- July 17, 2020
- Posted by: Thomas Anderson
- Category: HME Billing
For healthcare providers, medical billing is a vital part of the healthcare industry as it determines the economic status and the sustainability of the medical practice.
However, today the lack of expert HME billers and coders in this complex healthcare industry and the struggling economy, are becoming challenging for many healthcare providers; since providers are seen more concerned about the business side of health care rather than patient care.
Problems in the HME billing Industry:
Researchers have shown that annually approximately $125 billion are been left on the table due to poor billing practices especially due to:
Billing and coding errors – in an HME billing process, it is estimated that almost 65 percent of HME medical bills contain errors and as insurance companies are stringent on their medical billing and coding practices; even the smallest mistake leads to rejection and denial claims.
Required more time these denial claims get thoroughly checked and resubmitted for the claims to be accepted and processes. This can lead to several months wasting a lot of time and money.
Failure to stay updated with the complete process knowledge and present medical billing regulation- with the continuously changing rules and regulation in the HME billing process and the billing regulation, it becomes difficult for many billers and coders to keep a track of the present regulation; thus resulting in errors and followed by denial and rejection of claims.
However, with constant education and training about the new billing software and all the recent updates, errors can be reduced but will be affecting the overall profit of the healthcare practices as it requires a huge amount of money and time. Further, with the economy in such a delicate state, it is a risky and hectic operation for many healthcare practices if the healthcare practice is opting for in-house billing. This is why today outsourcing your HME billing practices seem to be a better alternative.
Preventing healthcare practices from losing tons of money, outsourcing organizations are not only up to date about insurance companies’ unique regulations but also with changing coding standards, billing requirements, etc. Offering a stringent check-in the billing and coding process, the RCM outsourcing organization takes complete responsibilities of ignored claims, denial, underpayments, complete data validation, eligibility/insurance verification, timely claims submission, etc.
In fact, there is operational extension taking the complete HME billing responsibilities to ensure the additional benefit like no cost dedicated account manager, highest collection rate, robust reporting according to the client protocol, and even 75% operational cost reduction.