Accounts receivable is an essential aspect of a DME business. Ensuring your staff’s time is productive and efficient is necessary to ensure a profitable operation. DME accounts receivable outsourcing provides solutions that can free up your schedule from small, simple changes to larger ones.
This article will provide practical tips on measuring your current billing productivity levels and what you can do to gain back your valuable time through AR outsourcing.
Measuring Your Productivity Levels
When you measure your billing productivity levels without knowing how productive your team is, you won’t know where improvements need to be made. If you’re unsure how to calculate it, here’s a straightforward formula you can use.
Below is an example of measuring your billing staff’s productivity levels.
- Determine your output rate (the total amount of money submitted for the month, i.e., $15,000)
- Determine your input rate (the total time your staff spent billing those claims for the month, i.e., 50 hours)
- Divide the output rate by the input rate
- The result is how much money your business generates per hour of work
Accounts Receivable Outsourcing Options To Gain Back Your Time
At Medbill, many DME providers come to us looking for ways to regain their billing team’s time and increase their monthly collections. We work with businesses that want us to work alongside their current team along with businesses that want us to be their only billing department. Either way, share your goals and concerns with us, and we can help you determine the best solution for your business.
Here are a few accounts receivable outsourcing services we provide that will put more time into your and your staff’s schedule.
AR Follow Ups Service
Whether it’s reopening denied claims or issuing refunds, we’re proficient at closing up loose ends in a timely manner.
Claim Reviews Service
Reviewing claims can be a long and tedious process that consumes many hours of the day, not including the extra effort if Medicare denies your claim. We can handle the tedious task of reviewing a claim’s information and help increase your overall approval rate.
We can ensure everyone is following the necessary steps so you can receive payments for your denied claims or open invoices. Remember, if you’re waiting on payments, you’ll be waiting for the money that keeps your business moving.
A Partner You Can Lean On
DME accounts receivable outsourcing might seem like a significant change, but with us, you receive more than what meets the eye. At Medbill, our team’s vision is to be a trusted and essential partner who inspires and leads in process, expertise, and technology. And our customers are the first ones to benefit from our advancements.