Durable medical equipment (DME) billing is a critical aspect of revenue cycle management in the healthcare sector. As the industry continues to evolve, DME has become increasingly important and is serving millions of patients. However, managing the billing processes and reimbursements associated with DME can be quite tedious and time-consuming.
With constantly growing regulatory requirements, DME billing is becoming more of an administrative burden for healthcare providers. This is leading to inaccuracies or errors in the DME billing process, which in turn are having a significant impact on reimbursements and affecting the healthcare practice’s revenue cycle.
Outsourcing DME billing can enable healthcare providers to focus on their core work while the critical administrative tasks are being taken care of. Read on to know why outsourcing DME billing is absolutely beneficial for healthcare providers.
Top DME Billing Challenges for Healthcare Providers
Healthcare providers often lose out on or get partial reimbursements due to the lack of a streamlined billing system. Poor document handling and time-consuming process due to a manual approach can also lead to business data loss and claim dismissals. Furthermore, healthcare providers find it difficult to adhere to the latest changes due to frequently changing regulations and legal requirements. This also has a severe impact on their reimbursement rates.
5 Significant Benefits of Outsourcing DME Billing
1. Minimal Billing Errors Resulting in Less Claim Denials
A medical billing company that specializes in DME billing services has mastered the ins and outs of the process and can help reduce critical billing errors, resulting in minimal to no claim denials. DME billing experts work with various insurance companies and coordinate information with patients which enables better document management. With a greater understanding of the DME billing and coding requirements, these experts can ensure excellent precision in the process to avoid any potential errors or mistakes.
2. Improved Revenue and Customer Service
Healthcare providers mostly outsource their DME billing process to address possible issues in the revenue cycle and improve their revenue stream. With a dedicated billing expert keeping track of collections, accounts receivables and reducing audit risks, you can manage your finances much better and experience significant improvements in the cash flow. Additionally, these experts can communicate aptly with patients regarding their payment responsibilities, thus enhancing patient experience while freeing up your time to focus on your core objective.
3. Compliance with Changing Regulations and Better Safety
A part of the DME billing company’s responsibility is to keep a constant track of changes in the industry and ensure that the submitted claims meet all necessary regulations. As the outsourced DME billing company is an industry expert, it can quickly and successfully stay current on industry changes and help you submit clean claims. This way, having an outsourced DME billing partner can make sure that all billing processes are in line with the most current rules and regulations, thus improving claim denial rates.
4. Reduced Overhead Costs
Hiring, retaining, and training a dedicated medical billing staff can be a daunting task. It requires a lot of time and effort and is an expensive investment. Moreover, when a billing expert leaves the organization, the billing staff is instantly overburdened or the efficiency of operations is affected. This can eventually result in delays or denials of reimbursements. Outsourced DME billing companies are not only specialized in providing personalized support but are also equipped with the latest billing software and equipment. Thus, with outsourced partners, healthcare providers don’t need to deal with the expenses of the costly software and equipment while also gaining the expertise of the DME billing specialists.
Looking for an outsourced DME billing expert to enhance your revenue stream? Contact us today to know how Medical Billing Solutions Nationwide can offer DME providers reliable DME billing solutions to efficiently look after their end-to-end billing requirements.