Successfully processing a medical claim is the only way DME businesses can be paid. A DME business must tend to critical aspects such as the recording of documents in addition to regular business functions. The DME also needs to allocate resources for staff trained in the medical billing process. An MSN report says that 53 percent of US consumers have taken on new medical debt due to the pandemic. This makes it critical for DME businesses to submit claims accurately. It is also essential for the DME business to conduct due diligence, especially when orders are initially accepted, to ensure correct information is noted and processed at the time of the claim application. Here are some ways to help your DME business speed up claim processing to ensure timely payments:
1. Review Claim Applications
For all DME/HME, clean claim submission is essential! It is imperative to maintain high accuracy. This comes from clean and accurate order details, accessible via documents submitted at the time of order. Yet, errors can slip in, contributing to delayed claim applications. Switching to software-based medical billing may seem like an easy solution, especially given the convenience of automatic reviews and error correction. However, software must be optimized to produce relevant results. This may include the need to hire trained resources and invest in regular upgrades as well as technology updates.
Action item: Software requirements must be addressed, keeping in mind business needs. Boilerplate solutions may not work, leading to redundant infrastructure. Consider obtaining professional assistance instead of determining which software could work best for your business.
2. Ensure deadlines are followed
Claim submission must follow timelines. Submitting a claim on time is integral to successful collection. Delaying claim submission can cause providers to delay payment, leading to delayed collections for the DME business.
Action item: Reaching out to medical billing services professionals can help businesses access expertise that can ensure timely filling out claim applications. This can also reduce the administrative burden on the in-house staff, helping them stay focused on existing business needs.
3. Streamline billing operations
Electronic submissions can help speed up claim processing. However, setting up in-house systems can prove very costly for the DME. Yet, the benefits of electronic claim submission are multiple:
- Timely and accurate recording and retrieval of patient documents
- Critical information that includes prior authorization, insurance eligibility verification, details on insurance in-network equipment providers, and more
- Electronic document retrieval, since it is speedier and more accurate in cases where specific information is required
Action item: Engaging professional assistance can be cost-effective because the outsourcing partner already has the resources infrastructure in place. The DME business does not need to invest capital in commencing with the medical billing services process. It can also outsource insurance claim processing, as it is part of time-consuming tasks and requires closer attention.
- A DME partnership can provide the proper assistance and expertise to manage DME/HME billing requirements reliably so that business profitability receives a boost. Learn more about our medical billing at https://www.analytixhealthcaresolutions.com/
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