As any durable medical equipment (DME) provider will attest, securing reimbursements from Medicare and private insurance firms is one of the biggest challenges of running a DME business. It’s time- and labor-intensive, and for all their effort, DME providers don’t always get full reimbursements. Left unaddressed, this issue could lead to lower revenues and, in worst-case scenarios, cause DMEs to shutter for good.
Outsourcing your DME business’s billing process is the smart and efficient way to get maximum reimbursements and myriad other benefits.
Fewer billing errors and claims denials
DME billing is anything but simple. It entails coordinating with different parties and requires an understanding of the HCPCS (Healthcare Common Procedure Common System) Level II codes. Each type of DME has a unique HCPCS Level II code, and the biller is responsible for ensuring that each piece of equipment is coded correctly. For example, when filing a claim for a continuous positive airway pressure (CPAP) machine, the biller needs to code the machine as well as the mask and tubing used with it individually.
A company that specializes in DME billing and coding knows the ins and outs of the process, so they’re less likely to commit billing and coding errors that would result in denied or delayed reimbursements. They will obtain all necessary documentation (i.e., patient’s billing and insurance information, pre-authorization from Medicare or insurance firm, Certificate of Medical Necessity from the patient’s doctor) and check these for accuracy, compliance, and medical justification. Should the claim be denied, they will assess and address the reasons for denial, and resubmit the claim where possible.
The reduction in rejections also translates to higher revenue for your business. With a dedicated DME billing expert keeping track of your collections and receivables, and providing you with regular reports on your DME’s financial performance, you can manage your finances better and experience significant improvements in your cash flow. This, in turn, gives you the freedom to focus on growing your business and providing the highest-quality care to your patients.
Reduced labor and overhead costs
By outsourcing to a DME billing specialist, you can forgo the costs of hiring and training in-house medical billing personnel. For an affordable monthly fee, you’ll have access to a team of professionals who are knowledgeable in the latest medical billing practices, technologies, and requirements. You also won’t have to spend on purchasing and maintaining billing software, as the DME billing company will take care of these for you.
Compliance and data security
DME billing specialists stay up to date with healthcare industry regulations such as the Health Insurance Portability and Accountability Act (HIPAA). They also use secure medical billing processes and technologies, which allow them to safeguard your company’s and your patients’ data at rest and in transit. Keeping patient records secure is especially important since these contain Social Security numbers, birth dates, and other confidential information that can be used in carrying out identity theft and other fraudulent activities.
Higher patient satisfaction
Outsourced DME billing professionals are well-versed in all aspects and nuances of the billing process. As such, they can better address patients’ concerns about billing statements and handle any complaints. Your patients will receive the information they need when they need it, which leads to an increase in their satisfaction and trust in your services.
Revsuppliance is Oklahoma’s most trusted provider of DME resupply and billing solutions. Our team of medical billing and coding experts use advanced software to streamline the billing process for speedy, accurate claims processing and maximum reimbursement. Enjoy enhanced profitability with Revsuppliance — call us at 405-467-1791 today.