DME supplier, do you want to grow your Business and get paid on time?

To ensure success in the durable medical equipment business, it is important to ensure that your billing needs are being handled by experts.

Are you a DME supplier looking for ways to keep up with your accounts?

If yes, then you need to ensure that your team is following the best practices for DME billing.

Since the billing and coding rules for DME keep changing, it is very important to have coders and billers who are abreast with the industry changes. From submitting claims on time to adhering to the claims adjudication process, there is a lot that needs to be done in order to keep your business growing.

If handling DME billing and coding is become a stressful task in-house, it is recommended to choose a reliable billing service provider who can help you get paid on time. The billing company will offer you assistance in managing your revenue cycle with the best end-to-end solutions.

Since collections can be a daunting task for DME suppliers, having an expert team really helps. The billing company will work on pending accounts that need a strong strategy for payment collection. Because the team at reliable billing companies have an extensive understanding of the payer processes, it helps to get the job done in time.

Another benefit of hiring a third party for DME billing is the access to best of technology used for reducing TAT along with the best account management methods. An experienced team will be aware of the aging accounts and priorities them to get payments.

Partnering with a good DME billing service provider will give you access to expert staff who are experienced in this industry. Since a dedicated team will be handling the revenue cycle, you will be able to enjoy a big leg up on competition, without having to worry about payment denials or delays.

Besides improving billing efficiency, the team will also provide you detailed reporting related to your revenue cycle, keeping you informed about the financial strength of your business.

Only with the help of experienced and well-trained coders and billers, you can get rid of aging A/R accounts and reduce denials.

Not just DME providers but many insurance companies also use RCM companies for their adjudication and credentialing needs. It helps them reduce costs and ensure business profitability.

About 247 DME Billing Services:

We are a DME billing company that offers ‘24/7 DME Billing Services’ and support physicians, hospitals, DME institutions and group practices with our end to end DME billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses.

Contact: 
247 DME Billing Services
Tel: +1 888-502-0537
Email: info@247DMEbillingservices.com

A Case Study on DME Billing Services

Just like any other business, DME providers also need to ensure efficiency and sustainability when scaling up their operations. From established workflows and adherence to documented procedures to the right use of technology and measurement tools, they are always in need of adaptable processes to ensure consistent growth.

Challenge

Jeff Bailey, a DME provider from Texas was struggling with non-payment of invoices. Un-billed services and inaccuracies or missing information in claim forms were resulting in revenue loss, causing a drain on his revenue generation. He was looking for an expert billing team to help him overcome breakdowns in the billing process that is a long standing issue in the HME/DME community. He also needed help with AR practices and was in serious need to optimize his reimbursement practices.

Solution

In order to obtain end-to-end medical billing solutions, Bailey chose to outsource billing needs to the expert team at 24/7MBS. The billing team instantly got in touch with the provider and started working on streamlining processes and improving efficiencies. The team not only ensured timely, error-free claims submission but also worked on missing or incorrect charges before claims are processes. With the billing assistance provided by 24/7MBS, Bailey and his team has been able to eliminate underpayments and denials. He has been able to accelerate cash flow and streamline the work flow of collections, billing and appeals procedure.

Result

With three months of continued partnership which is still growing, 24/7MBS has helped the DME provider focus on the growth of his business.

•     Significant increase in revenue by improving collections.

•     Maintained A/R days, resulting in improved cash flow.

•     Access to real-time reports.

•     Improved practices for coping with growth.

•     Enhancement in efficiencies of internal teams.

•     Better turnaround time for sales order, cash postings.

About 24/7 Medical Billing Services:

We are a Medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, Medical institutions and group practices with our end to end Medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses.

Contact: 
247 Medical Billing Services
Tel: +1 888-502-0537
Email: info@247medicalbillingservices.com

DME market in the US is growing to reach $60.2 billion by 2020

DME providers need to understand the industry really well, particularly around billing and reimbursements. For instance, if they have submitted the claim and it gets denied, they will lose out on that revenue because the product has already been given to the customer. Even though denials can be appealed, the process will extend the time to get paid and also requires time and money to accomplish. The DME market in the US is growing and it is expected to reach $60.2 billion by 2020. Even though the competitive bidding under Medicare and other regulations are making DME sales challenging, the demand for DME continues to grow every year.

If you also wish to outsource billing task to a third party, then here are seven tips on how to partner with the right company:

1.      Make sure the company has a team of certified billers and coders who have excellent knowledge of ICD-10 and who stay updated with the latest industry changes.

2.      Make sure that the shortlisted billing company has a strong reputation in the market. Market is flooded with companies run by deceptive people, so you need to invest time into evaluating billing partner by looking for reviews.

3.      Experience matters, so choose a billing company that has been into this industry for long. Year into business is an indication that they have been keeping their clients satisfied.

4.      Not to forget, the company needs to have extensive experience in DME billing. This is important because billing for DME is quite different from other specialties.

5.      Check with them if they offer flexible payment options. Also, the vendor should apprise you with timely reminders.

6.       It is important to ensure that the billing company you are hiring is responsive. Look for speed and availability and make sure that they respond to concerns quickly.   

7.      Last but not the least; the billing company needs to be HIPAA compliant. This will give you peace of mind and you will be assured that the company won’t put your business or its reputation in jeopardy.

Besides these factors, you need to make sure that the billing company has a strong reputation of meeting deadlines. The team should be using the latest technology and also be offering effective denial management services. 

To Know More About@ http://bit.ly/2qOsPTM

About 247 Medical Billing Services:

We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow doctors to attract additional revenue and reduce administrative burden or losses.

Contact: 
247 Medical Billing Services
Tel: +1 888-502-0537
Email: info@247medicalbillingservices.com

DME Services providers, Quick Tip for Less Denials, More Payments

Due to denial management challenges, DME providers across the US are finding it hard to collect more and maintain a steady cash flow. Several measures are being taken by the US healthcare industry to reduce costs and this has hit DME providers really hard. While they are being reimbursed by Medicare Advantage plans at a lower rate than other plans, growing financial responsibilities are also adding to the pressure.

Here are a few opportunities or ways in which DME providers can protect their bottom line for the coming months:

•       Denial management is one of the most effective ways in which they can keep their business running. Nearly 90% of denied claims are avoidable, so they should hire experienced billers to help them get paid on time. By having expert staff, they will be able to proactively address the reasons for denials.

•       By changing the denials workflow, providers can benefit tremendously. For instance, when denials occur, offices choose to rework on the ones with the highest value. Due to this, they leave smaller denials that can add up to thousands of dollars in missed revenue each year. So reworking needs to be handled in the right manner, facilitating faster resubmission and reimbursement.

•       Pricing transparency will have to be improved if DME providers want to survive in business. This is necessary because now patients are responsible for more of their healthcare costs and they expect transparency in services as well as devices. It is important to ensure that the patients know what they will pay towards the cost of the product and what they will owe. Doing this will not only help the providers know the information needed to ask for full payment at checkout but also help drive collections? It will also help in improving patient experience.

•       To accelerate reimbursement, DME providers should also make payment easier for patients. This is important because patient payment comprises of a great portion of any healthcare organization’s revenue. So if there are any obstacles that can impede a patient’s ability to pay, then they should be removed. Since most of the DME equipment that patients either buy or rent is expensive, it is important that they have enough options to make payments.

There is no doubt that reduced payer reimbursement and higher patient-financial responsibility is here to stay. So DME providers need to be prepared to offset the impact on their revenue cycle.

About 247 DME Billing Services:

We are a DME billing company that offers ‘24/7 DME Billing Services’ and support physicians, hospitals, DME institutions and group practices with our end to end DME billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses.

Contact: 
247 DME Billing Services
Tel: +1 888-502-0537
Email: info@247DMEbillingservices.com

Global Durable Medical Equipment Market will display growth by a CAGR of 6.14% during 2018-2023

With the rise in the number of aging patients, market for durable medical equipment is expanding. It is also growing because patients now desire to stay in their homes. It is expected that the global durable medical equipment market will display growth by a CAGR of 6.14% during 2018-2023. But if effective billing practices are not in place, then getting paid will become a challenge.

Quite often, providers get substantial orders for supplies but they fail to recover the expected revenue due to inexperienced billing staff and their inability to work around an effective DME revenue process.

Error-free billing for durable medical equipment is critical because even if one medical device is billed incorrectly, it will result in a loss of thousands of dollars. Also, unlike most clinical procedures, DME billing suffers from various challenges. For instance, DMEs are mostly ancillary services and are often deemed as medically unnecessary. Also, at times, prescribed DME doesn’t meet the permitted reimbursement level and if there is a lack of HCPCS (Healthcare Common Procedure Coding System), then also timely payments become a challenge.

To maintain a steady cash flow, it is necessary to have an expert team that handles audits, claims submission, follow-ups and so on. DME billing setbacks can be dealt with ease and billing costs can be reduced by 80%. By hiring a reliable billing partner, Billing companies also ensure 100% HIPAA compliance along with offering monthly customized reports.

Since DME Billing Service Provider has also been hit by regulatory changes such as the Final Rule, having a team of expert billers and coders has become a necessity. CMS has made it necessary to establish a prior authorization process for some orthotics, DMEs, prosthetics, and supplies under this rule. Now practice managers have to build a proper prior authorization process which is quite time-consuming. Complications involve in creation of this process affect revenue generation and billing in negative manner.

Considering the challenges 2018 is posing for DME Billing Services, seeking support from a professional billing company is the only hope. From navigating through difficulties in insurance approvals and permissible level of reimbursement to HCPCS, a reliable billing company will have the expertise and experience to help practices fight common DME billing challenges.

About 247 Medical Billing Services:

We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses.

Contact:
 247 Medical Billing Services
 Tel: +1 888–502–0537
 Email: info@247medicalbillingservices.com

Few opportunities in which DME providers can protect their bottom line

Several measures are being taken by the US healthcare industry to reduce costs and this has hit DME providers really hard. While they are being reimbursed by Medicare Advantage plans at a lower rate than other plans, growing financial responsibilities are also adding to the pressure. DME providers need to be prepared to offset the impact on their revenue cycle.

Here are a few opportunities or ways in which DME providers can protect their bottom line for the coming months:

•       To accelerate reimbursement, DME providers should also make payment easier for patients. This is important because patient payment comprises of a great portion of any healthcare organization’s revenue. So if there are any obstacles that can impede a patient’s ability to pay, then they should be removed. Since most of the DME equipment that patients either buy or rent is expensive, it is important that they have enough options to make payments.

•       Denial management is one of the most effective ways in which they can keep their business running. Nearly 90% of denied claims are avoidable, so they should hire experienced billers to help them get paid on time. By having expert staff, they will be able to proactively address the reasons for denials.

•       Pricing transparency will have to be improved if DME providers want to survive in business. This is necessary because now patients are responsible for more of their healthcare costs and they expect transparency in services as well as devices. It is important to ensure that the patients know what they will pay towards the cost of the product and what they will owe. Doing this will not only help the providers know the information needed to ask for full payment at checkout but also help drive collections? It will also help in improving patient experience.

•       By changing the denials workflow, providers can benefit tremendously. For instance, when denials occur, offices choose to rework on the ones with the highest value. Due to this, they leave smaller denials that can add up to thousands of dollars in missed revenue each year. So reworking needs to be handled in the right manner, facilitating faster resubmission and reimbursement.

There is no doubt that reduced payer reimbursement and higher patient-financial responsibility is here to stay. Due to these challenges, DME providers across the US are finding it hard to collect more and maintain a steady cash flow.

About 247 DME Billing Services:

We are a DME billing company that offers ‘24/7 DME Billing Services’ and support physicians, hospitals, DME institutions and group practices with our end to end DME billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses.

Contact: 
247 DME Billing Services
Tel: +1 888-502-0537
Email: info@247DMEbillingservices.com