Today a massive gain in employment in the DME market indicates that it is quite a lucrative and a demanding domain. Several factors like- increase in geriatric population, growth in chronic diseases and many more in fact are pushing the growth of the DME market. On one hand, the healthcare industry is flourishing with jobs yet, a shortage in skilled labor is gaining concern among the providers. Moreover, the constant growth in the wages increasing the providers’ struggle more.
A Panoptic View of DME Billing Labor Costs
According to Moody’s analysis, the healthcare industry is uniquely vulnerable to worker shortages as the US population ages over the next decade, However, a report published by Healthcare Financial Management Association indicates that health systems are facing lower reimbursement from payers due to low operational margins.
Inflation in the healthcare sector is tightly linked with the labor shortage and DME businesses are facing issues regarding effective reimbursements and financial growth. Most of the providers are struggling with effective DME billing services as there is a lack of understanding of the billing intricacies among the existing staff.
82% of the CFOs said, the reimbursements of the practices are decreasing due to significant rise in claim denials. This indicates an increased burden of administrative tasks on the providers, which is a major concern.
In this situation, some of the providers are focused on surveying intake assistance, human resources, marketing teams, payer relations or insurance verification costs. However, the rest are turned to a more feasible option: outsourcing.
Why Outsource DME Billing Services?
The DME industry is constantly going under regulatory changes. A team of outsourced experts are more focused on the billing intricacies and understand the changes. When you outsource a full service DME billing you will have an extended operational arm to reduce your administrative burden. Furthermore, you will have accuracy and transparency within the whole process, so there is no fear of losing control of your revenue cycle.
Reduced resource costs and improved claim denial process create numerous opportunities for your DME business growth. At the same time, outsourced firms use cutting-edge technology to provide you with a data integrated process which ensures security and optimization of your overall billing process.
Along with this, your internal staff is less stressed and have more time to focus on their core competencies. As a result, you can provide a higher quality of service to your patients. Your DME billing outsourcing partner handles and automates routine tasks such as patient intake, eligibility verification, claim submission, denial management and so on.
Conclusion
The continued growth of DME market demands effective DME billing services and growth optimization at the same time. The positive ROI associated with partnering with a medical billing company can reduce stress and gain time for effective patient care as the billing processes are transferred to experienced and reliable hands.
For decades, Sunknowledge Services Inc has been working with the largest DME players within the industry and providing them with a competitive advantage. The team can reduce your overhead expenses by 80% while working with 100% HIPAA compliance to maintain the credibility of services.
A 24/7 assistance of dedicated employees is efficiently handling the pre- and post-billing in DME services. The only RCM company providing both provider and payer solution is working relentlessly to eliminate the issues of claim denials. Their ability to work across robust software systems makes them one of a kind.
The experts are well-versed and provide tailored services to prevent revenue leakage. When it comes to effective billing services for DME, you should entrust a partner who can drive up your revenue growth while maintaining the quality of the services.
Sunknowledge Services Inc. – an ISO 27001:2022 certified, American-owned & operated company, headquartered in New York City – is a leading global provider of Business and Knowledge Process Outsourcing services in the US healthcare domain.
