Technology adds strength to the healthcare industry for providing comprehensive treatment, cost-effective medicines, better services, and running business functions smoothly. These technological advancements have helped patients, medical billing staff, insurance providers, physicians, and management in their respective roles. The impact of modern technology on medical billing is enormous, and it has changed how the healthcare business functions. From automating diagnoses to processing claims, it provides tools to reduce work and burden. The impact of modern technology on medical billing is enormous, and it has changed how the healthcare business functions. From automating diagnoses to processing claims, it provides tools to…
In today's everchanging and evolving healthcare marketplace, medical billing outsourcing is no longer a novel concept. Instead, it is now considered a mainstream approach and a trump card to spruce up bottom lines. Outsourcing helps healthcare organizations generate more savings due to streamlined processes, skilled labor with specialized knowledge and experience, and state-of-the-art technologies. Hence, medical professionals, including doctors and practice managers, are embracing medical billing outsourcing unlike before. This blog will discuss the average cost of outsourcing DME medical billing services and how outsourcing works in your best interest. With ongoing market demands and a scenario where there are…
Medical billing is a complicated function, more so for DME businesses handling multiple client requirements. There are multiple challenges at different stages, including training, revenue cycle management, and denial management. Below we list some challenges DMEs/ HMEs face in medical billing. We also mention some solutions to address them effectively without affecting the business bottom line. Dealing with high attrition rates Medical billing is complex in terms of the information and data required and the need to maintain high accuracy of information. This means documents must be accurately scrutinized and the insurance information provided verified. Apart from collecting and recording…
Identifying business KPIs is the key to ensuring business goals are on track and can continue to guide the business accurately. According to Business News Daily, KPIs guide businesses in the right direction. To be effective, KPIs are typically: ● Specific: Specific KPIs are assigned numeric values or percentages. For example, ‘15 percent growth is expected in the next financial year’ is specific. However, saying, ‘Growth is expected in the next financial year,’ is vague. ● Measurable: Assigning a particular growth percentage to revenue can make it a measurable KPI. ● Impactful: KPIs must measure the impact a particular effort…
Organizations today need expertise that can smoothen business operations and help grow business steadily in the competitive market. Today’s scenario calls for better solutions to help run a business efficiently, organize mundane tasks, and focus on core competencies. It is always advisable to use a popular solution to manage your HME business and billing services. According to market analysis, HME/DMEs have problems managing recourses and completing regular tasks. Several solutions cater to HME/DME clients to perform better when faced with competition. Solution - Outsourcing HME Full Billing Services Today, outsourcing is seen as a one-stop solution for all your complex…
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…
The insurance claims process is a tedious job for several reasons. Data accuracy and claims submission needs to proceed on time for an insurance settlement. Claim denial rates are consistently high because of a lack of resources and time management. This decreases the revenue of your business. In-house claims processing teams are costlier than external teams for many reasons. Outsourcing can provide comprehensive solutions to improve claims processing and decrease operational costs. From adding resources to upgrading technology, outsourcing is suitable for any business. Outsourcing partners help in reducing in-house work and increasing insurance claim approval rates. Outsourcing eliminates the…
The success of your healthcare business depends on understanding key performance indicators and enhancing revenue cycle management. This allows you to identify areas of weakness in your organization and take the necessary steps to increase revenue. Evaluating KPIs and RCM practices will improve your insurance claim process, reimbursement procedures, and collection rate. These three medical billing KPIs and three RCM strategies can provide solutions to maintain cash flow and increase profit. Three KPIs for Improving Medical Billing Performance 1. Days in Accounts Receivable (A/R) The reimbursement process for claims takes days, as it prevents cash flow and decreases new business opportunities.…
The healthcare business management route is the chosen strategic approach to success in a competitive market. Efficient management practices can help HME/DME healthcare businesses grow. We have gathered top HME/DME management tips that can boost productivity and grow your healthcare business efficiently. HME/DME Management Tips Automation: Today's healthcare business requires the latest technology like cloud computing, AI, ERP, and accounting software to automate regular tasks and save time. Leveraging the use of technology in your healthcare business can help you to focus on core competencies. Implementing and integrating the latest technology is logical toenhance productivity andstay ahead of the competition.Accounting…
Claim denial can be frustrating. When it happens, businesses need to rework the application, often losing both time and money. Denied claims also negatively impact business cash flow. The higher the incidence of denied claims, the worse the impact on cash flow. Every denied claim is a payment that is deferred or delayed until the claim is resubmitted. Resubmitting a claim is time-consuming. Furthermore, the amount of time lapsed in claim resubmission affects the amount of reimbursement received. Claim denial management is important because: Approved claimsDelayed claims can cause a loss of revenue.Diligent tracking of patient records, invoices, and payments…