Home medical equipment (HME) suppliers are under the burden of increasing wages and shortage of skilled laborers. The demand for HME is increasing due to the retirement of baby boomers and increasing chronic health conditions across the country. This is posing a threat on streamlined HME billing operations which ultimately result in revenue loss.
Labor Shortage Scenario
When it comes to healthcare organizations, labor is typically the most expensive resource. Due to the high labor costs, providers attempt to maximize the output of in-house employees. As a result, they are burdened with clinical and administrative responsibilities simultaneously. Staff burnout is leading to reduced efficiency and productivity within the overall process.
The HME providers like you are grappling with three major issues-
- Enduring labor shortage
- Massive lack of in-house experts
- A heavy reliance on manual processing of the reports
These three challenges are resulting in HME billing and coding errors, claim rejections, delayed reimbursements and declined revenue.
Handling Labor Shortage in HME Billing
Without proper strategies you cannot mitigate the issues in HME billing and coding services. Here are some of the suggestions to fight labor shortage.
1. Revamping staffing model: A traditional staffing system and redundant staff responsibilities lead to staff burnout and decreased productivity. You need to implement cross-training between the teams and implement innovative staffing models to enhance the productivity and efficiency of your practice.
2. Increase patient engagement: Providing patients with financial transparency and aware them about their responsibilities early on sets proper expectations. Automated payment tools and online patient portals make it easier for the patients to understand their roles and reduce the burden on your existing staff.
3. Workplace culture and perks: Of course, offering competitive compensation and benefits are pivotal in attracting new talent pool for your practice. However, in this labor-stressed market flexibility, career development and sense of purpose are greatly impacting staff retention. Fostering connection and engagement is necessary when it comes to staff attraction and retention. A healthy work culture will let you streamline the operations.
4. Use metrics: To develop an insight into the gaps within the billing services, consider the application of analytics. Through the implementation of the same you can identify the bottlenecks within the process and analyze the potential reasons for the same. Key performance indicators like claim denial rates, reasons for claim denials can provide you with information regarding the core issues.
The Road Ahead
Staffing shortages showing no signs of slowing can ultimately cripple your HME billing services in the long term. In this situation, you can opt for outsourcing your medical billing and coding services. They will work as an extended operational arm who will handle all administrative tasks. They have extensive knowledge and expertise in medical billing and coding norms therefore, your training overhead costs will be reduced. As they are well-versed with comprehensive technology for data management and security you have an automated billing process. A genuine RCM organization maintains HIPAA compliance. Hence you are safe from any financial and legal penalties. With careful planning you can focus on this strategic and proactive approach to solve the staffing shortage in your HME practice.
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.
