Differences Between a Staffing Agency and a Medical Billing Company by Analytix Editorial Team | December 30, 2022 | 9:24 am Category : Medical Billing Most DME and HME providers know that medical billing accuracy and reliability are critical to business sustainability. However, the process is often complex and time-consuming and can lead to staff burnout. This is because the medical billing process requires staff to juggle high volumes of paperwork processing and document review work. This includes details such as medical authority, patient insurance, and others. In a typical scenario, workers and employees may feel overwhelmed and overworked. They may want more frequent breaks or may quit altogether. A Finances Online report says that if left unchecked, employee turnover can lead to higher training costs, low employee morale, and operational inefficiencies. Eventually, it negatively impacts business profits and the company’s bottom line. When handled efficiently, the medical billing process can help HME and DME provider businesses streamline their operations and boost profitability. For startup businesses or those operating on a small budget, getting assistance with medical billing may be necessary. Also, for DME and HME provider businesses, extensive medical billing process training for in-house resources involves an additional layer of work. Moreover, without assistance, most business owners could face issues regarding the following: Multitasking and the inability to pay attention to customer requirements and deliverables Inability to contribute effectively to business-building activities Inability to pursue revenue-generating activities or build a new business pipeline Juggling between meeting client requirements, growing the business, and investing in adding value to client deliverables The Staffing Agency Solution One of the possible solutions to these challenges could be a staffing agency. The business can improve its billing processes with staff from an agency. However, challenges that the typical DME and HME provider business may face in utilizing a staffing agency could include the following: #1. Employees Could Feel Overwhelmed Staff needs to review documents carefully for every billing claim. This includes cross-verification with insurance agencies where needed and ensuring accuracy when processing or filling claim applications. Even a single error, however small, can delay the claim or may result in denied payment to the HME/DME provider. Staff can often feel immense burnout due to the sheer workload of this process. #2. Increased Attrition Staff may choose to quit. This can take place even if the business tries to address the main issue of a high workload. This can negatively impact the business because the existing workload then falls on the remainder of the staff, which may be unable to sustain the momentum for long. Eventually, this can result in lapses associated with missed payments or, worse, denied claims. Increased attrition also means the HME provider will need to invest in new employees, train them, and pay them wages, associated benefits, etc. This can increase the overall expenses and affect the business’s bottom line. #3. Business Operations Get Affected Attrition and work delays can negatively impact business operations. In order for businesses to truly control attrition, they may reduce taking up new orders or need more time to process existing ones. Either way, this can affect the bottom line negatively. Why Partnering With a Medical Billing Company is Beneficial Instead of choosing an in-house staffing agency, outsourcing the entire process to a medical billing can help DME and HME providers in multiple ways: Gaining a Team of Experts Aside from claim filing, effective medical billing processes help streamline the revenue cycle management process (RCM). This process is a critical component of profitability for HME or DME providers. When you partner with outsourcing experts, you benefit from an entire team of experts who take over different aspects of billing. Experts execute the work and also understand how RCM works. This helps HME and DME providers leverage expertise for a streamlined process and increased profitability. Accessing best-in-class infrastructure Medical billing companies have their own infrastructure, which is regularly updated and upgraded to reflect industry best practices. This allows HME/DME providers to access work that is executed on well-established infrastructure and systems that are tested and reliable. Accessing expertise to help troubleshoot HME/DME providers are familiar with delayed claims and the troubleshooting issues that often result from this. Thanks to HME/DME medical billing providers, experts can take care of these challenges. The HME or DME provider can pursue existing deliverables or become involved in new business developments while the medical billing company takes over the billing process. Extensive savings on cost and time A medical billing company helps HME/DME providers save money, time, and costs associated with staffing. Additionally, these providers can streamline operations and build better, more successful, and more sustainable businesses. Next Steps A DME partnership can provide the proper assistance and expertise required to manage DME/HME provider billing requirements reliably, such that business profitability increases. Learn more about our medical billing at https://www.analytixhealthcaresolutions.com/ Email us at firstname.lastname@example.org or call 781.503.9002 for a complimentary session. Follow our blog for industry trends and the latest updates. Engage with us on LinkedIn and Twitter.