- June 9, 2022
- Posted by: Josh Knoll
- Category: DME Billing
DME Billing in 2022
Maintaining a healthy state of collections from revenue generated by providing services, is something that concerns all. It is no different for DME (Durable Medical Equipment) providers. However, the chief driving factor in the scheme of things, viz. DME billing, is an area that is increasingly becoming problematic. And the reasons are not hard to see.
To begin with, the U.S. economy is currently struggling with inflation. Prices are soaring across all sectors of business and economy. Supplies are low and demand is growing. The market is yet to recover fully from the impact of the pandemic. To make matters worse, there is a distinct labor shortage. Many of those who were engaged in billing and coding have left their jobs, found alternative employment or simply gone into retirement.The billers who are still available, are demanding salaries that are way more than the pre-pandemic days.
The Light at the End of the Tunnel
As finding resources from within the U.S. labor market keeps getting increasingly difficult, and keeping operational cost under control ever so hard, a large number of DME businesses across the U.S. are choosing to outsource their billing operations to offshore billing agencies. One of the immediate advantages of such a move is the substantial saving that DME providers are able to enjoy in the cost of operating their businesses, especially in the billing and collections department.
The benefits, however, don’t stop there. Having a specialized billing partner to work for you can help to streamline and optimize the entire revenue generation cycle. A carefully selected billing partner, with specialized knowledge in DME billing and collecting reimbursement from insurance payers, can help to reduce denials, diminish the accounts receivable bucket, increase the first pass rate for submitted claims and improve overall collections. And these are some of the things that can go on to build what one may call, pure DME billing bliss!