The success of a businesses is directly correlated to their knowledgeable staff. A report in Chron describes how staffing is proportional to productivity and projects can be completed more efficiently if there are more people available to work. On the other hand, lack of adequate staffing can actually prevent work from getting completed. For startup and small businesses, reduced productivity can directly and negatively impact revenues.
The significance of layoffs induced by COVID-19
With the high number of layoffs caused by the pandemic in the past year, businesses had to face the problem of reduced staffing. A report by the US Department of Labor says that the number of people who lost permanent jobs in October 2020 (3.6 million) exceeded the number who were temporarily laid off (3.2 million). Globally, as individuals and businesses come to terms with the “new normal”, reduced staff remains a challenge for small businesses and startups.
Startup and small DME/HME businesses are typically managed on a day-to-day basis by business owners. These owners often multitask to ensure requirements are met and business does not suffer. The lack of dedicated staff for different business functions can translate into the unwitting neglect of critical, but non-core work, such as registering patients, recording documents, and ensuring back-end administrative due diligence is completed.
The negative impact of understaffing may be witnessed only at the time of claim applications, and eventually, claim submission. DME/HME businesses get paid only after successful claim processing.
Leveraging professional assistance
Given the ongoing challenges faced by DME/HME businesses, and the resulting financial restraints, it can be tough to hire dedicated staff to augment existing resources. Instead, a DME partnership can help the business access necessary assistance without disrupting balance of the existing system.
- Outsource medical billing requirements
Outsourcing your DME/HME billing needs can help with the essentials of patient registration and record-keeping. This eventually helps ensure smoother claim application forms filings when the time for payment rolls around. Outsourcing billing also helps streamline the process for your business, including recording patient details, noting transaction history, and helping the claim submission to successful payment.
- Save on in-house expenses
Hiring, training, and retention of employees is a significant expense, especially for startup and small businesses. When you outsource requirements, you gain skilled industry expertise, technical support, and effective solutions, without the expenses associated with an in-house set-up of the same caliber. Unlike in-house systems, the responsibility for troubleshooting, technical upkeep, and routine maintenance is that of the partner’s.
- Reliable results
Outsourcing HME/DME billing requirements takes the administrative load off the staff. If you are a business owner, this can free vital time for you to focus on business-building activities and bringing in new business. Partnering also allows businesses to access and build upon the expertise of the outsourcing partner, ensuring high quality results.
- Accessing professional expertise
Outsourcing providers work with infrastructure that is reliable, current, upgraded, and updated. Apart from consistently high-quality results, businesses can harness their partners’ expertise to benefit their businesses through error-free, insightful work.
- A DME partnership can provide the right assistance and expertise to reliably manage DME/HME billing requirements, including data management, so that the business can continue to focus on providing quality healthcare. Learn more about our medical billing and RCM services.
- Email us at [email protected] or call 781.503.9002 for a free session.
- Engage with us on LinkedIn and Twitter.