Provider credentialing is a popular term among those who want to start their own durable medical equipment (DME) billing business. Starting a DME billing business is not as easy as you see it. Like other businesses, DME billing also incurs a lot of groundwork and neat establishment. But one good thing with this business is unless you get everything right, you may not be able to start with. So in the future, you need not break your head with any complexities involved in the business.
In today’s scenario, the biggest challenge that you may face with DME billing is collecting payments from your clients /patients. Due to the number of companies offering insurance with a wide range of benefits to their employees, it becomes a hard task for DME billing companies to deal with. But, even success also lies in the same factor. Therefore, you will likely be handling the burden of accepting the insurance, billing the insurance company, and receiving funds from the insurance company on time.
Let us take a deeper look into the credentialing process for DME billing.
How and whom to approach for DME billing credentialing?
Finding the best insurance company to network with is a long and tough task as well. Sticking onto one big insurance company does not work well for running your business. You should tie up with both private and public companies of various types and allow patients to use their insurance card with you. You should also understand the fact that choosing the best insurance companies for your DME medical billing company takes a good time.
You can see certain small insurance companies that have more employees, which yields great profitability to your company. You should consider such companies as well. Therefore, the list of insurance companies you collaborate with should be a combination of all three to engage more patients using your facility for consultation and medication.
What is the process of obtaining DME Billing credentialing?
- First, you need an office space for establishing your business.
- Open a bank account for your business.
- Acquire a business name for your organization and a stabilized location.
- Now you require licensing information, background, portfolio, website, company safety insurance. Make sure that you have the application signed and legally documented and obtain a unique Federal Tax ID#.
The approval/denial of DME billing provider credentialing takes at least 90 to 120 business days for 8–12 carriers. After which you continue with contracting which shows your eligibility criteria for networking with insurance providers. You receive a contact form to be duly signed by you and sent back to the insurance company, and in the next 30-60 days, your contract gets confirmed. Remember that it is not a wise idea to acquire networking with an insurance provider after you establish your company and run the business as usual.
How to begin with the credentialing process?
Instead of getting involved by yourself in the credentialing process, hire specialists who can take your burden on their heads. Leave the entire process to them right from acquiring the insurance partner, application form filling, and follow-up with insurance companies and focus on your potential customers. There are many agencies available for handling the same. First select companies that are mostly within your proximity or in main areas of the city and get quotations from the shortlisted ones. Finally, choose the one you are comfortable with.
24/7 Medical Billing Services is one such company that has met all the aforementioned expectations and gained expertise over time. The process was initially so crucial because you will be in an urge to establish your DME billing company. But rather than just establishment, you should think over the stability and facility that customers expect from your end. The secondary aspect of your focus should be on hiring a team that can work without compromising on quality and service, whereas the first comes to the insurance provider.
Be sure about your needs and what could make you successful before you begin with. Definitely, it will help you gain popularity and potential customers, vendors, or suppliers as a betterment. 24/7 MBS is successful because of not only their quality of service but also staying in line with the latest trend and wish to be up-to-date in every stage.