Financial stability allows DME providers to cover all business expenses confidently and know precisely where their money is coming from to pay those expenses. Financially stable companies can grow their businesses further and make themselves even more profitable.
Accounts receivable (AR) is the first stop for businesses to achieve financial stability. For the AR department to succeed, they need to understand the accounts that are being billed to insurance completely.
This means to have understandings of:
- Preventing claims denials
- Price tables with fee schedules and contracts
- Medical policies of these insurances
4 Ways to Prevent Claims Denials
Taking proactive steps to prevent claims denials will help to guarantee timely payments. Two common claim denial reasons that can easily be prevented are insurance termination and prior authorization.
Here are four steps to receive timely claims payments.
- Verify patient’s insurance
- Confirm the insurance policy is active
- Verify the policy’s benefits
- Confirm prior authorization requirements
Importance of Price Tables
Another crucial part of AR is setting up the price tables correctly. Ensuring payer fee schedules and billing rules are followed correctly, reduces the likelihood of claim denials. Price tables that are properly set up and include the correct modifiers is another step to submitting clean claims.
- Meet all CMN and/or PAR requirements
- Accurate fee schedules (dependent on payer)
- Establish rental items within the price table
- Set the appropriate range of time to meet the purchase price
- Meet all contract requirements
Staying Current on DME Policies and Payers
Registering with the different payers for all DME company bills is a great way to guarantee everyone stays up to date on the latest industry changes, including:
- Medical policies
- Payers updates
- Information on the latest PHE news
These helpful communications provide the latest information that allows you to stay current on the changes that insurances are making with the policies that impact your business.
Increase Your Financial Stability
As a reliable and accomplished DME billing company, Medbill can help your business increase its financial stability with AR management. In addition, the Medbill team will work with you to streamline your AR processes.