Measuring Performance and Revenue Growth for DME

Durable medical equipment suppliers (DMEs) face various obstacles in today’s fast-paced healthcare environment. From maintaining compliance with ever-changing rules to managing the complex billing process, suppliers find it increasingly challenging to maintain efficiency and profitability. Let’s have a look at different challenges faced by DME suppliers with the solution to measure the performance and revenue growth:

Obstacles for Smooth DME Billing

• Labor shortage

In recent years, the rising demand for labor has resulted in considerable obstacles. With businesses of all sizes competing to acquire new employees, employee retention is more important than ever! When it comes to hiring and training employees, durable medical equipment companies are no strangers; they understand how tricky this business can be with its constantly changing criteria. Many DME suppliers simply do not have enough staff to ensure everything is completed on time and without delays or disturbances, particularly in billing and revenue cycle management.

• Inefficient Systems and Processes

Using inefficient procedures, such as manual tasks, paper, and different systems, not only complicates operations but also results in laborious and error-prone billing and revenue cycle management processes. In many circumstances, inefficiencies force DME providers to increase staffing to match workload needs, which raises overhead and affects profitability. As a result, they must devote more time and effort to back-office tasks rather than client service and strategic development.

• Inadequate Knowledge

Commercial and government payers make it challenging to bill DME-related claims. Due to varied payer requirements like documentation, compliance, and EDI submission procedures, billing DME claims can be complicated. How can healthcare providers keep their knowledge base up to date on everything from prior authorizations to HCPCS and modifier combinations to state Medicaid waivers? It’s hardly surprising that many claims contain errors.

Solution for Maximizing Reimbursement

All these challenges attached to DME billing restrict the growth and revenue of the DME suppliers that demand immediate solutions. One such solution can be the outsourcing of DME billing and coding to measure not only performance but also revenue growth.

Do you intend to outsource your DME billing functions? This service is increasingly seen as a means for HME and DME suppliers to boost their business’s revenue and bottom line. In fact, almost 25% of providers have begun to outsource or add specific expertise to their billing teams.

Tips for Smart Outsourcing

• Define your challenges

What are the most pressing issues for your DME billing team?

Maybe you have a problem with high DSO or A/R or require more assistance with one-time tasks. The sooner you can identify these problems, the better it will be. Outsourcing partners typically offer a wide range of DME billing services. You and your team can work on your needs together if you understand them.

• Do your research

You are well aware of your billing difficulties. It’s now time to examine your options.

Not all DME billing services are the same. Some outsourcing companies, for example, provide their services directly to India. Others provide US-based teams devoted to the success of their clients. It is also essential to analyze prices carefully: lower pricing models may not always provide high-quality services.

• Discover your data

Your DME billing data can tell a captivating story.

Your outsourced partner may provide a data analysis. This “health check” provides insight into where you are and where your company may develop. A competent outsourcing partner, in particular, will compare your data to key industry benchmarks and provide insight into measuring the proper KPIs.

• Perform the necessary tasks

Signing your outsourcing agreement is only the first step!

It’s now time to collaborate daily, weekly, and monthly with your outsourcing partner. As we frequently remark, “Outsourcing is not a magic bullet.” Whether you outsource completely or collaborate with an in-house billing staff, this idea holds true. Making oneself available facilitates the outsourcing partnership!

Outsourcing to 24/7 Medical Billing Services!

Outsourcing DME billing is an effective solution for suppliers attempting to meet the difficulties of an increasingly complicated industry context. Suppliers may improve customer interaction, maximize revenue generation, and focus on providing great patient care by partnering with DME billing professionals. When you outsource your DME billing to 24/7 Medical Billing Services, you create a relationship that works together to solve revenue cycle difficulties.

Improved Customer Engagement: By outsourcing medical billing, suppliers may devote more resources to customer interaction, resulting in better patient experiences and the development of long-term relationships.

Enhanced Revenue Generation: DME billing outsourcing can assist suppliers in minimizing billing errors, reducing claim denials, and optimizing revenue generation through precise coding and timely submissions.

Accept the benefits of medical billing outsourcing and put your business on the route to success.

See also: DME Claims Vs. Medical Claims: Key Differences And Processing Tips