In healthcare practice, the problem with documentation in an HME, orthotics, DME billing, and so on is very prevalent, resulting in difficult payments settlements that are time consuming and extremely expensive.
According to reports, the United States' healthcare practices frequently spend nearly three times as much on administrative work, including billing, as other affluent countries. In today's confusing world and suffering economy, DME billing is a critical component in the healthcare industry; as a result, most healthcare practitioners nowadays end up focusing only on the business side of healthcare, particularly medical billing, coding, and collections.
In fact, several healthcare firms wind up employing more people to handle correct HME/DME billing and coding processes than care providers just to fix their billing issues, to handle the billing and coding process seamlessly, and so on. Furthermore, studies have revealed that for every $1 billion in income, the healthcare profession employs the equivalent of 770 full-time billers and coders to assist them in settling the bills.
According to a recent survey, each year physicians in the United States lose around $125 billion owing to poor DME billing procedures. Especially with billing errors and a failure to stay current with current billing rules and regulations being the top two reasons contributing to the largest losses:
Invoicing problems
According to one study, 75% of DME billing comprises billing and coding errors. And, because insurance companies are so strict in the billing and coding process, even the smallest error results in rejection and refusal. While the second billing attempt is sometimes seen to take several months, it just ends up squandering a lot of time and money.
Unaware of recent billing rules and regulations
Due to the ever-changing DME billing rules and regulations, billers and coders must not only invest time and money in continuing education, software, and staff training services to stay current with current industry mandates, but also with all health care changes.
Sunknowledge: the best approach towards a smooth DME Billing
We maintain a stringent billing, coding, and collection procedure with an assured 99.9 percent accuracy rate, as well as the top productivity metrics in the market, by using experienced billers and coders. In addition to lowering your possibilities of billing and coding errors, our professionals with ongoing AR follow-up assist in collecting 80% of claims, resulting in effective cash flow for all of our clients.
Furthermore, Sunknowledge provides our new clients with a thirty-day free trial to see how we can revolutionize your billing process with effective cash flow. So why wait when you can take advantage of all of these advantages for as little as $7 per hour, or 1.99%.