The durable medical equipment (DME) industry is constantly undergoing regulatory changes. And billing for many items and services, each with its own requirements, can be time-consuming and costly. Items or services expected to last five years or more are considered durable medical equipment. Crutches, oxygen, canes, ostomy supplies, diabetic supplies, and other similar healthcare-related services are also included in this category.
To succeed, billing for DME requires a professional and profound understanding of the reimbursement and documentation rules for Medicaid, Medicare, and commercial insurance plans. Furthermore, that billing for durable medical equipment should keep meticulous records to comply with an ever-changing set of laws that assures necessary and adequate care.
According to a recent survey, healthcare practitioners considering outsourcing their DME billing are most concerned about revenue management and collections, DME billing errors and the consequences of those errors, and ongoing biller training. Let’s see what all benefits you can enjoy by outsourcing your DME billing:
Benefit #1: Accuracy and Transparency
DME billing errors are expensive and reduce your revenue. Outsourcing your DME billing services can assist you in adhering to billing regulations and avoiding errors. Outsourcing improves the process of accurate coding and the claiming process with the insurance company. Outsourcing also provides access to analyzed data, allowing your healthcare practice to gain valuable insights. Furthermore, DME outsourcing companies provide you with access to resources, work, and activities to monitor progress. They adhere to your organization's privacy policies.
Benefit #2: Business Development
Outsourcing DME medical billing services and other critical roles free up your time to concentrate on your core competencies. You receive the necessary assistance and resource to help you manage your workflow more effectively. Reduced resource costs and an improved insurance claim and denials process create numerous opportunities for your DME business to grow. Outsourcing firms use cutting-edge technology to operate your medical practice remotely while keeping DME business data secure.
Outsourcing DME billing is one of the most effective ways to increase productivity while focusing on business growth. Another benefit is that it increases expertise and team size while decreasing costs.
Benefit #3: Secure Patient Data
One of the most compelling reasons to outsource is the increased security it provides. In terms of breached healthcare records, November 2022 was entirely wrong. 6.904.441 records were either exposed or improperly disclosed. DME medical billing companies prioritize cybersecurity. After all, healthcare providers trust placed in them makes or breaks their business. A single data breach could tarnish their reputation and end their career. Do your research before hiring a DME medical billing company, and check their previous security record to ensure they are trustworthy. A good DME billing service will manage cybersecurity and ensure the security of your patient’s records.
Benefit #4: Power-Up Internal Teams
DME billing outsourcing companies are known for providing high-quality services to their strategic partners. Experienced resources assist your existing teams in completing tasks more efficiently. Employees are less stressed when you supplement your staff with outsourced experts, and internal teams have more time to focus on core activities. Your DME billing outsourcing partner handles and automates routine tasks such as reimbursement, error correction, patient management, claims to process, and other duties.
Benefit #5: Avoid Overbilling And Underbilling
If your practice consistently bills with the highest codes, you risk being flagged by your PPO or Medicare. This can lead to DME billing audits and/or impose severe penalties. On the other hand, if you bill too low, you may lose money.
So, how do you knock the perfect balance and bill at the appropriate level?
This is where a DME medical billing service can help! Typically, DME billing companies employ a coding expert who can guide you on how to bill both high and low. They'll get your billing rates precisely where they need to be to optimize cash flow while avoiding an audit. This is one of the most significant benefits of outsourcing DME medical billing.
Next Step - 24/7 Medical Billing Services!
The continued growth in demand for DME billing outsourcing services indicates that more medical providers realize the benefits of outsourcing their DME billing processes rather than keeping them in-house. The positive ROI associated with partnering with a medical billing company, the reduction in stress, and the gain of time as processes are transferred to experienced and reliable hands are some of the driving factors that healthcare providers across the country find most appealing.
Are you ready to take the next step and outsource DME medical billing, or are you curious about the advantages?
For over a decade, 24/7 Medical Billing Services has assisted practices of all sizes in improving their DME billing processes nationwide. Our experts are well-versed in the best practices and industry know-how for preventing revenue leakage, improving collections, and increasing overall revenue. This gives you more time to concentrate on patient care and even work towards your desired work-life balance.
See also: Maximizing DME Reimbursement: A Guide To Do’s And Don’ts Of Durable Medical Equipment (DME) Billing
It is has been a well-known fact that purchasing products such as splints, prosthetics, and durable medical equipment (DME) — and determining which orthotic facilities are covered by insurance — isn’t an easy process.
In fact, many things can go unexpectedly wrong when it comes to billing for orthotics and prosthetics.
