Few ways 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. Due to denial management challenges, DME providers across the US are finding it hard to collect more and maintain a steady cash flow.

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

DME Service Provider, to obtain end-to-end Medical Billing solutions Outsources billing to the 24/7 MBS.

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. Just like any other business, DME providers also need to ensure efficiency and sustainability when scaling up their operations.

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