DME Revenue Cycle Management: What to look out for?
Regulations in healthcare change constantly. Advancements in technology and medical procedures have forced the billing regulations to change as well.
From CMS (Centre for Medicaid and Medicare Services) implementing value-based care over a mass scale to introducing new bundled payment method, the healthcare landscape witnessed a revolutionary transformation.
This transformation forced medical providers into leaving behind conventional methods of billing and opt for new and advanced billing techniques. For small and medium scale medical practices, this change proved catastrophic and instead of investing in these methods, they started outsourcing the medical billing services.
Outsourced medical billing services are well organized and keep up with the latest trends in the healthcare system. When it comes to billing for durable medical equipment, all this becomes important. Here are some things that medical providers should look out for while dealing with DME revenue cycle management.
With denial analysis and management finally seeming to be streamlined, the implementation of latest technology might become more prevalent in healthcare practices to reduce claim denials and keep DME revenue cycle management smooth for both the payer and the provider.
In 2018, CMS demanded transparency in prescriptions and procedure costs from all medical providers. The step was taken so that patients may become more informed and aware of what services are they paying for. This urge also enhanced the quality of treatment in the long run.
Though this procedure remains a matter of debate, price and transparency are important in order to enrich patient experience and streamline practice operations along with assistance in financial management as well.
Healthcare organizations look for ways to gain insight into the patient and payer data to develop strategies and deliver better healthcare services. Predictive Analysis is one tool that will help determine the payment schedule and assist in predicting the payment structure for the coming month. This will also help develop a strong strategy beforehand.
Forecasting payment trends and keeping a tab on patient behavior can help medical practices run smoothly and be more efficient.
Outsourcing DME revenue cycle management
With the healthcare system being intricate, analysis and resolving financial issues can be a big headache. Durable medical equipment billing demands accurate and pro-active approach to healthcare which is available with the providers of DME revenue cycle management services.
Bikham Healthcare offers comprehensive solutions for DME healthcare practices of all sizes. You can completely rely on our revenue generation capabilities. The team of certified and expert medical billing and coders implement HIPAA compliant procedures and strategies to ensure that your operations are streamlined and you can better focus on patient care. Visit www.bikham.com for more information.