As a DME owner, you might be dealing with several “DME storms” from staffing challenges, industry changes, and new regulations. However, one difficulty you shouldn’t worry about is receiving payment for your claims. Clean claim submissions guarantee timely income, so it’s essential that your billing process and revenue cycle management are set up for success.
DME outsourcing is a viable option that will secure your claim payments, decrease your days sales outstanding (DSO), and improve other business areas. The average cost to outsource DME medical billing will vary depending on your needs.
Continue reading to understand several factors that determine your overall outsourcing cost and the ROI you can expect from it.
What You Can Expect: Average Cost to Outsource DME Medical Billing
It’s difficult to determine an average cost to outsource DME medical billing since several factors contribute to your overall price, including:
- Services selected
- Number of areas that need improvement (price tables, process improvements etc…)
- Product mix
- Payor mix
- Number of claims billed per month
The Medbill Approach
At Medbill, we approach your DME billing needs through our Benchmark & ROI Review. This free review searches for improvements within your current DME billing process. Additionally, our data will show the areas we can immediately start improving for you.
Results could include:
- Discovering “holes” in your revenue cycle
- Reviewing the components of Gross to Net Revenue transactions
- Learning which claims are denied and why
- Evaluating your current collection rate and comparing it to what it could become
Download our white paper to learn how our Benchmark & ROI Review can improve your DME billing process in three easy steps!
Types of Outsourced DME Services Available
As mentioned above, depending on the billing services you want, it does impact your overall cost. Here are some options that are available to you.
The Medbill Approach
When you work with Medbill to outsource your DME billing services, our team aims to meet your goals through various methods (depending on your needs), including:
- Receiving the maximum revenue from your claims
- Teaching your staff efficient and streamlined billing processes
- Increasing your financial stability:
- Proper price tables setup
- A/R follow-up on opened and denied claims
- Staying current on policy and regulation updates
- Provide customized options to fit your needs
In-House vs. Outsourcing Comparison
Now that you better understand how the cost of outsourced DME medical billing is calculated, here is a brief comparison of in-housing and outsourcing billing teams.
Outsourcing to Medbill: Gain access to 100+ billing experts daily.
In-House Billing Team: Your current team might be stretched thin due to company growth or staff shortages. Medbill can work with your team to lessen their workload.
Outsourcing to Medbill: Confidently make business decisions based on accurate data that we provide to you in your monthly report.
In-House Billing Team: Sometimes, price tables aren’t up to date, which impacts the adjust allows, skewing the report, and implies there’s more revenue to collect than the reality.
Outsourcing to Medbill: Discover gaps in your billing process. Our team can provide a fresh perspective and search for areas of improvement.
In-House Billing Team: Overworked staff can sometimes overlook a missing step they need to complete before a claim is submitted.
Should You Outsource Your DME Billing?
Read our article, When is the Best Time to Outsource Billing DME Claims. It’ll help you understand the DME billing services you need, narrow down your research, and learn what to expect when working with an outsourced company. Outsourcing DME billing is something many DME providers do. Contact us for a quote on how much DME billing services would cost for you.
Do You Know About the Medbill Advantage?
We are a full-service DME billing company. Our mission is to provide superior billing services by engaging and serving the DME industry. Our results-driven team aims to stimulate growth and support patient care through a fulfilling and nurturing culture.
Are you ready to increase your monthly collections? Contact us to learn how we can help!