Understanding the demands of DME billing
For any health care practice, proper billing for services rendered is a crucial part of the entire revenue cycle. Medical billing, as it is broadly referred to, is directly tied to obtaining reimbursement from the patient’s Health Plan. It is a highly formal process, requiring a high level of precision and accuracy. Even the slightest slip will usually lead to a claim getting overturned.
When it comes to DME billing, matters are not very different. Billing and coding professionals engaged in the process need to possess a high degree of specialized expertise to be able to draw up the perfect bill that gets passed at first go and ensure maximum reimbursement, as eligible under the specific policy. This is why DME practices have always insisted on finding the best people in the market to do their billing. It just makes a lot of good business sense. It should be remembered that any amount of incompetence or unprofessionalism in the DME billing area can lead to a loss of revenue and a drop in overall profitability.
There is just one problem. With the prospective rise in minimum wages, keeping such a team together at the same old cost is going to get a lot more difficult now. DME providers across the US are bracing for a steep rise in operational cost. With the current inflation, this can make things a lot worse than many of us can anticipate. Profitability is very likely to get a hit, and providers can have a hard time trying to maintain a healthy flow of revenue.
Gearing up for uncertain times
In the face of such uncertain times, a growing number of DME providers are looking beyond the local market to seek expert assistance with their billing, without putting a dent in the pockets. In many cases, they are able to enlist qualified billers and coders at rates which are even lower than the current minimum wages. Fantastic as it may sound, this is made possible by the fact that such personnel are located in an offshore location and as such, are able to stay immune to the ups and downs of the US economy.
Strategic offshore outsourcing of DME billing is the name of the game, and it is easy to see why it is emerging so quickly as the most viable option for those looking to save on operational cost. Historically, the decision to outsource has produced only benefits for the revenue cycle. Collections increase, denials get reduced and huge savings are achieved in operational expenses. A major benefit of outsourcing is letting providers offload their billing liabilities in an efficient manner, thereby freeing up their in-house staff so that more important tasks can be pursued.
