A variety of complex tasks is handled by every in-house HME billing service team every day like data entry, verification of document, complex prior authorization process, claims and denial management and many more. This list is lengthy and is often complicated by everyday hurdles. The HME billing services is very different from any other medical billing and coding process and working on this domain is no easy task, as it requires in-depth specialized knowledge of all HCPCS Level II codes. Furthermore, inaccuracy in the HME billing services can lead to hours of rework, delayed accounts receivable and also complex reimbursement; which is another challenge. This is why healthcare providers find outsourcing a more convenient solution for their HME medical billing process.
Outsourcing your medical billing not only provides you with high-quality services and more time to focus on your core competencies but also helps you address other issues like staff wages, benefits, infrastructure etc.
But the real challenge of outsourcing is finding the perfect operational extension with qualified professionals that help you in denial management and get your claims out of the door in an efficient timely manner. Though today most of the healthcare providers are into outsourcing which guarantees a better ROI, there are few of the important points that one needs to keep in mind before choosing an operational extension.
Outsourcing checklist:
Cost effective solution- The deciding factor in any business is always been the monetary aspect. Healthcare originations often get confused in opting for in-house or outsourcing. Streamlining an operational system can save a lot of money. In reality outsourcing medical billing does save a lot of money.
Experience with Skilled resources – hiring an in-house employee for any medical billing process is quite expensive than outsourcing due to its employee wages, benefits, training cost etc. In fact, in most circumstances the in-house healthcare employees have to go through the training process, software knowledge etc; costing a lot of money and loss of time too. However, in outsourcing you have the advantage of trained medical billing employees for medical billing software, no extra training cost headache etc.
Collection rate: it is often seen that in-house staffs are too slow in collecting the fee from the responsible sources. Whereas outsourcing organization is specialized for such services with a dedicated team only for the collection.
Efficiency denial management: a denial management specialist is always necessary as denial claims can rapidly add to your cost to collect and also your account receivable cycle. Outsourcing offers specialists who can quickly analyze your denial claims and work accordingly in order to reduce aging AR.
Robust reporting– Experience has shown that reporting plays a major role in helping the organization getting a clear picture of its work progress, which in the in-house billing system is rare.
Dedicated manager – to save on the cost of the in-house billing system, it is often seen that a single person is handling almost all the billing processes resulting in delayed and sometimes errors. This is why outsourcing organization with dedicated managers to support the client’s requirement is an advantage. As managers take complete ownership and are responsible for delivery, it helps clients focusing more on patient care and ensures ease of communication as well.
Compliance- a complete HIPAA compliance is one of the most important criteria in the checklist of outsourcing your medical billing operational extension.
With all the above checklist, Sunknowledge Services Inc not only fits today’s healthcare providers requirement but has excellent industry reference. With more than 100s of satisfied clients for its customized HME billing solution, Sunknowledge offers standard pricing and quality assurance with a complete operational transparency. Being competent to sustain the track record of an instant 80% reduction in operational cost and 99.9% accuracy rate in all the billing and coding process, Sunknowledge has working experience with both payers and providers. Immediately increasing your collection by 80% within the first 30 days by getting your prior authorization accurately approved, Sunknowledge is the RCM organization with the highest productivity metric.
Hence to experience a streamlined operation for your HME billing services and financial upliftment, get in touch with Sunknowledge experts over a no commitment call.
