- June 7, 2022
- Posted by: Steve Smith
- Categories: HME Billing, HME Pre Billing
State of HME Billing in Current Times
The current state of the U.S. economy, with raging inflation all around and a severe crunch in labor supply, is forcing many HME providers to opt for economical alternatives. Recruiting new resources or maintaining a full in-house staff is becoming a rapidly growing problem. Operational costs are eating into profits and often shooting through the roof. The need of the hour is to find the means that will allow providers to carry on without incurring expenses that far surpass the usual budget.
A Solution for Our Times
As a natural consequence, a large number of HME providers are choosing to outsource key HME billing tasks to offshore, third-party billing service providers. It is enabling them to enjoy benefits that they have been missing hitherto, such as a drastic reduction in operational expenses, less hassles and an overall increase in the revenue.
An external billing agency can be a veritable godsend. But, one can never be too careful when choosing one. There are practically hundreds of revenue cycle management companies out there in the market today, promising to ease your billing pains, bring you better economy and boost your collections, too. But unfortunately, many of them fail to deliver on their promises in the long run.
Choosing the Right One
Every HME business has its own set of problems and goals. However, generally speaking, they can be summed up as reducing cost, increasing collections and enhancing profitability. With these in view, the first credential that you would want to check out with prospective billing partners is their experience with HME billing and coding. It is usually advisable to steer clear of newbies in the billing business, even if you are given a great price deal.
Another major aspect to consider is the biller’s familiarity with the billing software that you use. If you are able to find a billing agency which has a good deal of experience and proficiency in using the billing software that you use, you can save yourself a lot of time and trouble afterwards. You can expect a quicker and smoother transition, and can get the show started a lot earlier.
Last but not the least, look for what other clients are saying about the services. Ask to see testimonials given by bona fide clients, and you will feel a lot more relaxed and confident in engaging the billing partner to handle your HME billing needs.