One of the keys to any DME facility’s success is ensuring the revenue cycle management is effective. It also is directly related to how the patient experiences your service and the ability to innovate. Also, proper revenue cycle management (RCM) means you can reduce mistakes and lower the overall costs of the services. However, this is not possible without an experienced DME biller. A reputed DME biller can help your DME facility comply with the latest revenue cycle strategies for DME billing and coding regulations, minimize errors and optimize the documentation, billing, and coding process.
Among the DME industry, it is known that they undergo perennial updates, which is one of the foremost challenges in the services. DME’s many challenges include the cost of training employees, shrinking collection, billing errors, and suspension of operation due to staff absence. Any of these problems can lead to not only lowering the revenue but also the overall productivity of the service.
So, what are the ways to mitigate these challenges? Here are the top 5 revenue cycle strategies for DME billing:
Strategy 1: Investing In Your Staff
In the RCM process, your staffs are a crucial asset. It is vital that the people you recruit are knowledgeable and regularly trained with the correct information. The process will give the patients a clear view of the payment options and the financial obligations they must undertake for the equipment. A well-trained staff can offer upfront visibility and increase patient engagement with improved claim payments.
Strategy 2: Coding Compliance
There are quite a few compliance technologies regarding DME billing and coding. You must identify the right software to help you detect the issues that lead to claim denials and correct them before it is given to the payers. A contract compliance automation system and a robust coding process can help DMEs get ahead of the coding denials by assisting coders. The staffs provide clean claims for submission for the first time. The process thus ensures reduced claim denials and better RCM.
Strategy 3: Quick Reviews
There will be cases when claims are denied and rejected. First, it is vital to know the difference between the two, so you can resubmit and rework them. Claim rejection is often like a lost cause where the account needs to be re-appealed or reworked. On the other hand, claim denial still has hope, where the payer needs to add more information, authorization, or update the coding. Whether a claim is denied or rejected, the issue must be sorted within 24 hours of the receipt. The chances are the faster it is reviewed, and the claims will get paid.
Strategy 4: Finding Modern Solution
For updating the RCM process, there are a variety of technology-based options. For instance, payment variance software can help you identify the trend of overpayment or underpayment. It can boost your DME to have a sustainable return. Some tools can help in increasing the revenue, like the integrity tools. Also, the automation process that allows using bots can perform the tedious, repetitive task which needs to be done before the code review, authorization, and claim status checks. All of these can be done faster than humans and without errors.
Strategy 5: Outsource Your DME’s RCM
It can be difficult to collate and work on all the above four strategies without a robust knowledge of the system. There are quite a few companies that specialize in DME’s RCM and have the tech expertise and the latest software that can help improve revenue while streamlining the entire system. With an outsourced company, you do not have the headache of training your staff, buying the software and hardware, keep them updated. Instead, you can depend on the experts of the outsourced company who will cater to your needs.
Why Outsource the RCM of your DME?
Apart from reducing your overall running cost, you also do not have to take the headache of training your staff. A better RCM means an enhanced patient experience when you can focus on the patient while outsourcing DME billing and coding to a company like 24/7 Medical Billing Services to take care of the rest. With these top five revenue cycle strategies for DME Billing , you can also build an effective system to collect the revenue with minimum claim denials while warranting accurate and faster processing as followed by the experienced outsourcing companies.