- August 8, 2022
- Posted by: David Smith
- Category: HME Billing
HME billing and minimum wages
The last major revision in minimum wages in the U.S. took place in July 2009. Since then, the federal minimum wage across the nation has been $7.25 per hour. A lot of water has passed under the bridge since then. The pandemic has been a major disruptor, causing major upheavals in the job market. To counter its effect, and to combat the current inflation, the cry for increasing the minimum wage is being heard loud and clear. In California, health care workers are demanding, and in some areas being granted, a rise in minimum wages. This is slated to go up to $25 per hour.
When implemented in a larger and wider measure, this will be a kind of change that will impact HME providers in a serious way. One thing is certain – the bottom line is scheduled to take a hit in a big way. One of the areas that will especially be impacted is the billing and collections department. HME billing is a demanding process, requiring a full panel of trained personnel. Building and maintaining such a team will now entail extra cost for the business owner. So, is there a way to sustain operations without sacrificing profitability?
Towards more economical HME billing solutions
The answer lies in strategic offshore outsourcing of key HME billing tasks to low-cost service providers. Outsourcing of business processes is not a new thing and has been around for decades. But at no time in the past has it been as crucial as now. Simply put, offshore outsourcing is an extremely viable option for HME practices looking to decrease operational expenses, bypass the scarcity in the local labor market and yet, get all their billing taken care of in the most efficient manner.
Professional, specialized intervention brings with it an ameliorative effect that extends far beyond simple savings in operational cost. Having dedicated and skilled personnel working for you in billing & collections, can lead to the entire revenue cycle getting more streamlined and efficient. Many of these service providers have established themselves as bona fide billing and denial management experts in the HME and DME sector, managing the revenue cycles for some of the biggest and largest companies in the U.S. today. Indeed, it would be an unfortunate overlook for any HME business to ignore the many benefits that such outsourcing brings with it.