DME billing efficiency involves reducing costs, complying with industry regulations, and minimizing mistakes. Those three components are crucial for a DME provider’s billing and collections success. This article will help educate you on how to increase your DME billing and collections efficiency so you can overcome challenges and expand cash flow.
How to Increase Your DME Billing & Collections Efficiency
There are several different ways to increase your billing success, below are three approaches to consider.
#1 Outsource Your DME Billing and Collection Services
Outsourcing is the number one way to strengthen your billing processes while shortening your collection time. Here are a few ways of how working with an outsourcing team can benefit your business.
- Understands the US healthcare system
- Decreases your DSO (day sales outstanding)
- Reduces your overall operational costs
- Increases your billing department without the stress of hiring new employees
- Discovers ways to improve collection rates from claims and patients
- Provides ongoing education on industry regulations
Continue reading below to learn more DME billing and collection services.
#2 Implement & Maintain a Revenue Cycle Management Process
Do you already have a Revenue Cycle Management (RCM) process in place? Do you know how to maintain it effectively? Here are a few tips on implementing and maintaining your RCM process.
- Have a document review process in place that begins at intake and ends after receiving payment.
- Dedicate a staff member to monitor all industry changes and inform the team on changes.
- Review the A/R process regularly for areas of improvement.
- Create a review system that checks primary cash postings.
If you need assistance with your RCM process, a DME billing company can help so you can reduce the time spent on administrative responsibilities.
#3 Use DME Documentation Checklists Daily
Although you’re constantly required to submit extensive documentation for every claim between Medicare and private insurance payers, there’s hope! There are many preassembled checklists prepared for you to use daily. Read our article on The Value DME Documentation Checklists Provide to learn its benefits and where you can download the lists for your business.
5 Things to Consider When Outsourcing
As mentioned above, outsourcing is the quickest way to begin seeing positive results on your billing and collections. Make sure you work with an industry-trusted DME billing company. Here are five things to look for in a reputable outsourcing company.
- Offers customer testimonials
- Provides a monthly report with the business metrics you want to know
- Offers a la carte services
- Encourages learning and professional growth for staff
Read our article for help on How to Determine if DME Billing and Collection Services are Right for You.
Who is Medbill?
As a results-focused DME billing company, our team at Medbill is here and ready to help strengthen your billing and collections processes. When you choose to work with us, depending on your services, you can expect the following:
- Price table updates and management
- Review data on denial trends
- Education for your staff on new processes and industry changes
- Revenue cycle management assistance
- Detailed monthly reports tracking key KPIs provided and reviewed
- Access to task reports
Boost Your Collection Rate with Medbill
Are you ready to increase your billing processes and collection rates while freeing up your time and resources? Then contact Medbill to learn how our team can help you receive the maximum revenue possible with each claim!