Seamless HME billing is critical for your revenue cycle. Today, HME businesses face barriers to success such as competitive bidding, reduced reimbursements, rising labor costs, these put extra pressure on the existing staff.
Even if your in-house staff can handle effective billing, the frequent changes in regulatory guidelines are bound to overwhelm them at a certain point. The outcome? Building backlogs, surging turnover and ultimately your practice is losing revenue. Furthermore, it will also result in reduced quality of patient care.
Now the question arises, “how I can be sure that I need outsourced medical billing services?”
Indications that You Need Outsourced HME Billing
- Higher AR days: Accounts receivable is the money owed to your practice from an insurer. The aim is to keep the AR days lower than 60 days. The longer the owed money sits in AR, the longer you go without receiving reimbursements. If your AR days are more than 90 days, it is time to focus on the core reasons of the same.
- Administrative strain: Effective HME billing is paramount for your business’s financial health. Staying up to date on the latest changes in coding and retraining your staff seems like a never-ending battle. Also, high staff turnaround and the chase to build and train your team can waste so many resources at your practice.
- Sky-scraping overhead expenses: In-house billing services for HME not only about reimbursements rendered- operational expenses are also a critical component. Medical billing, staff training and retention costs are integrated within the practice's overhead expenses.
- Poor collections management: Patient payments are increasingly important to a practice whose patients are signing up for high deductible coverage. When a payment gets to collections, it becomes much more difficult to collect. The way your practice can manage difficult collections will determine the number of payments you receive.
- Increased denials: Claim denials in healthcare billing are inevitable. If the reasons for these denials are not analyzed accurately, you might lose potential revenue. The financial wellbeing of the practice will deteriorate along with the quality of the services. So, if you are experiencing an increased denial rate, you know it's time for outsource.
Optimize the Revenue through Outsourced HME Billing
Is outsourcing HME billing right for you? Well, there is no magic bullet. If the pain of high claim denials and low team spirit is too much, then it is the time to explore outsourcing.
With outsourced medical billing and coding team, you will get an external operational hand. A team of professional billers and coders has the knowledge and understanding of constant regulatory changes in billing for HME.
Furthermore, your overhead expenses generated from staff training, retention and engagement will be reduced. A reliable partner like Sunknowledge Services Inc, will provide you with a full-service billing facility for your HME business. For 15+ years, the organization has worked with both payers and providers in the industry with great reference.
By leveraging the industry-leading technology, strategic partnerships, a team of dedicated employees – outsourced healthcare billing team can resurrect your revenue. Along with that, you have more time to focus on your core competencies.
You can discuss the entire process over a call with Sunknowledge team, to understand why they are the forerunner in revenue cycle management services.
