Even now independent medical practices are still losing up to 30% of potential revenue due to inefficiencies in the HME billing and collection process, according to industry sources. This is because the rejection and denial rate is still too high. Approximately half of all denials are never worked, resulting in a 5-7% income loss. When you have a large number of denials, your revenue might become quickly stranded in Accounts Receivable (AR), creating a significant disruption in your cash flow.
It is difficult to find a consumer-driven workforce capable of providing practical support in inventory management and receiving reimbursement. With so many top HME suppliers looking for viable outsourcing partners, the need of the hour is to acquire help that is dependable and trustworthy.
Unfortunately, many HME billing services companies are also under a lot of pressure right now. They are also having a difficult time establishing a balance between their increasingly distant workforces. It is no longer easy for them to maintain effective control over their team and to serve their clients as they did in the past.
The Current Crisis
The current worldwide pandemic crisis has exacerbated the problem. Even the largest providers, those with optimized systems, are experiencing labor and cost constraints. Most outsourcing organizations are unable to give help at the same rate because they are also suffering from comparable consequences.
As a result, medical providers must pool their resources and develop improved processes and procedures to make sure that they are paid effectively and seamlessly. They might also look for outsourcing organizations that are still giving the necessary support to their clients consistently.
Methods to Enhance HME Billing and Collections
Method 1: well-defined collection Process
Having a well-defined collection strategy in place is one of the most effective proactive tactics for increasing income. A well-defined step-by-step procedure can help you ensure that patients understand their financial commitments completely. A good collection procedure should comprise the following steps:
- Telephone number
- Employment Status
- Residential Address
- Email address for communication
All of these should be considered. It is also critical to obtain photo identification during the appointment.
Method 2: Claims Management
Due to the strictness of insurance policy payments, many such erroneous claims are readily dismissed. If your system fails to receive and handle these denials swiftly, the insurance will not pay you. Ensure that you have a dedicated denial management mechanism in place to deal with reprocessing claims.
Method 3: Patients should be educated
Medical personnel are spending a lot of time studying about insurance payments. Your patients, on the other hand, must be aware of how co-pays, deductibles, and other medical billing systems work.
The use of simple brochures or banners to teach HME billing basics to your patients is an efficient strategy to speed up claims processing. You might also establish a specialized helpline to aid your patients with the payment procedure.
Method 4: Select Reliable HME Billing Software
Consider updating to efficient HME billing software to avoid waging an uphill battle. Good medical billing software can assist you in reorganizing your collections process by tracking pending bills, finding unpaid payers, and automating the addition of late fees to their bills. This all-purpose strategy streamlines your claims processing while putting the burden of compliance on your customer.
Method 5: Keep track of your progress
Investing in solid HME billing systems helps you to concentrate on your job as a medical practitioner with confidence. You might have all you need to increase your HME billing collections. However, to be prepared for anything, it is always better to be proactive in the collection process.
Sunknowledge provides the finest platform for DME/HME billing in the Healthcare sector today
We know what it takes to deliver it all:
- First-rate references
- Impressive credentials
- Ability to provide streamlined service at next-door prices
Our staff understands your HME billing difficulties because we have an experienced pool of world-class resources. It will be our obligation to create the ideal ecosystem. As a specialist in providing both front and back end support, we ensure that issues in your practice management solutions are eliminated once and for all.
Sunknowledge takes pride in providing world-class standards, as well as professional HME billers and coders who know it all. In addition to providing assistance with eligibility checks, prior authorization, order entry, and doctor’s office follow-ups, we also assist with:
- Claims submission
- Denial management
- Payment posting
- Accounts receivable collections
We have a dynamic transition strategy in place to lay down a manual with a checklist on how we will handle your billing needs. It is tailored to your specific needs. Our specialists will be pleased to share our best practices and ideas for creating the ideal strategy for you. We can provide you with all of your DME/HME billing for as little as $7 per hour.
Hence to conclude, the aim is to minimize the A/R bucket by removing process flaws. In reality, as a supplier, outsourcing your HME billing might be a life-changing decision. Choosing the proper one like Sunknowledge will help you generate profits and substantial benefits with collection. It also makes it much easier to take care of the remainder.