The global DME/HME billing outsourcing market is expected to reach $19.7 billion by 2026, growing at a compound yearly growth rate of 11.8%. Furthermore, according to statistics, the front end services dominated the worldwide medical billing outsourcing market last year, while the end services are predicted to see the highest compound annual growth rate of 12.4 percent or higher through 2026.
According to a Grand View Research survey, one of the reasons why more and more healthcare practices are opting for managed care is the mounting problems such as:
- Many payers
- Ever-changing medical codes
- Complex billing requirements
Finding solutions to reduce inappropriate payments is one of the most difficult tasks for many HME providers today. Many suppliers are now looking for ways to strengthen their RCM efforts with the assistance of a dependable outsourced partner.
A reputable vendor that provides HME billing support assists providers in reducing practice management issues by acting as a complete extension of their existing operations. It assists providers in striking a balance of competence and experience in their HME billing method that can best change their income stream.
Inadequate Transactions Are a Huge Concern
The most recent rate of inappropriate payments, particularly for Power mobility equipment used in homecare, is a startling 47%. A lot of it is due to a lack of paperwork, as well as not giving the correct information to the providers advocating the medical necessity.
As a result, it is well understood that the challenge lies in striking the right balance between pre-billing attempts and doing everything possible to standardize operations such as
- Enrollment substantiation
- Prior authorization
- Order entry
- Doctor’s office follow-ups
lay the groundwork for a relatively clean claim submission.
Identifying a partner who can help you alter your HME billing
In many ways, having a dependable partner that can handle all of your practice management concerns in HME billing will be a big benefit. The proper partner may significantly add value by acting like your operational arm. They provide you with specialized help to avoid proven difficulties and fulfill tasks in post HME billing with denial management, accounts receivable collections, and payment posting.
It is also important to find a partner that can help you lower your daily expenses and focus on your key obligations of patient care. At the end of the day, all you want is to get paid on a consistent basis for the services you have rendered.
Streamline your HME Billing Revenue with Sunknowledge
Sunknowledge’s advantage will help you increase your ROI. Our team believes in serving as a dependable operational extension. We have been doing so for some of the most well-known names in the DME/HME industry. Working with us will be the greatest part because of our specialized account management and personalized reporting standards, which are a trademark of our trust and competence. As a HIPAA-compliant destination, we optimize your cash flow by providing unequaled pre and post DME/HME billing support.
Sunknowledge Services Inc. is committed to serving you as an extension of your operations with trust and excellence. We have a footprint that stretches from east to west, work across jurisdictions, and provide stand-alone/end-to-end assistance with high operational transparency and productivity requirements.
With rates as low as $7 per hour and high production standards, Sunknowledge claims to save HME billing costs by 80%. In addition, we provide unrivaled freedom with no binding contracts, specialized account management, and tailored reporting standards.