Imagine you need to invest in an upgrade for your business. In order to make a well-informed decision, you need to know how much revenue the company is generating. One item you can review is how much money you can anticipate from claims and patient payments. And you know how much money that could be, but are you confident that number is accurate? And are you convinced that those payments will arrive on time?
Knowing exactly how much money is coming in and when it’ll arrive allows you to make the necessary decisions to help your business grow. That’s where outsourcing can help.
When you work with a respected and knowledgeable company, an outsourcing team can assist you with billing for DME, staff shortages, navigating industry changes, and many other billing needs. So instead of waiting for your money to arrive, learn the five ways DME billing outsourcing can strengthen your business decision-making.
Do You Want to Increase Your Financial Stability?
Strengthening your business’s financial stability opens the door to new opportunities. One step towards creating that is to streamline your billing department’s processes. Your DME billing team is the foundation for submitting clean claims, so you receive payments on time. Having the right processes in place with a team who can accurately submit those claims can result in:
- On-time payments
- Fewer claim denials
- Accurate forecast of anticipated funds
- Billing efficiency
How Outsourcing Can Look
Since many DME outsourcing services are available, it can look different for every provider. You can choose to outsource your whole billing department or only a portion of it. Finding a DME billing company willing to work with and train your current team is a significant advantage if you want to keep your staff on board.
5 Ways DME Billing Outsourcing Can Strengthen Your Business
When you increase your financial stability, you also enhance your decision-making skills. And outsourcing can play an important role in providing reliable and accurate data. At Medbill, we’re a full-service DME billing company with a proven track record of assisting DME providers with reaching their billing goals (from reducing claim denial rates to increasing collection rates).
Learn the five ways DME billing outsourcing can strengthen your business decision-making and the advantages we provide our customers.
#1 Access to an Expert Team of DME Billers
If you had the choice of hiring a DME billing beginner or an expert with years of experience, which would you choose? When you outsource, you gain access to multiple DME billing experts that can provide you with knowledge and insight to strengthen your billing department.
Medbill Advantage: We have a team that lives and breathes DME billing. Along with being experts in DME billing, our team is also committed to providing results-driven services to ensure a return on your outsourcing investment.
#2 Regularly Follow up on AR Tasks
Proper AR management services will address all unpaid and unprocessed claims and then resubmit them for payment to avoid any loss of revenue. Other services can include:
- Continue following up until resolution is met for both insurance claims and patient statements
- Proactively check on open invoices
- Handle payment posting, charge entry, and claim verification tasks
Medbill Advantage: You’ll benefit from our proprietary algorithm and tasking system that helps us manage these tasks to ensure revenue isn’t lost.
#3 Navigating Regulation Changes with Ease
Since our industry changes throughout the year, find a company that stays ahead of the curve. There are several associations that provide information about potential and upcoming changes before they occur. So if you’re in the loop, you won’t miss a beat.
Medbill Advantage: Every day, we monitor for upcoming changes and prepare the best ways to navigate those regulations. Then we inform our customers and guide them on the next steps to prevent potential claim denials.
#4 Maintain Audit Compliance
While there are several types of audits, they all require one main element, documentation. Documents that prove medical necessity, proof of delivery, and compliance. The list goes on and on. Expert billers can also be expert documenters, making an unexpected audit easier on you.
Medbill Advantage: Our team knows what DME auditors are looking for with an audit. We can help develop and implement billing processes to help prepare you if they choose you for one.
#5 Implement and Maintain Your Revenue Cycle Management Process
When you actively maintain your RCM, there’s a system in place that you can depend on for accurate revenue data.
Medbill Advantage: You can rely on us to manage the administrative responsibilities, so you and your staff can focus on more revenue-generating tasks.
Learn How Billing for DME Gets Easier with Medbill’s Assistance
When you need support for billing DME, outsourcing is your solution. We’ll provide results-driven services and help you receive the maximum revenue possible with your claims.