The global market for the durable medical equipment (DME) is predicted to reach up to USD 246.6 billion by the year 2026, according to a survey done by the Polaris Market research. This is only due to the benefits that DME products like wheelchair, nebulizers, canes, crutches, walkers etc have on peoples.
Apart from making people’s life easy, the DME products also help these patients live a life without much pain making them independent. Besides the above benefits, technological advancement in the DME medical equipment is also other reason for the rise of the DME market and of course, the rising geriatric population. As old people are more susceptible to chronic diseases, requiring extended care that involves more of the DME products for leaving an easy life.
In fact, a survey by the World Health Organization is projected that the number of people belonging to the age group of 60 or above is to reach 1.5 billion by the year 2050. The survey which was done by the World Health Organization also says that between 2015 and 2050, the proportion of the world’s population over 60 years will almost double from 12% to 22%; thus creating a market for more and more DME related products.
However, as the demand for the DME products are rising, all the healthcare providers is looking for a seamless operational extension that can handle their DME billing process without much hassle.
In fact, here are a few pointers to choose the ideal operational extension for your DME billing services:
The Cost-effective aspect -the topmost and the first priority while choosing a DME billing operational extension should be given in considering the cost-effective factor, providing a fixed profitable productivity output
Compliance – as the DME billing process exchange of vital information happening in the process in order to avoid fraud and laundering of unnecessary information and money, it requires an operational extension that has a complete HIPAA compliance. That ensures stringent regulation keeping the information secure.
Highest Collection and productivity metrics – it is best to opt for an operational extension that offers the highest collection rate and productivity as it results in positive reimbursement.
Dedicated manager – as in-house billing experts or dedicated manager cost a huge lump of money outsourcing organization that offers dedicated account manager is always profitable.
Robust reporting – to keep track of productivity, outsourcing organizations maintain robust reporting. This reporting also helps in providing a complete understanding of the strength and area which needs more focused in order to improve the billing process, thus playing an important part in the checklist.
However, taking care of your complete DME billing process which includes:
- New patient Entry
- Eligibility and Benefits Verification
- Prior Authorization
- Medical Coding
- Claims Submission
- Rejection Management
- Payment Posting
- Accounts Receivables Follow-up
- Denial Management
- Customer Service
There are many RCM organizations that not only help with 70% operational cost reduction but also no cost dedicated account manager and robust reporting according to client protocol. Providing the highest collection rate and productivity metrics, RCM organization that provides you with a FREE Telemedicine platform to increase the volume of your patient’s intake is also available along with excellent client references.
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Photo courtesy of: Patch
Originally Published On: Patch
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