DME Market is Expected to Reach $60.2 Billion in The US by 2020
Added: (Wed Jun 05 2019)
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Even though denials can be appealed, the process will extend the time to get paid and also requires time and money to accomplish. The DME market in the US is growing and it is expected to reach $60.2 billion by 2020. Even though the competitive bidding under Medicare and other regulations are making DME sales challenging, the demand for DME continues to grow every year.
DME providers need to understand the industry really well, particularly around billing and reimbursements. For instance, if they have submitted the claim and it gets denied, they will lose out on that revenue because the product has already been given to the customer.
Considering the complexities, many DME providers choose to partner with a billing company in order to get paid on time. If you also wish to outsource this task to a third party, then here are seven tips on how to partner with the right company:
1. Make sure that the shortlisted billing company has a strong reputation in the market. Markets flooded with companies run by deceptive people, so you need to invest time into evaluating the billing partner by looking for reviews.
2. Experience matters, so choose a billing company that has been into this industry for long. Years into business are an indication that they have been keeping their clients satisfied.
3. Make sure the company has a team of certified billers and coders who have excellent knowledge of ICD-10 and who stay updated with the latest industry changes.
4. Not to forget, the company needs to have extensive experience in DME billing. This is important because billing for DME is quite different from other specialties.
5. It is important to ensure that the billing company you are hiring is responsive. Look for speed and availability and make sure that they respond to concerns quickly.
6. Check with them if they offer flexible payment options. Also, the vendor should apprise you with timely reminders.
7. Last but not the least; the billing company needs to be HIPAA compliant. This will give you peace of mind and you will be assured that the company won’t put your business or its reputation in jeopardy.
Besides these factors, you need to make sure that the billing company has a strong reputation of meeting deadlines. The team should be using the latest technology and also be offering effective denial management services.
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