Outsourcing can provide some much-needed relief to overworked staff or businesses struggling to find billing specialists to hire. Even so, you might be asking yourself when you should outsource billing DME claims? Should you wait until you need help to begin your research? Can you start interviewing potential companies before you’re ready?
This article will educate you on working with a DME billing company and help you determine the ideal time to seek assistance.
When to Outsource Billing DME Claims?
The simple answer is that you can outsource when you’re ready. The better response? It would be best if you’re prepared to outsource before you’re ready. From researching companies to the initial meeting to more in-depth discussions/interviews, you want to start preparing before you are short-staffed or struggling with delays between claim submissions.
Continue reading to learn how to prepare yourself for the research phase and the immediate next steps.
#1 Determine the DME Billing Services You Need
When you begin researching billing companies, it’ll be helpful to know what type of help your billing department needs. For example, a DME billing company offers various services to assist DME providers and suppliers in meeting their billing goals.
These services can include:
- Document Review: Helps to ensure audit compliance with your billing documents.
- Claims Management: Reviews and assists with strengthening your claim process.
- A/R Collection: Reduces your aging AR to maximize payments within the first 30 days.
- Cash Posting: Addresses possible concerns in the revenue cycle and resolves them.
- Revenue Cycle Management: Uses specialized approaches that focus on billing management solutions.
- Patient Pay: Manages incoming patient calls and AR while collecting payments.
The easiest way to determine your billing needs is to consider your pain points; this will help you understand where to ask for assistance.
#2 Narrow Your Search to Only High Performing DME Billing Companies
After you know what types of services you might need, the next step is to research companies. To make your search easier, look for companies that meet the following criteria.
- Comprehensive Reports with Numbers – You should receive a report that shows accurate data and metrics you want to track.
- Staff Training – The billing company should be prepared to educate your staff on updated processes and procedures along the way and be willing to work with your team.
- Positive Reputation – Look for well-respected companies who can provide customer testimonials or references for you.
#3 Understand What to Expect When Working with a DME Billing Company
Once you’ve narrowed down your choices, the next step is to contact them. Here’s what you can expect during those first few conversations.
- You’ll be asked several questions so they can understand your needs.
- During this time, you can ask any questions you might have for them.
- You’ll be given a data analysis which will review where you compared to industry averages and show areas for improvement.
Next Steps: Your ROI with Medbill
Working with a DME billing company requires a time and resource investment, so what can you expect as a Return on Investment? If you’re working with a skilled and reputable company such as Medbill, you can expect tangible results with factual data.
Here are a few ROI’s you can anticipate from Medbill (depending on the type of services you use).
- Reduce aging AR to maximize payments received within the first 30-days
- Shorten DSO
- Faster collections time
- Decrease denial resolution time
- Reduce labor needed
- Increase clean claim submissions
- Ongoing staff education
What Others Have Said About Medbill
Here are just a few statements our customers have said about the Medbill staff and our results.
“Medbill increased our revenue by 14% in 8 months from an 84% collection rate to a 98%, and we enjoy an average 32-day DSO! We’re very happy we hired Medbill.” – A Satisfied Medbill Customer
“We realized 12% growth in monthly collections within our first 8 months and we love working with Medbill’s staff!” – A Satisfied Medbill Customer
“As a medium size DME provider we are so thankful Medbill improved our DSO by 17 days in the first 15 months!” – A Satisfied Medbill Customer
Take the First Step Towards Growth
As you begin moving forward with us, we’ll conduct our proprietary Medbill Benchmark & ROI Review. During the review, we’ll uncover the areas of your greatest billing needs, measure your collection rate, and provide you with the potential ROI for our services.
Contact us online or by phone at 888-880-6640 to get started.