Any DME supplier will always strive to increase revenue while decreasing the day’s sales outstanding.
According to Grand View Research, the durable medical equipment (DME) market will grow from $53.6 billion in 2021 to $92.8 billion in 2030. Because of the COVID-19 pandemic and the shift in healthcare toward a hospital-to-home model, the DME industry will be one of the fastest-growing markets. Even as the US population ages, there will be an increase in demand for a wide range of home medical equipment products, from oxygen to incontinence and mobility products. All of this will fuel the demand for DME items and products.
Suppliers are now looking to improve their patient loyalty and satisfaction program in order to accelerate the ROI to the best proportions. Low payments, as well as changes in Medicare and Medicaid regulations, are all posing significant challenges.
More patients are now paying out of pocket or are unsure how much they owe. As a DME supplier, the last thing you want is to have your payments denied after working tirelessly to get the device to the patient’s door.
The need of the hour is to know about the three-step financial strategy to maximize your DME revenue. Let’s have a quick look at these steps in detail-
Step 1: Before Providing Insurance, ensure that it is Valid
You can improve your charge-to-collection ratio by verifying and validating insurance a day or two before the scheduled insurance appointment. If you have any concerns about the insurance policy, you have the option of changing the already scheduled appointment.
Here’s how to easily and quickly verify your insurance:
- Call to ensure that the insurance is still valid.
- You can choose between EMR and billing software verification.
- Use online resources to confirm insurance coverage.
Outsourcing a dedicated DME billing specialist to handle the verification process frees up your time and effort for more important tasks.
Step 2: On-Time Collection of Service Fees
You may not realize it, but when a patient leaves your medical facility, the likelihood of your collection drops by more than 45 percent.
As a result, once the equipment has been provided, you must ensure that the co-insurance and co-pays, as well as any past dues and projected deductibles, are collected. Therefore, having a well-rounded check-out process in place is always a good idea in order to have the chance to collect before the patient leaves the facility.
Step 3: Performance Measurement and Data Collection
If the person with data access does not accept responsibility for his or her job or work performance, the effectiveness of your DME revenue process may suffer. As a result, ensure that your team members are constantly coordinating and on the same page regarding information access and performance accountability. One can determine whether or not the alignment is accurate by using technology such as monitoring and reporting metrics.
Outsource DME Billing Services to 24/7 Medical Billing Services – You’re Making the Right Decision!
You can make your DME services more efficient by planning and possibly even outsourcing the DME billing and claims management process, allowing for a much more effective A/R collection process. You must ensure that reimbursements are flowing in order to maintain a profitable RCM process.
You can use the above steps effectively if you outsource DME billing and coding operations to reputable 24/7 Medical Billing Services. Our medical billing services specialists are available round-the-clock to assist you in improving your DME billing and coding efficiency.
Contact our medical billing services at +1 888-502-0537 for assistance in improving the efficiency of your DME billing and coding. It is our responsibility to handle your DME billing procedures!
Read more: Top 5 EHR’s For DME Billing