In Europe, North America, MEA, APAC region, a survey forecast of 2019-2026 by the end-user (hospitals and nursing homes) stated, that the durable medical equipment (DME) market size to extend further up to USD 271 billion by 2026 registering a CAGR of 6.1%.
With the expansion in the number of aged people over the globe being one of the important factors in contributing to the acceleration of the DME market, as they are more inclined to health risks like mobility issues, diabetes, cardiovascular diseases (CVDs) and other lifestyle problems; requiring DME products for a convenient lifestyle. However, technological advancement along with strong reimbursement also plays a vital role too in the rise of the DME market further.
Even though there are sufficient resources and demand for the DME, the DME billing domain is still seen suffering a lot due to many reasons but mainly for:
Inadequate experience employee– it is said that 47% of HME providers avoid hiring new employees for any kind of HME/DME works, whereas 44% is the staffs are still the same resulting in a lack of new energetic resources in a survey of 2018. As expert billers and coder charges high, healthcare providers are always looking for a convenient cost-effective solution for their DME billing process.
Formation of backlogs – in a DME billing process backlog formation due to the struggle with payment posting, the long prior authorization process is very common, if a healthcare provider lacks expert billers and coders.
Costly affair – According to the HME News poll, it is said that non-clinical staffs get paid more than the federal minimum wage of $7.25 an hour. In fact, 62% have said paying a starting wage between $11 -$15 an hour and 16% said pays wages that are in-between $7.25-$10 an hour. This is why rather than hiring peoples and paying for their wages, training cost, other employee benefits, employee perks, healthcare providers find outsourcing as the best alternatives and a cost-effective solution.
Usage of backdated software and technology– at times due to inadequate information or lack of knowledge about software awareness drives to the unsuccessful medical billing process. Hence, reflecting on the patient’s count as well as in the revenue generation too.
Today having a complete understanding of the Medicare, Medicaid, out of pocket etc is not the only answer for generating and protecting the revenue for DME billing. In fact, for a successful seamless DME billing operation and effective revenue generation, you expect an experienced expert dealing with the entire medical billing process.
In fact, there are many outsourcing Revene Cycle Management organizations that are well versed not only in providing a seamless DME billing service but also helps in reducing the operational cost by 70%. With excellent client’s references and the highest collection rate, these Revenue Cycle Management organizations also provide opportunity with highest productivity metrics. Reducing your AR bucket they also offer a FREE Telemedicine platform to increase the volume of your patient’s intake.
This author is a professional writer who wants to explore the knowledge on the RCM industry through different article websites.
