As remote work increases and technology continues to improve, a DME document management system is essential for DME providers. Learning the return-on-investment benefits can help you determine which system is best and whether purchasing or leasing is the ideal option for your business.
What is a DME Document Management System?
A DME document management system is an electronic system that allows you to store documents and paperwork in one central location using a digital format. You can file the documents online using a cloud-based system or offline within a company database. A document management system ensures you have quick access to the information and can easily add new documents when necessary.
5 Business Benefits of a DME Document Management System
While many business owners know about online storage benefits, understanding some of the specific advantages can help you determine how much to invest when buying or leasing a system. Here are five key ROI benefits an electronic filing system offers.
1. Unlimited Storage
As your business grows, your filing system can grow with you. Increase storage capacity quickly to accommodate extra paperwork without delaying your operations.
2. Access Documents from Any Location
This benefit is crucial if your office location loses power; you can go to another location and continue conducting business without missing a beat.
3. Stay Audit Ready
Maintaining an organized system of files will ensure your business is audit ready so you can comply with the audit and return to business as usual.
4. HIPAA Secure Space
Make sure you select a system that is HIPAA secured so you can store the information as needed. Then easily and securely submit the documents with claims or send them to others as required.
5. Improved Workflow
Implementing an effective filing system helps employees become more efficient at their jobs, which results in improved work processes and faster turnaround that helps your business increase its profits.
Purchasing vs. Leasing a DME Document Management System
There are benefits to both purchasing and renting your DME document management system. You’ll need to evaluate both options to determine the best course of action for your business.
Purchasing Benefit: Responsible for all associated upfront costs, from system upgrades (to accommodate a growing business) to time invested in learning the new system, but once the price is paid, you own the system.
Leasing Benefit: Ensures a predictable monthly cost with well-defined rules and parameters for the system. This option could become more expensive than purchasing if you choose to lease over a long period.
Purchasing Benefit: A one-time purchase that will last for years, and you’ll only be responsible for any upgrade costs.
Leasing Benefit: If you want to be current with the latest technology, leasing allows you to upgrade the newest system available, sometimes at an additional cost.
Purchasing Benefit: Once you and your staff learn the system, you’ll be able to conduct business as usual and find ways to implement improved workflows.
Leasing Benefit: You’ll have access to a service provider who can assist with special projects or system upgrades, so your staff doesn’t have to do the work (although this sometimes requires an additional cost).
Take the time to evaluate potential DME document management systems to determine your business’s best course of action.
A Reputable DME Billing Company
Medbill is a staff that offers DME and HME billing services that can help them meet your business goals, decrease denials, and increase cash flow.
Contact a Medbill team member to learn more about our DME billing services.