One DME Provider Grew Their Business by 41% in 24 Months by Taking this One Step!
A DME provider regularly managed their billing in-house. The team did a great job at managing their billing process every day. However, as the billing responsibilities and tasks grew, the in-house team became stretched thin. Eventually, the team began falling behind in different billing areas, including reporting. This left an inaccurate view of the company’s revenue data, preventing the CEO from making accurate, informed decisions.
Inaccurate Data Leads to Poor Business Decisions
As different billing areas began to fall behind, the CEO was initially unaware that his decisions were based on inaccurate data that would negatively impact the company.
By wanting to grow the business, when the CEO learned about the Medbill Benchmark Review, he took advantage of it. He wanted to discover more information about his real revenue and the current percentage collected.
Uncovering Missing Money – Benchmark Review Results
During the one-hour Benchmark Review meeting with Medbill, he learned how much money was being lost in his revenue cycle, the reasons why this was occurring, and how to fix it. The review results specifically indicated that the company was missing 17% of their potential collection rate, making their current collection percentage only 83%.
During the review, the CEO developed a trusted relationship with the Medbill team. As a result, he felt confident hiring Medbill to solve the problem.
Business Growth & Increased Revenue
During the one-hour Benchmark Review meeting with Medbill, he learned how much money was being lost in his revenue cycle, the reasons why this was occurring, and how to fix it. The review results specifically indicated that the company was missing 17% of their potential collection rate, making their current collection percentage only 83%.
During the review, the CEO developed a trusted relationship with the Medbill team. As a result, he felt confident hiring Medbill to solve the problem.
Increase Your Revenue and Resources
The Medbill team quickly went to work with the company staff and improved their billing process.
- Addressed issues within the revenue cycle
- Decreased denial resolution time
- Educated the company staff on proper billing practices
- Eliminated billing inefficiencies
- Reduced aging AR
- Secured faster collection times
Within eight months after hiring Medbill, the company’s collection rate increased by 14%!
24 Month Results
After 24 months of expert billing from Medbill and the DME provider’s staff, the results were:
- Increased collections from 83% to 98%
- Decreased company billing issues
- Increased revenue
- Shortened DSO (Days Sales Outstanding)
- Increased ‘peace of mind’ for the owner
After improving the revenue cycle, the CEO and his business development executive maximized their time to grow the business. As a result, after 24 months, the company grew by 41%!
The CEO shares that he wished he hadn’t waited as long to take the one step to outsource his billing to Medbill…ordering his Benchmark Review
Learning to Make Informed Decisions
At Medbill, we’ve seen a growing trend of skilled and knowledgeable in-house billing teams stretched too thin due to company growth or staff shortages. When the staff is overworked, errors can occur. One inaccuracy we see often is with price table management. Typically, the price table isn’t up to date, which impacts the adjustment. The result? It skews the reporting, implying that there is more revenue to collect than the reality. Unfortunately, these types of oversights result in many DME providers being unaware that they might be basing business decisions on inaccurate data.
Now you can help you learn about your billing data accuracy with Medbill’s proprietary free Benchmark Review. As experts in DME Revenue Cycle Management, we use inventive methods to lower your denials and streamline your revenue cycle.
Contact the Medbill team to enhance your billing department and increase your data accuracy!