As a home medical equipment provider, you could be looking for better ways to improve your HME billing processes and revenue cycle management. Many HME, DME, and healthcare facilities often face problems associated with hiring on-demand expertise to streamline productivity and get maximum reimbursements.
With ever-changing market demands, compliances, and industry trends, the stress levels of the internal team and increased workload can hinder the business from functioning at its best levels. Nevertheless, disrupted HME billing processes can increase denial rates, impact revenue, and affect payment collections.
Healthcare providers prefer outsourcing their core functional activities to improve HME billing processes and business operations to increase productivity and expand the team on demand. Outsourcing offers end-to-end, business-versatile solutions that include staffing, assisting managerial-level executives, utilizing the latest technology, increasing automation, and improving business management.
Outsourcing partners offer strategic solutions that allow HME and DME clients to focus on lucrative projects, which in turn gives them the opportunity to serve more patients and increase medical claim rates. Such strategic partnerships help HME and DME clients with claim management, patient documentation, background checks, eligibility verification, AR follow-ups, sales management, KPIs, and transparent reporting and monitoring.
10 Benefits of Outsourcing HME Billing Processes
1) Better Turnaround Time
The external team works around the clock and ensures that all the essential tasks are completed on time. They streamline HME billing processes and create a procedure to provide all the functions efficiently and without overlapping activities. The streamlined process enables HME businesses like yours to increase productivity, process sale orders faster, and improve claims filing while ensuring accuracy.
2) Increased Payment Collections
Outsourcing firms process documents by using the latest technology to eliminate and rectify errors. Outsourcing HME billing services can increase revenue as dedicated resources work efficiently to create sales orders and verify patient data, AR follow-ups, insurance filings, and reports. Accurately processing sales orders and filing claims on time will increase your revenue and allow you to collect necessary payments for the services provided.
3) Correctly Identify KPIs
Outsourcing partners ensure that your business performs at the best level by conducting continuous business analysis and compiling reports designed to identify key performance indicators. Evaluating performance indicators enables you to improve business strategies to achieve sales success faster in the competitive market. Moreover, indicators of underperformance can be eliminated or restructured to improve the process.
4) Improved Revenue Cycle Management
By continuously monitoring all the steps of the revenue cycle management process, you can ensure that it remains steady and effective. The dedicated team works through the RCM process and executes all the events and services, from patient information download to AR follow-up. This allows you to get paid for all the services offered to the patient.
5) Staffing And On-Demand Expertise
Adding resources to an existing team is a challenging task in the healthcare industry. Lack of available talent and expertise slows down processes, which stops you from serving more patients. However, when you work with an outsourcing partner, you can get access to professional resources on-demand and get the necessary expertise to expand your operations. You can also scale up and scale down resources based on your requirements.
6) Efficient Sales Management
Accepting orders and processing them on time requires special attention, as it involves patient clinical background checks, insurance coverage, and eligibility. Outsourcing firms obtain authorization and sales order confirmation and create sale orders and invoices.
7) Faster Documentation and Verifications
Outsourcing firms precisely create and update patient records and sale documentation to avoid the creation of additional documents. They follow industry standards to obtain authorization and verify patient information before providing extensive services. This will help you stop revenue leakages and understand patient requirements better.
8) Superior Patient Management
Manage your patients efficiently and serve them better with proper scheduling, data, and sale management. Implementing the latest tools to manage patients leads to better automation. Products like Appoint360 help your staff save time and allow them to improve engagement with the patients.
9) Electronic Claim Processing
File and report medical claims online for better results. Electronic claim processing helps your organization settle the claim faster and improve reimbursement. Outsourcing firms process claims online with the latest tools and solutions for better accuracy. Electronic claim processing also helps you complete the process of identifying and eliminating errors.
10) Round-the-clock (24/7) Support
You can seamlessly execute your workload with the help of an external team. The outsourced team provides necessary backup to the on-site team through data processing, regular tasks, and expertise to streamline productivity. They work as a standby team when the workload increases.
Outsourcing drives your business growth and allows you to increase revenue and improve the reimbursement process. Partnering with a reputed outsourcing HME billing company ensures efficacy and stops revenue leakages.