is. Often utilizing third-party resources can save up to a quarter of the company cost. The process of billing in itself along with compliance is quite complicated and to add to it, the technology that is required for it is also steeply priced. An additional cost of searching for and hiring the right team to manage it all, training, upgrading according to the regulations and retaining can prove to put an organization in a difficult position. With competitive pricing, DME billing companies are able to mitigate almost all additional costs.
Timeliness: Fast-track Your Billing Procedures
Skilled and experienced DME billing professionals who are trained in this field and are experts in managing multiple billing software, can avoid unnecessary delays. There is a single point of contact assigned to the DME providers to quicken the process. With outsourced DME billing services, you always have a dedicated team overseeing all the updates in this industry and also providing training whenever required. The availability of all the right resources ensures that the services provided are tailored for the customer with a much shorter turnaround time.
Stable Revenue: Ensuring Optimum Financial Health
The COVID -19 pandemic has had a major impact on the healthcare industry and has resulted in volatile finances across the world. With the billing process being outsourced, DME providers look at predictable operational budgets that leave very little wiggle room for unprecedented expenditure. Outsourcing DME revenue cycle management can ensure steady cash flows, better DME claim denial rates and get the organization prepared for an unpredictable future. Dedicated professionals go through insurance documents and alert if there are any discrepancies. They also methodically follow up on incomplete claims and carry out regular audits to secure clarity in transactions and customized reporting.
Regulatory Compliance: Keeping Up With Latest Rules
Understanding and following the various rules and regulations associated with DME billing can be quite arduous. It can become challenging for the billing staff at DME provider organizations to constantly keep learning about the latest regulatory changes. This can also lead to errors or delays in the billing processes and affect the revenue generation efforts of the DME provider. Outsourcing DME revenue cycle management is thus imperative in order to ensure that your billing practices are always in line with the most recent regulations. Moreover, this frees up your time and allows you to focus on other strategic and operational areas.
Medical Billing Solutions Nationwide (MBSN) puts in a great amount of effort to tailor services for each customer. The main goal is to ensure efficient daily functioning for DME providers, reduce the denials and increase the cash flow. The services offered by MBSN include but are not limited to – DME Billings, A/R Clean Up, Appeal & Audit, Consulting, Training and Support. Contact us and make your life much easier. Let us do the work for you.