Tips to Manage DME Billing Denials Efficiently

The current landscape of Durable Medical Equipment (DME) is more challenging than ever. Skyrocketing healthcare costs have pushed medical practices into a precarious position today. According to a recent MGMA (Medical Group Management Association) poll, a staggering 90 percent of medical practices reported that their costs are escalating faster than their revenue, while only a mere 10 percent claimed to be on par or ahead in this financial race. As practices grapple with the financial impact of these rising costs, another factor is quietly exacerbating the situation: denials. These are the cracks in practice management that go unnoticed, resulting in significant financial leakages over time. These missed opportunities can be detrimental to profitability and wreak havoc on cash flow. By taking proactive steps to identify and address such cases in time, DME practices can not only effectively boost their overall revenue cycle but fortify the financial standing too.

Strategies to Rectify DME Billing Gaps

• The Power of Timely Billing – The billing process is the heartbeat of revenue streams, and timing is of the essence. Delayed DME billing or failure to address rejections promptly can lead to revenue hemorrhage due to incomplete filing of denials. Late and erroneous billing not only irks patients but also places practices at a disadvantage, as timely vendors get priority, leaving tardy invoices overlooked.
  To prevent this loss, medical practices must prioritize prompt processing of charges and accurate posting of payments. This directly impacts invoicing schedules for patients.
  Streamlining billing processes through meticulous attention to accuracy and timeliness ensures the capture of all potential revenue opportunities. Daily payment posting is crucial to ensure efficient handling of secondary billing, claim management, and denial resolution.
• Cracking the Right Code – Effective coding management is a linchpin of revenue cycle success. Each denial represents an opportunity to reclaim revenue, and leaving them unresolved comes at a cost of $25.20 per denial, on an average. Capturing codes accurately and crafting corresponding follow-ups are essential for targeted resolution. Each DME product like walkers, crutches and the like has its unique code which must be correctly incorporated to ensure efficient handling of seamless DME billing transaction.
• Perfect Documentation – Documentation, when done correctly and accurately, can be a boon to effective revenue cycle management. However, misused or improperly configured data or documentation in DME billing can exacerbate revenue management woes. An in-house resource lacking workflow prompts or consistency in processes equates to nothing more than missed revenue opportunities. This is why DME providers should engage with alternative experts like us to ensure that the DME billing workflow is configured for maximum productivity and automation. Sunknowledge, in short, is a one-stop RCM solution for harmonious integration of billing, claim management, and denial resolution, minimizing errors and enhancing information flow.

Sunknowledge – The Key to Seamless DME Billing Operations

Taking care of all your pre and post-billing work, Sunknowledge Services Inc. is your definitive fix for all revenue losses, addressing denial root causes and other billing problems, and ensuring that inadequate workflows are eliminated to reduce financial losses and operational inefficiencies. If you want such issues addressed, head to Sunknowledge. We not only improve your financial health but also ensure a cost-effective billing solution by charging only $7 on an hourly basis.

Partnering with us can help you relax as we are here to manage all your billing and practice management worries including billing delays, an unorganized approach to denial processes, inadequate technological support, and poor patient satisfaction. Say goodbye to revenue leakage and start your journey along the path to financial resilience – only with Sunknowledge!