For a DME/HME, choosing between providing timely and high-quality patient care and focusing on business-building practices, can seem unending and frustrating. If delivering effective therapy is the driving force for a DME/HME, then effective financial management is the way to ensure focus on deliverables remains primary. Revenue cycle management is central to DME/HME sustainability. A MarketWatch report says the North America healthcare revenue cycle management market is expected to witness a compound annual growth rate (CAGR) of 11% from 2019 to 2026.
An expert billing partner provides a number of benefits including:
- Efficient billing process
The billing process begins at patient registration and ends at successful claim processing and payment. An expert billing partner enables DMEs/HMEs to execute patient orders efficiently, while relying on established and proven systems to complete registration and subsequent recording of data.
- Improved claim processing
A streamlined billing process improves claim processing by ensuring compliance with insurance documentation requirements. However, a robust infrastructure and the expertise of a professional billing partner improves the management of claims throughout the cycle, from due diligence to the execution and management of denials, if any.
- Robust documentation
Robust documentation is important within a medical billing cycle. It is essential to maintain records that are easy to access when needed, whether for timely claim processing or for a business audit. Robust documentation, completed by a professional billing partner, also guides financial management and ensures compliance with tax requirements. It also optimizes benefits such as tax credits applicable to the business
- Streamlined operations
A professional and experienced billing partner provides a deeper understanding of business operations management. A DME/HME brings sheer passion and industry expertise. The expertise of the billing partner helps streamline business operations, allowing the DME/HME to deliver excellent healthcare without the worry of day-to-day necessities.
- Better financial management
Revenue cycle optimization helps streamline accounting and bookkeeping. Financial management is a significant benefit of professional billing partnership assistance. This can be especially beneficial to a startup or a small DME/HME looking at sustainability and growth during the COVID-19 pandemic.