It is true that COVID 19 is creating unique RCM challenges with resource allocation as well as patient financial responsibility. We just saw in the distant past on how the stock prices of some of the major for-profit healthcare systems including Community Health Systems as well as Tenet healthcare Cooperation fell almost abnormally.
Clearly, there will be a cautious approach as far as any mergers and acquisitions activities with the DMEPOS market. Deal sizes will be relatively smaller and here will be some serious attention in the respiratory devices segment.
Healthcare providers all around have to look to rapidly implement a plan for emergency preparedness. Keeping your billing office running is the key to keeping practices open for individuals requiring care.
Having a decisive action plan for securing reimbursements
CMS has already proposed to increase the in-patient Medicare reimbursement by 1.6%. The proposed rule will be creating a new reimbursement category for the CAR T- cell therapy, as well as new tech, add on payment for antimicrobial use.
It is exciting to see that the industry still looks to revive as the CMS suspended the Advanced payment program for Part B suppliers, physicians, and non-physician practitioners. Clearly, as a DME supplies provider, you must make all the efforts of utilizing resources that are remote, offering you consistency and trust in your front end/ back end DME billing mandates.
A team that understands and offers the right support by understanding the present dynamics with revenue cycle management will be a key consideration.
Accuracy in your DME billing will be critical
With unemployment and staff shortage still a huge worry area, a mobile DME billing team that understands your protocols delivers you seamless communication standards will offer great value. Finding a dedicated team, offering customized support in front and back end DME billing quickens your reimbursements keeping you in good shape at these trying times!
Accountability with patient information, following a consistent process with people working specifically on your eligibility checks, authorizations can help you reduce your days in the A/R. What more can you ask for if you find resources at next door rates?
Hiring a DME billing team will be worth an investment
At this current pandemic time, finding a reliable partner that understands your systems, accustoms immediately will improve your chances of eliminating process gaps that are leaking your money. It gives you the opportunity to stay ahead of the competition by offering competitive support.
Presently, with the current situation of social distancing becoming the preferred means of living life, to meet your everyday patient priorities of delivering the logistics support with home care, outsourcing of your DME billing worries to a specialized team can offer unmatched value!
To conclude, investing in a team of DME billing experts can be a blessing and a great strategic move to consolidate and expand in this vulnerable market. It gives you the flexibility to improve your financial viability and continue looking for opportunities for growth with a consistent flow of money which was leaking due to faulty systems.