- February 20, 2022
- Posted by: Josh Knoll
- Category: DME Billing
We are at a peculiar juncture in time. On one hand, we have only started to recover from the threat that the pandemic had brought with it to our lives, work and economy. On the other, specific business sectors are showing signs of promising growth. Take the example of the DME or Durable Medical Equipment sector. According to a new analysis by Emergen Research, a well-known market research and strategy consulting company, the global market size for DME is expected to touch $305.17 Billion by 2028.
Among giving a major reason for rejoicing to those involved in the business of prescribing DME products and equipment to their patients, it also triggers a cause for concern for many. As the US job market continues to struggle out of the doldrums that the pandemic has thrust it into, the availability of skilled billers and coders to handle DME billing requirements remains a nagging problem.
To make matters worse, operational costs are also spiraling upwards. A certified coder or an experienced biller, even if you were able to find one, can ask for a paycheck that can bite a large chunk off from your overall profitability. And of course, more the volume of DME billing increases in your organization, more your operational expenses continue to swell. It’s a simple correlation.
The analysis by Emergen also predicts a steady CAGR (Compound Annual Growth Rate) over the next 7 years. An irrefutable testimony that attests this growth can be found in the steadily increasing number of care centers for the disabled, for surgical and outpatient services, hospitals, and care homes for the geriatric population. Add to that the prevalence of cancer, cardiac, ophthalmic, neurological and gynecological ailments, an increase in general life expectancy and the continuous technological advancements in medical equipment engineering and manufacturing, and it’s easy to see why DME is poised for such a tremendous growth in the coming years.
So, now that we all know that the DME industry is going to get pretty big in a few years, the question that DME providers need to start asking is how well their billing operations are prepared to meet the rush. In many cases, in-house billers and coders, who have been preparing and submitting claims for DME products and equipment for many years, are suddenly finding themselves struggling with outdated knowledge, frequent denials and a constant need to cope with billing regulations and Payor requirements that keep changing at an alarming rate.
In the face of such crisis, which is already present and promises to assume more alarming proportions in the coming days, a growing number of healthcare practices in the DME space are making the switch to outsourced DME billing services. The benefits are more than one, and immediate. From a drastic reduction in the cost of operations, to a noticeable reduction in claim denials or rejections, to an almost instant increase in the collection rate – with a professional and capable billing partner, the DME sector stands only to gain. In the final analysis, it is safe to state that outsourcing one’s billing requirements is no longer a matter of luxury, but a choice of necessity. Your consistent profitability hinges majorly on having a dedicated billing partner by your side.
Josh Knoll is a senior RCM analyst at Sunknowledge® Services Inc. which has been at the forefront for more than 16 years in providing 3600 support in medical billing and coding for 28+ specialties across US, with 100’s of excellent references from some of the very best names in DMEPOS, HME, Hospitals, Urgent Care Centers, Nursing Homes, Physician Practices, Orthotics & Prosthetics, Cardiology, Gastroenterology, Anesthesia and many more.