Being different from the other business the healthcare medical billing market is a complicated process, as it involves a series of billing process which needs to be carefully treated for seamless DME billing practice.
Starting from data entry, eligibility, prior authorization, claims management account receivable to denial management; a seamless DME billing process requires experience billers and coders, and complete billing knowledge as a DME billing process has to undergo through many challenges.
Challenges in DME billing process:
Inefficiency in the Claims management process- according to the American Medical Association, a healthcare provider’s experience 10% of the claims as not been correctly paid, and commercial payers on average underpay on 7% of their claim adjudication. This creates a huge loss for the healthcare practices, as also due to underpayment the average amount that a medical practice loses every year is as much as 11% of its revenue. Also, untimely submission of claims is also one of the reasons that add up to the losses that healthcare practices experience in a claims management process.
Common billing and coding errors- According to the American Medical Association (AMA), a 20% error rate among health insurers encounter due to inefficiency in the billing and coding process like wrong demographic or codes, incomplete patients information, etc; resulting in denials claims.
Expensive in-house billers and coders- the USA annually spends up to $400 billion in their Revenue Cycle Management, Claims to process, account receivable by hiring in-house billers and coders for a seamless billing process, which is quite an expensive affair. As for in-house billers, the healthcare providers have not only take responsibility for their basic employment fee but also for their training session, software installment, etc. however all this can be avoided in fact, a better result can be gained if healthcare providers outsource the same services.
Eliminating all the outdated manual methods, such as phone calls and mailings, outsourcing organizations handling your billing operation not only are up to date with present industry mandates and its billing regulations but also differ billing software, etc. Helping you to resolve your challenges in your DME billing process, outsourcing RCM organizations are a cost-effective solution too.
How outsourcing can resolve your DME billing challenges?
Providing up to date resources and experienced billers and coders, outsourcing organizations for the DME billing process focus on reducing the operational cost of healthcare practices as well as ensure seamless billing transactions. Ensuring a timely claim submission, continuous follow-up there is an operational extension that offers benefits like robust reporting along with no cost dedicated account manager too. Helping healthcare practices focus on their core work of patients care, there is an outsourcing organization helping your DME billing process with efficient revenue generation at a service charge as low as $7 per hour.