How is the revenue flow in your health system? If you’ve been handling your DME billing internally with your own team, there may be some potential for improvement. There is no reason to put up with DME medical billing services issues when there is a simple solution.
Outsourcing DME Billing Services!
After all, third-party DME billing companies are dedicated to everything related to the revenue cycle, but your own DME billers and coders may not be as well trained. Alternatively, the staff of your team may just lack the necessary skills and experience.
Did you Know?
DME billing tasks may be incredibly time-consuming and costly to administer in-house, which is why many healthcare organizations outsource this function to a third-party DME billing and coding company.
The global outsourced medical billing industry has potential to reach $19.7 billion by 2026, increasing at an 11.8% annual rate.
Report by Grand View Research
According to the research, outsourced medical billing is estimated to reach $25.3 billion by 2028. A growing emphasis on profitability and revenue creation, the federal mandate for EMRs, and quickly changing government rules are key reasons driving expansion.
Report on the Global Medical Billing Outsourcing Market 2021-2028
1. Most Common Mistakes to Avoid
Here is a list of common mistakes that can arise while using outsourced DME billing services. However, these may not be problems for you and may simply represent the learning curve you and your staff may face when you change your DME billing structure. There are chances that you outsource DME billing and coding company that:
2. Lacks Advanced Knowledge
A normal family practitioner will see a lot of bread-and-butter situations that don’t require a lot of fancy codings, such as treating an ear infection or distinguishing between a sprain and a hairline fracture.
However, specialty medical practices such as DME may be hesitant to collaborate with outside medical billing and coding companies. According to the research, “some specialists may have more complicated billing and coding procedures that require clinical review.” In such circumstances, the issue will be to ensure that the third-party billing company has the necessary understanding and experience to cope with your specialized DME bills.
3. Dilutes Control
When a problem emerges with a DME bill at your office, simply stroll down the hallway to rectify the problem there and then. However, if you arrange for this critical task to be done through outsourcing, you will not have as much direct influence over problem resolution.
But is this a serious issue? Many DME practices and clinics choose to delegate such tasks to DME billing experts who are solely concerned with increasing revenue flow.
4. Follows Conflicting Rules
Internally, you are free to establish DME billing procedures and rules and expect your staff members to follow them. This includes everything from how you remedy invoicing issues to the timeframe in which you want these errors resolved.
When working with an outsourced DME billing company, however, you will normally sign a contract with them that will bind you to their rules and standards. So, if you need to modify your charging method later, you’ll need to plan ahead of time. Most medical professionals, however, do not find this to be a big issue. Third-party DME billing professionals’ convenience and efficiency alleviate any concerns you may have about doing things your way.
Trust your Outsourced DME Billing Company!
Placing your trust in someone else may be difficult for you and your staff members in your health system. However, this is not a strong reason to avoid outsourcing DME billing to a third party such as 24/7 Medical Billing Services.
The time saved by freeing up staff from this task can be put to greater use, such as following up with patients and providing a better overall experience, from scheduling an appointment to their interaction with them.
However, outsourcing your DME billing is not always an easy decision. As with any major decision, it’s critical to spend your time researching the best options and verifying potential billing partners. Finding a highly specialized and experienced DME billing and coding partner can make a world of difference for you, your practice, your patients, and your bottom line, whether you’re looking for a short- or long-term engagement.