As a home medical equipment (HME) business owner, you’ve come to understand that maintaining billing compliance is a time-consuming task. Thanks to constant regulation and policy changes, preventing claim denials is essential. Within the last several years, companies have been looking (more than before) for a solution regarding their billing needs.
HME billing and consulting services offer a cost-effective solution for maintaining claim compliance, increasing cash flow, and decreasing your days sales outstanding (DSO). And when it comes to finding and selecting billing services, many options are available. So, how do you navigate those choices and find the right HME billing and consulting company for your business?
This article will provide insight into outsourcing HME billing services and what you can expect.
What are HME Billing and Consulting Services?
HME billing and consulting services involve outsourcing all or part of your billing need to a third-party company. The purpose of it is to help ensure your company maintains and then improves your claim approval rates.
There are many services to select from when you outsource. Some of the most common ones include:
- Accounts receivables
- Claims management and submission
- Cash posting
- Document review
- Price table configurations
- Revenue cycle management
A Solid Foundation
In a profitable HME business, the billing department plays a vital role in your business’s success. Three main areas that contribute to success include:
- Accounts Receivable – Assists with financial stability
- Expert Billing Staff – Maintains ongoing claim compliance
- Organized Record Keeping – Ensures your business is audit compliant
The Results You Can Expect When You Outsource
The reality is that when HME business owners choose to outsource, they can improve several areas of this business. Including their claim approval rates, ensuring timely payments, and even freeing up their time and their employee’s time to focus on other business matters. Learn the results you can expect if you outsource with an HME billing and consulting company.
*It’s important to note that the exact results will depend on your specific situation and the type of services you choose to outsource.
Minimal Billing Errors
The result? Fewer claim denials thanks to accurate coding, documentation, and use of HCPCS Level II codes. While also obtaining correct patient and insurance information at intake.
Increase Claim Approval Rates
The outsource team will review your current process, make corrections, then implement any new steps to ensure all documents and details are accurate before claim submission.
Receive On-Time Payments
Because of the minimal billing errors and claim approvals, you can expect to receive payments on time without delays. Leading to:
- Reduced aging AR
- A streamline your AR process
- A minimized audit risks
- A decrease in your overall denial resolution time
HME Billing and Consulting Costs
Whether you’re outsourcing for HME or DME billing, a few factors contribute to the overall cost. Those factors include:
- The services you select
- The total areas that need improvement (price tables, process improvements)
- The product and payor mix
- The number of claims you bill monthly
Why Choosing Medbill as Your Billing Partner is the Right Choice
While you can select from several HME billing and consulting companies, everyone is not equal. At Medbill, we provide our customers with results-focused services. This means we provide you with several metrics that show how our services directly impacts your business.