Medical billing can be horribly tedious and very time-consuming for HME & DME practitioners! The problem appears to be getting worse! The number of exposed records more than doubled year over year, from 5,138,179 records in 2017 to 13,236,569 records in 2018. Moreover, the penalties for HIPAA violations can be severe. It is difficult to keep up with the constantly changing rules, regulatory requirements, and technologies in the medical billing field. Therefore, finding the right medical billing company becomes crucial to running your practice. Outsourcing medical billing offers health practitioners increased control, reduce overhead costs, and secure the medical billing…
A DME/HME business provides much-needed, often critical, support to patients in need of prescription equipment. For DME/HME business owners and operators to ensure sustainability, it is important to focus on different ways in which to grow the business as well, so it can continue to deliver health care needs. The Real Challenge: Understanding DME/HME Growth How do you approach your DME business? Here are some answers to this recurring question, especially for passionate and driven owners, founders, and operators of businesses that provide medical equipment. Focusing on delivering DME needs of patientsEnsuring communication with patients is thorough and they understand…
Automation plays a big role in growing revenue in today’s market. It leverages productivity and reduces expenses. It allows you to reinvest funds into a more efficient direction like growing a business. Have you ever wondered how to manage medical and physician billing efficiently? Try adapting to the latest technology and outsource physician billing work to a strategic partner. If you haven’t explored your options with physician billing software yet, then you are falling behind. You are putting too much energy into manual tasks that can be easily automated. All you have to do is utilize healthcare software to improve…
Medical billing is a complicated process for DME/HME businesses. The need for accurate and watertight recording of patient information and health records is a first step. The need to be compliant with HIPAA guidelines is an additional layer to the record-taking process. If you are choosing to carry out your DME medical billing in-house, there are aspects you must keep in mind. #1. Securing patient information Patient information falls under the purview of HIPAA as Patient Health Information. This means that collecting it, recording it, and storing it, for access as needed, must be done in a compliant manner. Action…
Efficient medical billing contributes to business sustainability and profitability, setting the stage for business growth and development. A number of challenges can slow down the best efforts to streamline the revenue management cycle, though. Luckily, these can be addressed by taking care of medical billing outsourcing or professional medical billing assistance. Ensuring trained staff to handle order-taking Staff turnover can negatively impact a DME/HME business. Hiring and training staff is an expensive proposition. As the DME continues to grow, in-house and trained staff may not be adequate and may even suffer burnout even as new and supplemental hiring and training…
New regulations make it compulsory for health care providers to comply with the guidelines of the Health Insurance Portability and Accountability Act (HIPAA). Changes to the regulations have taken place earlier; HIPAA was updated in 2013 when new requirements mandated by the Health Information Technology for Economic and Clinical Health Act were introduced. A Notice of Proposed Rulemaking was issued in December 2020, outlining changes to the HIPAA Privacy Rule. Updates for consideration include changes to protection of information related to mental health and wellness and substance abuse. Most important for health care providers, access to entire patient records is…
Medical billing is a complex process, and one that most DME businesses must manage while also providing medical equipment. There are certain specific requirements that must be met if the business needs to be reimbursed. #1 Accurate patient registration For DME businesses, patient registration is not necessarily an interaction with individuals, face to face. Patient registration could include dealing with paperwork and ensuring the information provided is accurate and complete. If not verified in the beginning of the medical billing cycle, this could hurt the claim application process. Reimbursement may get delayed because of inaccurate or incomplete details. #2 Due…
Today’s businesses are all about automation and using robust technology to replace manual work. This helps businesses like yours grow faster and increase sales. EHR forms a major component of a DME/HME business and can be managed securely with the help of medical software. If you are looking for better ways to manage the EHR in your DME/HME business, the below information could be useful. Solution Add medical software to automate the business process from order management to insurance claims.Outsource medical billing services to reduce both work and management costs. Medical software is fully equipped with essential features to more…
A MarketWatch report says that the global DME market is expected to reach $246.6 billion by 2026. Growing your DME/HME business is not just about increasing revenue. Businesses should focus on multiple aspects of successful growth: Understanding how medical billing worksConsistent and continued training and education for employees who handle orders and suppliesBeing prepared to manage operations even in the face of disruptions and interruptions to continuity, often driven by high rates of staff turnover and attritionStaying informed and updated on insurance regulations Tapping into opportunities A Global Market Insights report says that increasing elderly populations across the globe could…
According to MarketWatch, the global medical billing outsourcing market size is expected to reach $23.7 billion by 2027. As businesses grow, the volume of clients and customers grows, and so does the need for reliable and comprehensive record-keeping. The need for outsourced medical billing assistance can prove useful at a time when more resources are needed to manage the influx of orders, without affecting the existing customer orders and requirements. Given the DME/HME payment cycle, revenue cycle management begins at order submission. When new orders are accepted by the DME/HME, the staff needs to ensure: Patient details are captured accuratelyInsurance…
The HIPAA Journal notes that instances of healthcare data breaches have increased. In 2018, data breaches of 500 or more records were reported, at a rate of around one per day. In December 2020, the average number of breaches per day was 1.76. Security landscape since 2020 Health care data is especially vulnerable to hacking and other intrusions because it contains personally identifiable information (PII). This PII is extremely valuable to hackers as it contains Social Security information, insurance details, and other sensitive information that can allow access to financial information as well. Causes of data breaches Over the past…
It is important to complete insurance eligibility verification so that DME/HME businesses avoid unpleasant surprises during claim processing. Claim for payment may be denied if the patient is not eligible, the coverage has expired, or if the service is missing from the insurance coverage. The onus of verifying insurance is on the DME/HME. Here are some considerations regarding insurance eligibility verification: Using the insurance verification checklist DME/HME staff need to ensure basic details are diligently recorded at the time of insurance verification. This information can be obtained directly from the insurance card, while other details may be elicited by speaking…
Pre-authorization, also referred to as prior authorization, is a process that helps both patients and customers of medical equipment as well as providers of DME/HME. A DME/HME gets paid for the equipment purchased by a patient only when there is a written prescription or authorization by a doctor for its use. Medicare guidelines can help explain whether a particular equipment or its usage needs pre-authorization. For a Medicare beneficiary, pre-authorization helps patients receive the medical equipment they need without delay. If your DME/HME handles equipment needs for patients covered by Medicare, here’s what you need to know about pre-authorization: It…
Policies can be overwhelming, with a great deal of information and fine print. They are necessary, however, in any thriving business. DME/HME payments are dependent on the accuracy of the information contained in the claim. If information is incomplete or missing, the claim processing can be delayed or denied. Ensuring patient records are in order is critical to the claim application process. The data that is referred to by DME/HME businesses is often patient information or personally identifiable data. From authorizations for equipment to diagnoses and any updates or modifications to medical equipment use, DME/HME businesses must keep ahead of…
As daily business operations go, DME/HMEs have challenges that can distract from growth factors. There are two things that DME/HME businesses must focus on simultaneously: Attending to equipment orders.Ensuring comprehensive order taking.This may include completing medical documents, compiling notes for insurance verifications, and making copies of the doctor’s authorization. Both elements are critical to business survival. However, both are equally time-consuming and can take focus away from growing the business and -generating revenue. 1. Performing regular equipment assessments Ensuring equipment delivery in fit and working order can create a positive customer impact. This is vital, especially in healthcare where the…
Staff attrition is a challenge for growing and ambitious DME/HME businesses. Given that DME/HME business operations depend heavily on paperwork, including storing, accessing, and retrieving, the people responsible may need to multitask, working on both medical and extensive administrative tasks. Given the current COVID-19 landscape, attrition can affect the business operations in several ways: It can be difficult, if not impossible, to find replacements.You may find a replacement trained to address medical needs, but they may not be equipped to deal with paperwork and administrative needs.You may invest in training a newcomer, but there is no guarantee they will stay…
As growth plans get underway and business operations start to streamline, it is time to look at increasing profitability for your DME/HME business. Most technological advancements require substantial planning and investment. But the advantages of automation are multiple, especially for driving efficiencies in medical billing for DME/HME systems. Here are two more DME operation tips to help you accelerate business growth. Increasing profitability across business functions There can be no growth plans without adequate capital. For a DME/HME business which relies to a large extent on watertight documentation for successful claim applications, profitability is interwoven with sound accounting practices and…
The challenges to an established DME/HME business looking to scale up can be multiple: planning and pursuing a well-defined path to new business, expansion of products and services, and the need for increased investment in resources, including trained staff. The first challenge for this growth is often the most basic: streamlining your existing DME administration and operations and building efficiencies to enable future growth. A Trends Market Research report says that home care and individual care aids are anticipated to increase by roughly 13 million before the end of 2026. This constitutes a rise of 70% since 2010. The report…
Startup DME/HME businesses face financial challenges like any other business, regardless of the industry they operate in. However, DME/HME businesses are paid only after a successful claim application process, and this precipitates several challenges of concern, even as they work their way towards becoming small-sized businesses with goals of becoming larger. 1. The challenge of staffing; sourcing trained staff Given the need for comprehensive paperwork in DME/HME businesses, staff needs to understand the basics of record-making and record-keeping when creating new orders. This is in addition to ensuring the medical needs of patients are covered and met by the business.…
If you are running a DME/HME business and are burdened by claim processing and medical billing tasks, it can help to work with a HIPAA-compliant partner. Why is HIPAA-compliance important? The Health Insurance Portability and Accountability Act of 1996 (HIPAA) protects sensitive patient information from being disclosed without the express consent of the patient. HIPAA governs the use of patient information by also providing guidelines on individuals’ rights to control the manner in which their health information will be used. One of the goals of HIPAA is to ensure that necessary health care is provided without compromising the privacy of…
Completing claims and submitting them on time are important contributing factors that ensure DME/HME businesses get paid. Efficient record-keeping and documentation are vital to successful claim applications and are part of financial best practices for DME/HME businesses. Following-up on documentation is critical because information may need updating, or changes and modifications may be in order. When these are not carried out on time, it can lead to a backlog of missing data and information. This can prove difficult to locate when required and hurt payment prospects for the business. Tracking patient documentation To avoid payment delays, whether the Certificate of…
A DME/HME business can sustain itself successfully when income and expenses are balanced. If paying attention to providing medical care is central to the business, it is equally important to pay attention to collection of payments and reimbursements. Revenue cycle management begins at patient registration and brings together the medical aspects of the DME/HME and the income or financial aspect. Most often done manually, the drawbacks of traditional handling of RCM include: Not being able to quickly and efficiently register patient documents.Needing trained personnel to focus on the organization of patient registration information even when it consists of multiple levels…
Optimized insurance reimbursements are critical to a DME/HME because it helps them get paid for services rendered. However, there are no clear rules that can help your business optimize insurance reimbursements because several factors contribute to it, including streamlined revenue cycle management (RCM). According to a Bluecross report, a DME must have a prescription before it is eligible for coverage. Eligibility criteria for most DMEs can be stringent: The equipment must provide therapeutic benefit to the patient because of medical conditions or illness.It should not serve as a comfort or convenience item, nor have significant non-medical use such as an…
Operators of a DME/HME need to attend to both medical requirements and medical records. It is important to diligently manage medical records, including ensuring better claim processing and timely payment, as well as better patient management. The latter is particularly important for a growing company, and puts the spotlight on the need to hire a professional medical billing company. As work volume grows, so does the need for reliable and accurate medical records for your DME/HME. Typically, a mid-to-large sized DME/HME can leverage the assistance of professional billing solutions, both to manage claim applications as well as streamline overall financial…
Healthcare data security has come to the forefront as the world moved to online transactions and communication. For a DME/HME, successfully meeting patient requirements is central to business survival and growth. Recent reports state that hackers have been accessing personal information using tactics such as phishing to steal personal data even from insurance companies. However, a report on msn.com says that learning how to protect information ahead of time could save small business owners thousands and even millions in the future. Listed below are five considerations that can help independent healthcare practices secure medical data. Focusing on HIPAA compliance HIPAA…
Patient experience is an integral part of DME/HME operations. Positive patient experiences can help bring in more business. This is important to DME/HME businesses that are just starting up and depend on patient referrals for increased leads. It is also important for small businesses that may need more revenue to flow into the business. According to Revcycle Intelligence, 76% of healthcare consumers participating in a survey did consider the medical billing experience when selecting a provider. This suggests that the medical billing process influences patient acquisition. Here are some considerations for DME/HME businesses to focus on patient experience: Better patient…
Professional expertise is vital when it comes to business essentials such as software and automation tools. For DME/HME businesses looking at growth and sustainability, choosing the right solutions can help to more rapidly ascend the curve. However, automation needs to be accompanied by relevant expertise that can help businesses optimize the entire effort. A few specific areas that can both be helped by technology, and by expertise, include: Revenue Cycle Management (RCM): RCM, when well-managed and done properly is a key contributing factor of prompt payment to DME/HME businesses. Managing it: Connect with professional services providers to assess current RCM.…
Building sustainability in your DME/HME operations is as vital as ensuring your staff is trained to meet equipment orders and requirements. Profitability is key to business sustainability, but it needs to be incorporated into the operations in a consistent manner. Having adequate cash is also important for business growth and dynamic customer growth. All of these factors are particularly important for a fast-growing DME/HME or a DME/HME adding diverse products to a portfolio. A report in Reseller News says that the market size of long-term care devices is expected to reach around $269.6 billion by 2028. The size of this…
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…
Automation of appointments can bring your business several benefits, including smoother functioning and streamlined operations. Appointment automation helps streamline clinical and medical documentation, ensures better record keeping, and establishes improved and secure access to patient data. According to a report by Research and Markets, the mid-revenue cycle management/clinical documentation improvement market is expected to reach $4.5 billion by the year 2023. Improved efficiency; reduced losses Automation of appointments can help DME save the time that manual creation requires. Other inefficiencies associated with manual appointments include duplicated efforts in case records go missing, loss of productivity for the limited resources running…
Improving business efficiency and streamlining operations is central to business growth, even when not in a crisis. For DME/HME businesses that managed to survive the pandemic without significant downtime, 2021 provides the much-needed reset to consolidate finances and put the business on a growth track. To accelerate DME growth, optimize existing resources while ensuring incoming revenue is unhindered. One of the ways startups and small to mid-sized DME/HMEs can quickly ascend the growth curve is by decreasing expenses without affecting business income and existing revenue sources. The following costs can be reduced or more efficiently managed to optimize existing DME/HME…
An EOB is a patient-focused element of medical billing. An explanation of benefits contains details about a medical insurance claim that has been processed, payment made to the health care provider, and any payment required by the patient. EOBs are submitted by insurance companies to the patient or recipient of healthcare or therapy, with information about the payment covered by insurance and the amount owed by the patient. The EOB typically follows a bill submitted by the hospital or therapy provider to the insurance company. Patients must acquaint themselves with the EOB to avoid unpleasant surprises at the end of…
Claim denial management is critical because DME/HME payments are the result of a successful claim process. A well-managed revenue cycle helps prepare a claim application swiftly and without errors or incomplete entries. A recent report says that across HealthCare.gov issuers, about 17% of in-network claims were denied in 2019 and about 14% were denied in 2018. Rates for specific issuers varied significantly around these averages. Loss in profitability A startup or small DME/HME business needs to diligently track profitability. When claim denials occur, they result in a loss of profitability for the business. Denials result in higher accounts receivables, uncollected…
If you don’t track it, you can’t measure it. It’s critical to regularly measure the financial health of your practice. Tracking medical billing Key Performance Indicators (KPIs), daily, weekly, monthly, quarterly, and yearly is essential to get better control of your practice’s revenue cycle performance. Here are five KPIs that you must consider monitoring in 2021: Days in Account Receivable (A/R) Why monitor? Helps you identify potential revenue cycle issues and the efficiency of your billing team The metric indicates the average number of days it takes you to get paid for your services. High A/R are red flags and…
Medical billing efficiency is all about being thorough and accurate. A significant portion of medical billing consists of patient data and records. Accuracy of the data contained in these records is extremely important when the DME/HME is billing the insurance company. If records are incomplete, the DME/HME will experience delays in payment, or non-payment/denials by the insurance company. Data accuracy helps insurance claim processing, and ensures on-time payments. Typically, DME/HME businesses receive payment after successful insurance claim processing. Claim processing can be smooth and hassle-free if the paperwork is error free. However, inaccurate or missing medical data result in claim…
Revenue Cycle Management (RCM) is critical to the accurate and efficient reporting and payment collections. There can be many reasons for delay in payments, but judicious management can significantly reduce them. For business owners, it is vital to stay focused on the main goal: ensuring a streamlined process for revenue management that is consistent and proven and helps reduce delayed payments and non-payments. Errors in medical bills, including overcharging, are common. A Becker’s Hospital Review says that up to 80% of medical bills contain errors. Here are 3 common RCM difficulties and how outsourcing your medical billing can help address…
A report by SHRM says that talent acquisition is the top problem for many HR practitioners in the healthcare industry. Other pressing concerns include employee burnout, the need for consistent retraining, and evolving state laws and licensing requirements. This is further aggravated by the responsibilities of the average DME/HME business founder and operator. Their tasks include meeting patient requirements while also ensuring completion of registrations and documentation related to order processing. The multitasking required leaves DMEs and HMEs with little time for business building activities or the pursuit of new business and clients. The staffing challenge faced by DMEs/HMEs For…
According to one report, the US DME market size was valued at $52.9 billion in 2020. This is expected to expand at a compound annual growth rate of 6% over the forecast period from 2021 to 2028. As DME/HME businesses settle into a year of rebuilding and recovery, while continuing contactless transactions, it is time to review and assess business processes, including patient eligibility in insurance. For a startup DME/HME, there is often a difficult decision between attending to medical requirements and completing diligent record-keeping. Importance of patient eligibility verification DME/HME businesses almost always get paid based on the success…
A DME/HME is paid only after the insurance claim is made and processed effectively. One of the critical components of successful claim processing involves making sure the information submitted for claim processing is complete and correct. Incorrect claims can lead to denials. According to a report by the American Hospital Association, quoted in an online report by Revcycle Intelligence, a healthcare media company, 89% of hospitals and health systems have experienced an increase in claim denials over the past three years, of which 51% termed the increase as significant. Here we outline two practical ways for DME/HME claim denial management…
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…
If unresolved, consistently high accounts receivable (AR) can quickly become major outstanding dues for the DME/HME. Outstanding dues is payment that is owed for services already consumed but not paid for. This unpaid amount is written off by businesses as bad debt but leaves behind a negative financial impact. A Becker’s Hospital review report cites overall cost reduction and efficiency as top financial priorities for health system decision makers. To ensure more money flows into the DME/HME, it is important to streamline the revenue and collection process. The report recommends that executives faced with shrinking revenue and increasing expenses should…
Ensure accurate registration patients or rush to catch a prospective new business lead that could boost your DME/HME by a few thousand dollars each month? Accurate registration is vital for patient payments to your DME/HME, while following new business leads could help bring in more revenue. This may be the classic predicament faced by owners and founders of startups and small DME/HME businesses, with no immediate or easy solutions in sight. Over the past year, most DME/HME businesses have had to multi-task: managing regular orders, dealing with COVID-19 complications, and dealing with other challenges, including financial worries. For DME/HME startups…
Medical billing can be complex and challenging, especially when combined with the details and intricacies of insurance. Payment for most healthcare facilities depends on how swiftly and accurately they process insurance claims. Efficient handling of insurance leads to better claim processing. It also reduces the administrative burden of high-volume paperwork and record-keeping. Simplification of the medical billing processes is not just an option, it is a necessity for healthcare businesses that want to stay sustainable and thrive in a competitive environment. According to reports, the average rate of claim denials in the healthcare industry is between 5% and 10%. To…
Administrative complexities can hound high-volume hospital, DME/HME, and other healthcare business data, eating into time and attention that would otherwise be spent delivering patient care. Owners and operators of small healthcare businesses are often also responsible for registrations and records. The requirement to multi-task can result in lapses in information, which in turn can lead to incomplete claim submissions and lost payments. By outsourcing medical billing processes, businesses can access high-level expertise within their budget. This expertise can help the business build a roadmap to streamlined operations, higher productivity and efficiency, and long-term growth. A report by MarketWatch estimates that…
The Health Insurance Portability and Accountability Act (HIPAA) helps protect confidentiality and security of health information. HIPAA guidelines also focus on fraud prevention and ensure both data security and better regulation of health information. For this reason, DME/HME businesses must look at billing solutions that are HIPAA-compliant. HIPAA covers the following information: Patient information put into medical records by doctors, nurses, and other healthcare providersInformation exchanged by patients with doctors, nurses, and healthcare providersHealth insurance-related information and information held by the health insurance providerPatient billing information Significance of HIPAA compliance For every patient, health information is sensitive. This sensitive information…
According to the Comprehensive Error Rate Testing (CERT) data, even as the overall payment rate stood at just 7.25%, DME billing error rates contributed to 30.70%, and drained $2.44B from the Medicare Trust Fund. In the post-pandemic "new normal," it is important to provide clean paperwork and documentation to avoid mistakes and reduce improper payment. Error-free submissions require that the medical billing team avoid common reasons for improper payments, such as insufficient documentation, inadequate documentation (needed to make informed decisions), or incorrect coding. Review these effective measures to decrease improper payment rates in DME billing. Verify Prompt And Accurate Insurance…
Whether during periods of intense business activity, or during a crisis like the current pandemic, which has affected economies globally, efficient medical billing is the only way to ensure year-round financial sustainability for DME/HME businesses. For startups and small businesses, with just enough cash to cover two weeks’ worth of expenses at any given time, smart revenue management holds great significance. Revenue management may begin with diligent bookkeeping and accounting practices, but there are ways to improve the overall revenue management cycle. The need for accuracy and reliability An online report by Patient Engagement HIT describes the frustration that 70%…
The choice to conduct your practice’s medical billing in-house or to outsource it to a medical billing company is probably one of the most important decisions you will make for your growing healthcare practice. In fact, according to Grand View Research, the global medical billing outsourcing market is expected to reach $19.7 billion by 2026. While there are pros and cons to each approach to medical billing, what matters most is what's right for your medical practice. While in-house billing offers you more control, since you remain in proximity to medical billers, it also requires significant investment, takes precious time…
More than 3 of 4 healthcare leaders agree that claim denials are their major challenge. We have heard the horror stories DME providers tell of denied claims. Maybe you have a similar story of your own. The good news is that most claim denials are avoidable and as the old saying goes: "An ounce of prevention is worth a pound of cure." With a 30% rate of claim denial, there are many challenges for small and growing DMEs/HMEs. Claim denials are a time-consuming and complicated process that prevents timely reimbursements. Given that denial rework can cost $118 per claim, it…
Time is money. The complications of completing your DME’s medical billing can be horribly tedious and more overwhelming than the core of your DME business – improving patient outcomes. And then, upon submission, claims must be clean to even receive consideration. As an HME/DME provider, although a majority of your time must be spent on patient care, gruelling administrative chores and cumbersome everyday billing tasks can be overwhelming and distracting from providing the quality your patients deserve. Moreover, financial losses from the pandemic may have a lasting effect on DME providers, and outsourcing medical billing may be the best way…
Medical billing management is critical for a DME/HME to thrive and grow in all situations, including crises. According to an online report by Advisory Board, 90% of claim denials are preventable. Given that claim processing depends on financial data and patient records, it makes sense for healthcare businesses to rely on dependable medical billing management practices. For a startup or a small-size DME/HME business, an ongoing dilemma may be the choice to focus on providing superior healthcare or to work on growing the business. It is important to realize that if your business is doing well, the quality of healthcare…
Electronic records are a reliable way to record important information that would otherwise be lost. Paper records, receipts, and invoices can be misplaced and are often difficult to access when needed the most. This includes medical documents vital to DME billing, including prescriptions, authorization notes for prostheses, treatment advisories and more. For a healthcare business, the loss of or inaccuracies in any of these critical documents can mean the difference between getting paid or not paid. Even in pre-COVID-19 times, the figures for medical bill payments were bordering on dismal. A Becker’s ASC review reports that in 2016, as many…
Prevention of billing revenue loss is an ongoing challenge for most small businesses in the healthcare industry. This is not confined to a time of crisis such as the COVID-19 pandemic. Even in normal times, the typical small business possesses enough cash to cover about two weeks of revenue disruption, according to a report by JP Morgan Chase & Co. According to another study, a business with monthly expenses over $10,000 generally doesn’t have enough cash to cover two weeks of their spending. This suggests that a company in this situation would either have to fold or drastically cut spending…
If businesses can manage a crisis well, they emerge stronger than before. In the current situation, companies that adapt to change are likelier to emerge more resilient and tougher from it. COVID-19 has led to large-scale lay-offs and a bleak economy, affecting typical small businesses where it hurts most: lack of adequate staffing and reduced financial capabilities. For a DME/HME business, challenges include ensuring supply while managing logistics and facilities burdened by the COVID-19 pandemic. DME/HME businesses looking to emerge stronger from a crisis, consider: Identifying challenges and looking for resolutions Businesses, including your DME/HME, are vulnerable to disruptions in…
According to InstaMed's Tenth Annual Report, patient collections take more than a month for 74% of healthcare providers, and over 78% said they cannot collect bills of more than $1,000 in 30 days. These delays in patient collections are creating revenue cycle issues for providers and 66% of providers agreed that patient receivables are a primary revenue concern. The solution? Outsourcing your DME billing is often the best choice. Choosing the right medical billing company is - not surprisingly - easier said than done. It is all about asking the right questions. Read on to learn key tips to choose…
If you are a DME/HME considering whether it would be beneficial to attend medical conferences and networking events, here are some compelling reasons you should. In the time of COVID-19, conferences and events are online. So, as a DME/HME owner looking to grow your business, you stand to gain a lot by attending as you can: Hear about common struggles faced by others in the industry and how they overcame them, and were able to grow their business.Gain additional information through transfer of professional knowledge.Learn more about how to make your own business operations smart, hear about new software and…
Recordkeeping is a major part of medical billing and one that can quickly disrupt a DME/HME business owner’s productive time. In addition, storing records, ensuring safety, and allowing easy retrieval increases a business owner’s need for time and attention. Professional medical billing services can assist in a great deal of recordkeeping responsibilities, allowing business owners time to pursue their passion: using products and services to enhance the quality of life for patients. Engaging a professional medical billing partner can increase the profitability of your DME/HME business by: Creating Accessible Records Patient registration is an intensive task for DME/HME businesses. Stringent…
For a DME/HME, patient concerns often come bundled with the added element of required urgency. Based on a report by the Centers for Medicare and Medicaid Services (CMS), the need to rapidly reach medical care has led to video consultations, rather than in-person consultations, in times of emergencies. This innovation has helped countless people receive medical care during the time of the COVID-19 pandemic. The report also highlights a surge in telemedicine service beneficiaries during the pandemic. While only 13,000 beneficiaries of fee-for-service Medicare received telehealth services weekly in the pre COVID-19 times, the number exhibited a steep rise to…
Durable Medical Equipment (DME) billing is a demanding and challenging practice. According to the Medical Group Management Association's poll, 71% of healthcare leaders agree that claims payment and revenue cycle issues — such as denials, prior authorization, and staffing issues — are the biggest revenue cycle challenges. COVID-19 has introduced DMEs and Home Medical Equipment (HMEs) to a new operating environment. They need to manage new regulatory, financial, and operational challenges while also providing value-based care. Outsourcing DME billing makes sense for both ensuring ongoing profitability and for the reasons listed below. Better monitoring and control Outsourcing your medical billing…
According to a Forbes report, it was estimated by Statista that the US market value for health and wellness would rise from $166.5 billion in the year 2015 to $179 billion in 2020. The report further quotes research that estimates the growth of the retail health clinic market at a combined rate of 18.3% between 2019 and 2030. When the report was published, however, the crushing effects of COVID-19 had not yet been documented. Certain challenges that were faced before the COVID-19 pandemic remain unchanged for the HME/DME business. One of these remains - effective Revenue Cycle Management or RCM.…
Denial of a claim refers to refuting payment for a medical bill in the medical billing business. As a result, knowing how to manage and reverse a denied claim is vital for successful medical billing management. According to a Becker’s report, the standard denial rate benchmark is less than 5%, though a rate of 1% is achievable. The reality is, that every percentage denied is payment not received. For a startup or a small business, any denied payment can hurt the bottom line. Claims denial in medical billing may include several prospects: Possessing knowledge and the experience on how to…
Do high account receivables plague your practice's cash flows? Let's face it, the COVID-19 crisis has led everyone, including patients, to hold on to their money tightly. As COVID-19 pandemic transforms patients’ needs and their ability to pay for healthcare, DME’s must adopt a more effective, patient-friendly medical billing options. The need for strategies to boost A/R has never been greater as DMEs themselves face financial challenges. Medical practices are under immense pressure to maintain healthy cash flow and meet operating expenses. Unfortunately, many medical practices are leaving money on the table due to inefficient A/R management. According to a…
Mistakes in medical billing can jeopardize the reputation of your medical practice and hurt patient loyalty. The trust deficit created due to inaccurate medical billing can be irreparable. According to the 2019 Patient Payment Technology Report, based on a survey of 1000 U.S. healthcare consumers, only 33% of consumers expressed confidence in the accuracy of the bill provided by their hospital/ caregiver, while 47% reported facing a billing or payment issue in their recent healthcare experience. Patient billing is a critical part of maintaining your HME's brand loyalty and retention. Errors in billing can translate into financial losses. In addition,…
Analytix, a leading medical billing solutions company, joins the Pennsylvania Association of Medical Suppliers (PAMS) as a gold member. The membership in this elite group enables Analytix to help independent HME and DME practices achieve high billing performances as well as drive solutions to the Pennsylvania HME industry. As the oldest state association of its kind in the country, the Pennsylvania Association of Medical Suppliers remains an active voice in durable medical healthcare in the state of Pennsylvania, Delaware and the rest of the United States. It represents Durable Medical Equipment Prosthetics Orthotics and Supplies (DMEPOS) Suppliers from Pennsylvania and…
As most providers can attest, when running a healthcare practice, accurate patient billing is critically important. Billing errors can lead to severe consequences, including a loss in revenue, increased claim denials, costly reworking of claims as well as heavy fines and penalties. It is estimated that a staggering 80% of medical bills contain errors. With thousands of medical codes, hundreds of patients, and multiple insurance companies, much of a practice’s time is controlled by the medical billing process, but it doesn’t have to be. The best solution is to partner with a medical billing company that works as an extension…
Analytix joined the American Association for Homecare (AAHomecare) as an affiliate member. AAHomecare is the premier nationwide advocacy group representing providers of home medical or durable medical equipment and services. The AAHomecare Association advocates on behalf of the entire homecare community in legislative and regulatory arenas at the federal and state level. Its members are focused on improving the lives of their customers and patients. Also, they ensure that the HME industry is well-positioned to succeed within the new value-based care economy through regularlegislative, regulatory, and public relations campaigns. As an AAHomecare affiliate member Analytix receives access to a wide…
Prior Authorization (PA) can be a frustrating and time-consuming process. In fact, 86% of physicians describe the administrative burden of prior authorization as high or extremely high. 90% of healthcare providers reported a treatment delay caused by Prior Authorization. Of these, 60% said it took at least one business day to receive a reply, while 26% reported that acceptance was received after three or more business days. More than 9 in 10 physicians said that the Prior Authorization process delays patient access to necessary care. On average, practices file an average of 29.1 PAs per physicians per week. Why is…
Claim denials have become a fact of life for HMEs/ DMEs yet studies show that up to 90% of claim denials are preventable. If proper care is not taken, medical billing errors may arise, leading to delay in payments, delinquency in claims, and eventually patient disappointment. Quick and accurate verification of a patient’s eligibility and authorization of insurance coverage can help reduce claim denials and even protect patients from unexpected medical bills. Outsourcing medical billing is a good strategy to streamline the insurance verification process, increase acceptance, and lower claim denials. Here are some major benefits of outsourcing medical billing…
High AR (Account Receivable) days are red flags that can negatively impact the bottom line of your practice. According to hospital benchmarks, AR days for facilities are 47.5 days, and anything above that means less money to hire quality staff, fewer margins, and capital for expansion. Regular, proactive follow-up of outstanding claims is critical to improve medical AR daysand efficient medical billing services. Thus, the lower the number of AR days, the faster you get paid and the healthier are the operations. Therefore, it is important to have your AR team follow-up all the pending claims, investigate claim denials, and…
Billing errors are not only bad for patients but also for medical practices. It’s critically important for healthcare providers to minimize any coding and processing errors to increase their revenue. Frequent claim denials and negligence may also trigger billing audits and investigations which may not only damage the HME/ DME’s reputation but even attract penalties and fines. With reports suggesting errors in 80% of medical bills, addressing these four medical billing errors becomes very critical. Incorrect Patient Information Accuracy is the critical part of the medical billing process. Even slight technical errors like a typo can result in claim denials.…
Claim denials can be frustrating for any medical practice. They not only lead to high administrative costs but also impact your reputation as a reliable healthcare provider. In addition, appealing denied claims can be a time-consuming process, straining an already overworked administrative team. We identified the 7 most common reasons for claim denials to help you plug the gaps and manage the process better. Incorrect or Missing Patient Information A simple typo can trigger an immediate denial. An omission or incorrect information entered by a provider or patient (missing payer ID, incorrect plan code, no social security number, name, address,…
Insurance verification is the first and most significant step in the medical billing and coding process. Today’s continually changing and increasingly complex healthcare environment requires, more than ever, close attention to validating coverage, benefits, co-payments, and deductibles. Thus, it becomes crucial that medical care providers understand the insurance verification process and its importance in the healthcare industry. Insurance Verification Process Simply put, insurance verification is the process of contacting the insurance company to determine whether the patient’s healthcare benefits cover the required procedures. Also, it is necessary to complete insurance verification before a patient receives medical services. Failure to do…
In the past, most DMEs, HMEs, and practitioners were doing their medical billing in-house. However, more recently, with ever-changing regulations in the medical business, implementation of the complex ICD-10/ ICD -11 coding system, and a federal mandate to implement EHR (Electronic Health Records), various companies are now outsourcing their medical billing requirements. In fact, the global medical billing outsourcing market is expected to reach $19.7billion globally by 2026. Technology is the key for DMEs and HMEs to automate the back-end revenue cycle process, either in-house or through outsourcing. What matters most is what’s right for your practice. We’ve outlined a…
Medical billing can be demanding and challenging! This is true especially for small medical practices like HMEs and DMEs where a major challenge with their in-house medical billing services is the management of human resources. Outsourcing the medical billing process allows your human resource management department to contribute to the bottom line in many ways. It does not just address key aspects of HR's traditional roles like high employee turnover, retention, and other administrative tasks. Instead, it allows HR to efficiently ensure billing compliance with HIPAA Security Rules. Key Benefits of Outsourcing Medical Billing Process Efficient HIPAA Security Rule Compliance…
Patient records, 15,085,302 in total, were breached in 2018 as per the latest Protenus 2019 Breach Barometer Report. This total number of affected patient records is triple the 2017 data (5,59,438 affected patient records). Stealing Protected Health Information (PHI) is fast becoming a lucrative business to cybercriminals. They have almost doubled the number of cybersecurity attacks to target valuable healthcare data. In fact, CNBC reported that your social security number and credit card information might fetch $2 and $10 respectively on the black market while your electronic health record (EHR) could go for up to $1,000. Today, even as most DMEs…
Medical billing is time and labor intensive, regardless of the size of your business. To successfully complete the task, you must not just have a detailed understanding of reimbursement guidelines, including Medicare, Medicaid, and commercial insurance plans, but must also be detail oriented and focused on the task at hand. Benefits of Outsourcing Rather than hiring and training a medical billing team to address your needs, medical billing outsourcing gives you access to highly experienced individuals, well-versed in the latest requirements and regulations. This not only reduces your labor costs, it give you the peace of mind that the tasks…