DME providers live in such an era where increasing patient liability is hampering their efficiency as an additional burden. They are struggling with maintaining a positive flow of cash in their growing business with no easy button but until now.
A common mistake committed by most DME suppliers is to identify patients, check their eligibility, and verify insurance coverage without any proven methods. Thus, they pay unnecessarily high fees leaving their revenue behind to the agencies. This takes a toll on their profit and becomes difficult for them to keep their businesses afloat. In such circumstances, the only option they can choose to counterbalance their reimbursement cuts is to opt for DME billing and coding as the number one and priority task.
Here are 5 simple yet effective ways to enhance the DME billing efficiency, thereby expediting the A/R collections in practice.
1. Verify the Insurance before Providing the Medical Equipment
Verifying and validating the insurance a day or two before the scheduled insurance appointment can significantly increase your charge to collection ratio. It also gives you the freedom to make changes to the already scheduled appointment in case you come across any issue of concern with the insurance policy.
Here are the simple but effective ways to verify insurance:
- Call and verify the insurance
- Opt for the billing software utilization or EMR verification
- Use online pay resources to verify insurance
- Outsource the task of verification to the dedicated DME billing specialists who can take care of the task while focusing your effort and time on more important things to you.
2. Collection at time of service
Are you even aware that if a patient leaves your medical facility, the chances of your collection gets reduced by more than 45% immediately? Hence, you have to ensure that the co-insurance and co-pays are collected along with any past dues and projected deductibles as soon as the equipment is provided. Therefore, it is always recommended to implement a well-round check-out process so that you get an extra chance of collection before the patient leaves your facility.
3. Performance measurement and data capture
The effectiveness of your DME collection process can be hampered at any point in the process if the person with data access does not take accountability for his job or work performance. Therefore, ensure that all your team members must coordinate amongst each other constantly and be in alignment between information access and performance accountability. Such an alignment can be checked by using technology such as monitoring and reporting metrics.
4. Utilize the latest and updated systems
You can now automate your daily patient collection functions with the latest and updated technological advancements such as EMR software. In fact, many DME suppliers are now opting for such software to ease their billing and coding process. But are you still struggling with understanding and using the software? Then, leverage the benefits of hiring a reputed professional DME medical billing company in the USA who can take responsibility for your regular yet important tasks with utmost precision and care.
5. Clean claims transforms to greater collection
There is a direct relationship between the accuracy of the claims information and the collection that comes from it. In other words, the greater the numbers of clean claims, the higher will be the financial stability of your business. Therefore, make sure that your billers and coders submit clean claims with accurate information so that there is no rejection or delay.
The aforementioned strategies can only be effective when you outsource your billing and the claims management process to a reputed 24/7 Medical Billing Services. The company can help you to improve your DME billing efficiency, thereby improving the A/R collection process. The bottom line is to keep your reimbursements flowing in for a healthy and profitable RCM process. If you need any guidance regarding the improvement of DME billing efficiency, call the 24/7 Medical Billing Services experts at +1-888-502-0537.