It’s difficult to keep up with the ever-changing dynamics of the HME/DME billing industry. Rising operational costs, dwindling reimbursement flows, and rising employee training costs make it a difficult challenge for many DME organizations. If you ignore current problems, things can get ugly in the long run. An increase in reimbursements while maintaining transparency necessitates the use of high-quality resources and experience.
Nowadays, with the increasing generic population and the increasing prevalence of:
- Cardiac illnesses
- Ophthalmic ailments
- Neurological conditions
and so on, there is a greater need for HME/DME items. According to a recent report, the US HME/DME market was valued at USD 49.9 billion. It is predicted that HME/DME Billing will increase at a compound annual growth rate (CAGR) of 6.0% from 2020 to 2027, and possibly even more.
Current issues in HME/DME Billing
In today’s epidemic dilemma, in addition to a physician shortage, a lack of competent billers and qualified coders is one of the key concerns afflicting U.S. healthcare. With hospitals running low on medical supplies such as:
- Ventilators
- Masks
- Personal protective equipment
Many healthcare providers are finding it difficult to keep the HME/DME billing office working, particularly small firms with limited cash flow.
How can one increase the cash flow in HME/DME Billing?
In today’s competitive DME/HME billing sector, denial is a typical issue that every healthcare provider must deal with. In fact, in 2016, $262 billion out of $3 trillion at claims was refused in hospitals across the United States.
Furthermore, according to research conducted and published by Change Healthcare:
- Approximately 9% of claims submitted are initially refused.
- Denials cost the average health institution $4.9 million per year.
- Across the country, hospitals typically spend close to $9 billion in administrative expenditures to recover disallowed income.
- Hospitals may rework up to 3% or more of their net patient revenue owing to denials.
What can be done to achieve consistency and transparency in HME/DME Billing?
Outsourcing allows you to stay ahead of the HME/DME billing requirements for 2021 and beyond. It provides much-needed clarity in defining your ROI goals in the best way feasible. At the end of the day, all you need is someone to assist you with all pre and post-revenue cycle management efforts consistently.
The majority of breaches begin at the front desk. If you can handle the practice management efforts in HME/DME billing from the start, it will streamline your back-end operations and allow for better reimbursements.
With such high demand, you’ll need not only a staff of professional billers and coders, to assure a smooth HME DME billing and coding process, but also speedier reimbursement. You’ll require a team for recovering all of your challenging aging accounts receivable as well as ensuring precise data entry and all.
Taking assistance of Sunknowledge in HME/DME Billing
Our collaborative efforts are first-rate, and we begin with the goal of eliminating all catastrophic and other errors through documentation. To get information from insurers, physicians, and your team, we collect, collate, and analyze all data to make sure error-free HME/DME billing.
We optimize your ROI targets as a dependable operational extension for as little as $7 per hour. In addition, as your dependable third-party HME/DME billing partner, we verify that all actions are guaranteed. We accelerate your pre billing activities like no one else in the RCM industry, starting with order intake, eligibility checks, and authorization, and doctor’s office follow-up.
Why should you consider Sunknowledge?
We have the maximum collection rate and can reduce your operational costs as well as 30% of your A/R bucket during the first month. Our professionals provide a 99.9% success rate in all HME/DME billing and coding services, beginning with appropriately processing all data and collaborating with the relevant codes.
We offer customized reporting and ensure speedier claim filing, constant follow-up, and faster turnaround time. Furthermore, Sunknowledge is one of the RCM organizations with a team that is proficient in all main practice management systems, like:
- Brightree
- CPR+
- Fastrack
- Bonafide
- Team DME
- DME Works
- Cortex EDI
And a variety of other software. We are the only cost-effective HME/DME billing alternative that offers to boost your ROI, reducing your odds of inefficiencies and delays for just $7 per hour or 1.99% of all collections.
Finally, all you need is someone to work as your collaborator in HME/DME billing and deliver everything on schedule, emphasizing on your patient care. We operate with billion-dollar clients, and we do so with conviction. Take advantage of the Sunknowledge opportunity to close any practice management gaps once and for all.