Recordkeeping is a major part of medical billing and one that can quickly disrupt a DME/HME business owner’s productive time. In addition, storing records, ensuring safety, and allowing easy retrieval increases a business owner’s need for time and attention.
Professional medical billing services can assist in a great deal of recordkeeping responsibilities, allowing business owners time to pursue their passion: using products and services to enhance the quality of life for patients.
Engaging a professional medical billing partner can increase the profitability of your DME/HME business by:
- Creating Accessible Records
Patient registration is an intensive task for DME/HME businesses. Stringent laws govern medical necessity, a significant portion of which is contained in the medical histories of patients. For DME/HME companies, all patient information relevant to products and services must be recorded. From details of medical conditions and prescriptions to authorization such as signatures by doctors, information that is missed or not covered per legal guidelines will hinder the claim payment.
Professional billing addresses this in two ways: by ensuring accurate data entry and reducing errors through the use of software automation thereby speeding up the entire process.
- Getting Medical Billing Right
There are multiple elements in medical billing, including verifying a patient’s insurance eligibility, including sales order confirmation and prior authorizations. Each of these items is paramount to any equipment providing firm.
For most business owners, this translates to a great deal of time spent on lengthy paperwork, sometimes discovering errors and gaps in information after the claim is submitted. This can be frustrating and impact morale and business sustainability.
Professional agencies can assist with expertise and infrastructure to automate the medical billing process. Reducing human involvement and streamlining the processes can ensure timely and accurate results without loss of critical information. In addition, records are easy to retrieve whenever needed.
- Managing Accounts Receivable
Business sustainability and profitability is the result of a well-managed accounts receivable and accounts payable system. As a medical equipment business committed to delivering value to your clients, ensuring you get paid is the first step to sustainability. Failure to manage accounts receivable leads to bad debt and financial losses for the company. Professional medical billing can step in to ensure your accounts receivables are managed well and therefore not converted to bad debt.