Outsourcing your DME document review needs is a significant investment into your business and shouldn’t be taken lightly. So how can you determine if it’s worth your time and money?
There are several different ways that you can find that answer. For this article, we will focus on some common signs that could point towards you benefiting from DME document review services. Then share how to use those services to strengthen your business’s financial stability.
3 Signs You Would Benefit from DME Document Review Services
The purpose of document review services is to ensure all submitted claim documents meet industry standards, and it helps prepare the business for potential audits. If you’re trying to determine if you want to outsource your DME billing needs, review the below signs that might point toward your current circumstances.
Sign #1 Dispensing Supplies Before Meeting Billing Qualifications
Are you dispensing products before confirming that the insurer will pay the claim? If so, you could find yourself in situations where the patient received their supplies, but the insurer has denied your claim.
Outsource Benefit
An outsourced billing team can help you avoid this loss by confirming claims meet billing qualifications before fulfilling orders.
Sign #2 Claim Documents Might Not Be Audit Compliant
Many DME suppliers are chosen randomly for audits. If paperwork needs to be in order, your team must focus on meeting audit guidelines instead of submitting claims for payment.
Outsource Benefit
Your document review team will review past claim documents and ensure all future ones meet audit standards. So, if an auditor chooses you, it’ll be a straightforward process so the billing team can handle their daily work.
Sign #3 Over Half of the Submitted Claims Are Denied
Are you noticing a consistent trend of denials (or, worse, an increasing denial rate)? If so, time is of the essence! Reworking denied claims takes time away from earning revenue, and it takes your team away from their ongoing work.
Outsource Benefit
Document review services are available that can examine all claims before they’re submitted. This ensures the outsourcing team catches potential mistakes before the payor receives the claim.
How Document Review Services Can Strengthen Your Financial Stability
Reason #1 Prevents Potential Product Loss
Your outsourced team confirms that patients only receive their supplies once they verify all documents meet claim requirements. This prevents product losses when payors refuse to accept a claim.
Reason #2 Ensures Staff Efficiency
When the payor denies a claim, your staff must handle additional work to correct the information. And even if the claim is accepted, the profit will be less than initially planned because you’re paying for extra labor on those claims. Outsourcing helps to keep your staff efficient, which assists in keeping labor costs low.
Reason #3 Keeps Your Business Operating Smoothly
This is especially true during the event of an audit. Unfortunately, you can’t control if the auditor chooses you for one, but you can control your response. With proper systems in place, responding to an audit in a timely manner can be manageable and won’t take time away from other essential tasks.
Your outsourced team is here to help implement and maintain processes that will make audits effortless and faster, allowing your staff to focus on revenue-generating tasks.
When Outsourcing, Consider Medbill Document Review Services
When comparing your DME outsourcing company choices, keep in mind that the Medbill team focuses on the following:
- Internal Efficiency – Provide you with quality, practical work
- Performance Consistency – Have peace of mind about the reliability of their work
- Encouraging Teamwork – Confidence in knowing the Medbill team is working together for you
At the end of the day, we aim to provide you with the best billing results so you can achieve your business goals.
Talk to a Medbill Team Member to Learn More
Our document review services include the following:
- Improving your collection rate
- Ongoing staff education and support
- Clean claims submissions
- Audit success for a variety of industry audits
- Ensure payer compliance before dispensing supplies
Connect with us today to learn more!