How to Optimize Your HME Billing Collections?

Every healthcare professional is aware of how complicated the medical billing process is. According to 73% of healthcare providers, it takes 30 days or more to get reimbursed in full. Several elements contribute to the payment cycle's complexity, particularly complex HME billing systems and confusing communication. The communication triangle between you, the patient, and the insurance company exacerbates the problem.

Unfortunately, independent medical practices are still losing up to 30% of potential revenue, leading to inefficiency in the HME billing and collection process, according to industry sources. This is because that the rejection and denial rate is still too high.

Approximately half of all denials are never worked, resulting in a 5-7% income loss. When you have a large number of denials, your revenue might become quickly stranded in Accounts Receivable (AR), producing a significant disruption in your cash flow.

In this current scenario, even the largest providers, those with optimized systems, are experiencing labor and cost constraints. Most outsourcing organizations are unable to give help at the same pace because they are also suffering from comparable consequences.

As a result, medical providers must pool their resources and develop improved processes and procedures to make sure that they are paid effectively and constantly. They might also look for outsourcing organizations that are still giving the necessary support to their clients consistently. We hope that this blog provides you with useful tips and instructions to assist you in your collection efforts.

Strategies for Improving HME Billing and Collections

· A clear collection procedure

Having a well-defined collection strategy in place is one of the most effective proactive tactics for increasing income. A well-defined step-by-step procedure can help you ensure that patients understand their financial commitments completely. A good collection procedure should comprise the following steps:

· telephone number

· work environment

· home address

· contact information via email

All of these should be considered. It is also critical to obtain photo identification during the appointment.

· Claims Management

Over 80% of HME billing contains mistakes. Due to the strictness of insurance policy payments, many such erroneous claims are readily dismissed. If your system fails to receive and handle these denials swiftly, the insurance firm will not pay you. Hence, utmost importance is required to ensure that you have a dedicated denial management mechanism in place to deal with reprocessing claims.

· Keep track of your progress

Investing in profound HME billing systems helps you to concentrate on your job as a medical practitioner with confidence. You might have all you need to increase your HME billing collections. However, to be ready for anything, it is always better to be more proactive in the collection process.

Here's how to accomplish it:

· Maintain current knowledge of DME/HME billing standards and coding protocols

· Determine which accounts are troublesome

· Make good on your past-due payments

· Maintain a record of your practice's income cycle

What makes Sunknowledge Unique?

We have over 100 clients throughout DME and HME, and we deliver where most others fail these days. At the moment, we have a large pool of professionals who know exactly what it takes to bring all of your pending payments back into reality.

We understand how to maximize your ROI. As a resourceful vendor, Sunknowledge is providing cutting-edge service at next-door prices. We provide unrivaled help in your HME billing needs, at only 2% of total collections for all services.

We also have a high level of adaptability across a variety of practice management systems, including the best ones like Brightree and others. Furthermore, our team is equally capable of providing seamless support across any proprietary platforms in use. Sunknowledge has a dynamic transition procedure in place to lay down a manual with a checklist on how we will be attending to your DME/HME billing needs. It is tailored in accordance to your specific requirements.