DME Billing Service
DME billing is vastly different from other medical billing procedures. To carry out the process of DME billing efficiently is a tedious task. It requires a lot of in-depth knowledge of all HCPCS(Healthcare Common Procedure Coding System) level 2 codes. The nature of reimbursement is also quite complex. However, after coding, the invoice documents Catalog needs to be compelled for electronic claims submission.
Missing documents can result in delays or negation of payment. So, you need expert DME billing services to claim codes correctly. Post medical coding, the claims need to be submitted to the insurance company. Thus, a reliable and professional medical billing company ensures correct and timely filing for accurate claims. DME billing requires high-grade coding by experienced coders. The most DME items have appointed codes which are known by the experienced coders only.
Major Changes Expected In DME billing Services in 2020
- It is expected that the Durable Medical Equipment industry might see a massive jump in market size in the upcoming years. A new study reveals that the global DME market may reach 246.6 billion dollars by 2026.
- The current segmentation in the global DME market is based on device type, end-user, and region. The hospital and clinic segment will again capture the largest market share. The reason behind this is the higher influx of patients to hospitals with greater financial spending.
- The rise in competition between DME billing service providers is on a different level. The radical technological advancements in the medical sector all over the globe are also increasing the number of players in the market.
- North America dominated the DME market and will continue to do so. The foremost reason the United States being the largest contributor to its revenue. The USA has such a stronghold on the market that more than 40% of global DME’s are from a single country. In the coming years, they will retain and continue to dominate the market.
- In the device segmentation of the Durable Medical Equipment, the therapeutic and monitoring devices are estimated to grow at a higher pace than others in the coming years.
- A 6% CAGR(Compound annual growth rate) between 2019- 2025 is expected in the DME sector by the latest MRFR( Market Research Future Report).
- The DME billing outsourcing services will continue to adopt better Revenue Cycle Management. Furthermore, adding to changes in Evolution and Management coding (E&M coding) in 2019 to reduce complexity and facilitate quick reimbursement.
Adoption of better Electronic Health Record software and vendor will give a hassle-free passage to the clients. The market is getting bigger for DME’s. The demand for the equipment is creeping up due to various healthcare initiatives all around the globe.
However, the billing services are still a big issue for the patients. Expert, reliable & accurate outsourcing billing services come into the picture here to provide them relief and ease the burden on them.