Durable Medical Equipment billing workflow ensures an effective Revenue Cycle Management process. Moreover, with the minimum of errors in your DME billing, the process for claims management and thereby the Accounts Receivable collections also improves impacting the Revenue Cycle Management process providing for healthy cash inflows. Let’s see what are the necessary ways to ensure that your DME billing process will help speed up the AR collections?
Here are some of the five simple effective ways to make your billing efficiency and thereby to speed up the AR collections at your practice.
Eligibility Verification of insurance coverage:
This is more necessary to ensure that when the Durable Medical Equipment services are billed, patient’s insurance coverage has been verified and the services, equipment are covered by the insurance or Medicare. If not, this could lead to delays in payment and re submissions which could prove costly in the long run.
Stringent Coding:
Coders need to be well versed with the coding, especially when it comes to DME services and the equipment used. The minor error in just a transposed number in a claim code, or even entering an outdated modifier, can lead to a rejected or denied claim, leading to a loss of timely reimbursement.
Effective Claims Management process:
Follow ups are very essential for an effective Billing workflow and AR collection. It is known that many Durable Medical Equipment services lose an average of about seven percent of their reimbursements due to rejections and or denials and no follow ups of the claims. This ineffective claims management process is costly to the RCM of any medical practice.
Trained In-house or Outsourced expertise:
No matter what you go for in – house or outsource, workers employed in handling the claims submission need to be knowledgeable about the different rules and requirements for claims submissions.
Improved Technology:
Automation in electronic Health records, enhanced Practice Management systems, improve monitoring and enable alert systems go a long way in making the claims process a much more effective and efficient system to improve the AR collections.
Conclusion
The above five point’s need not all is simultaneously be made effective as it could be a costly overhead. But, with planning and possibly even outsourcing just the billing and or the claims management process, your DME services can be made to be more efficient and thereby a much more effective AR collections process can be implemented. The bottom line is to see that your reimbursements keep flowing in to provide for a healthy and profitable Revenue Cycle Management process.
Schedule a Strategy Meeting to know how to improve your Durable Medical Equipment billing efficiency and to speed up the AR Collections.