How to increase profits for your DME Store?
Any Durable medical equipment (DME) business aims towards organization development with increased growth in revenue. With evolving growth in aging population and the desire of patients to stay at home due to increasing COVID-19 situation, it is possible to see a rapid growth in DME business.
DME suppliers face challenges with Medicare billing and lower payments which may lead to a situation where patients have to pay out of their pockets instead of suppliers claiming their bills. Since the regulatory compliance keeps changing according to medical trends, it becomes highly complex for DME billing industry to manage their claims.
If you are one among those DME suppliers need support to manage critical situations with DME billing, here are some solutions that can help your billing be intact.
#1 Optimize your DME billing process to fasten up A/R Collections
Make sure you validate the insurance a day or two prior to fixing your insurance appointment. By doing so, you can increase your charges to collection ratio, and if any major concerns are looked up in the validation, you can always reschedule your insurance appointment. To verify your insurance in an effective manner, here is what you can follow:
- First, make a call to check if the insurance is valid
- Try to enable verification by opting any billing software or EMR
- Go through any online resources to verify the insurance coverage
In order to save time and effort on DME billing, it is ideal to have a DME billing specialist which is a wise solution as well.
#2 Collect your service fee without surpassing time
Unfortunately, if a patient leaves your medical facility, you can expect a high possibility of collection drop by more than 45% instantaneously. To make sure that you don’t lose out everything when such scenario occurs, you should keep your co-pays and co-insurance collected. Even if there any dues in the past, it is a smart job to keep all of them collected along with any project deductibles as well.
#3 Be always technologically updated
Automate your everyday collections with incorporating EMR software into your DME billing system. It has the latest technology and functions to keep your A/R collections up-to-date and helps to simplify your billing and coding.
#4 Generate more leads with creating clean claims
Submitting clean claims not only accelerates your cash flow but also creates an impression in your patients that you are well organized and they are not paying any single penny out of their pockets. With improved patient satisfaction, you will get more referrals from your patients as well as your network. This helps your DME business grow significantly to the next level and bring in consistent revenue.
#5 Mandatorily measure and evaluate performance
DME collection process requires adequate knowledge of dealing with collections on time. To make sure your staff is in line to the process and performing well in their job, it is important that they first do self-assessment of their performance frequently. Since their job is involved with huge data measurement, they should coordinate among themselves to make sure all are on the same page and feel responsible towards the job they do. To effectively evaluate performance, using a high-end reporting metrics will help.
DME billing is crucial and it requires medical billing services professional support. If you have been following any/all of the aforementioned solutions in your DME billing but think that you are not there to your expectations yet, 24/7 Medical Billing Services is available for your convenience and assistance. All you have to do is just dial us at +1-888-502-0537 for an expert’s opinion for your DME business growth through effective DME billing.
Read more: Everything DME Providers Need To Know About Credentialing & Re-Credentialing