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Revenue leakages are a major concern in the healthcare industry. They are the difference in the claimed amount that healthcare providers are entitled to receive versus the amount of the reimbursement they actually receive. This phenomenon is especially common in the Durable Medical Equipment (DME) billing & coding industry because of the inherent cumbersome nature of DME billing.<br>u2022tAs per the Harvard Business Review, the top hospitals have lost hundreds of millions of dollars of income due to revenue leakages.<br>u2022tAs per American Hospital Association, all kinds of U.S. hospitals reported approximately $620 billion in uncompensated care costs since 2000.<br>Top reasons why revenue leakages happen in DME billing and coding:<br>u2022tDenial of claims: 20% of all revenue loss is due to denial of claims. Claims can majorly be denied if:<br>1.t<br>1.t<br>1.tDemographic Information of the patient is incomplete.<br>2.tInformation is missing or invalid.<br>3.tMedical Necessity of DME usage is not clearly mentioned.<br>4.tCPT code, Modifier, PIN, or NPI is incorrect or missing.<br>5.tDuplicate claim or service is found.<br>u2022tInaccurate codes: Another common reason for revenue leakage is incorrect coding of accessories or equipment. Only when the DME biller identifies the right HCPCS level II codes and sends over the claim with authorization paperwork, the insurance company will pay the claim.<br>u2022tNon-compliance: All the guidelines laid down by the Health Insurance Portability and Accountability Act (HIPAA) and the Office of the Inspector General (OIG) must be followed to the last bit in order to prevent complete rejection of your claims and thereby leakages in revenue.<br>u2022tLack of real-time monitoring: Thereu2019s no substitute to correct and real-time data. If thatu2019s not available and there are discrepancies in your data, be sure of major revenue leakages. Why? Because without real-time data, decisions will not be backed up by accurate data. For example, if the insurance policy does not cover a specific treatment, this can be communicated to the patient and the provider beforehand so that there are no issues in the DME billing.<br>u2022tIncorrect data: Inaccurate data entry in the database can give rise to mismanagement of funds and thereby revenue leakage. Until the data is meticulously collected and analyzed by experts, error-free billing is a distant dream.<br>u2022tFailure to Follow-up: Failure to follow-up regularly can sometimes lead to non-payment of claims. If thereu2019s a delay or the claims are outrightly rejected, DME billers need to follow up or resubmit the claims to avoid revenue leakage.<br>u2022tLack of expert guidance: By now you know that DME billing is an exhaustive process and must not be handled without expert guidance. Revenue leakages mainly happen when non-professionals venture into it and do not adopt DME billing outsourcing. Billing professionals can help you avoid errors, identify loopholes, get payments on time, manage denials and rejections of claims, and streamline the entire billing process so that you receive the payments you deserve.<br> <br>The first step to avoid all forms of revenue leakage in DME billing and coding is to identify the loopholes. By giving the process in the hands of experts, you ensure that youu2019re focusing on what youu2019re best at u2013 treating patients, which by the way will lead to revenue generation in the long run.<br>
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Credentialing for Durable Medical Equipment Supplies Durable Medical Equipment (DME) billing & coding http://www.247medicalbillingservices.com Tel: + 1 -888-502-0537
Credentialing for Durable Medical Equipment Supplies http://www.247medicalbillingservices.com Tel: + 1 -888-502-0537
Credentialing for Durable Medical Equipment Supplies How and whom to approach for DME billing credentialing? Finding the best insurance company to network with is a long and tough task as well. You should tie up with both private and public companies of various types and allow patients to use their insurance card with you. You can see certain small insurance companies that have more employees, which yields great profitability to your company. You should consider such companies as well. Therefore, the list of insurance companies you collaborate with should be a combination of all three to engage more patients using your facility for consultation and medication. What is the process of obtaining DME Billing credentialing? First, you need an office space for establishing your business.Open a bank account for your business.Acquire a business name for your organization and a stabilized location. Now you require licensing information, background, portfolio, website, company safety insurance. Make sure that you have the application signed and legally documented and obtain a unique Federal Tax ID#. The approval/denial of DME billing provider credentialing takes at least 90 to 120 business days for 8–12 carriers. You receive a contact form to be duly signed by you and sent back to the insurance company, and in the next 30-60 days, your contract gets confirmed. Remember that it is not a wise idea to acquire networking with an insurance provider after you establish your company and run the business as usual. http://www.247medicalbillingservices.com Tel: + 1 -888-502-0537
Credentialing for Durable Medical Equipment Supplies How to begin with the credentialing process? Instead of getting involved by yourself in the credentialing process, hire specialists who can take your burden on their heads. Leave the entire process to them right from acquiring the insurance partner, application form filling, and follow-up with insurance companies and focus on your potential customers. There are many agencies available for handling the same. First select companies that are mostly within your proximity or in main areas of the city and get quotations from the shortlisted ones. Finally, choose the one you are comfortable with. Conclusion: 24/7 Medical Billing Services is one such company that has met all the aforementioned expectations and gained expertise over time. The process was initially so crucial because you will be in an urge to establish your DME billing company. The secondary aspect of your focus should be on hiring a team that can work without compromising on quality and service, whereas the first comes to the insurance provider. Be sure about your needs and what could make you successful before you begin with. Definitely, it will help you gain popularity and potential customers, vendors, or suppliers as a betterment. 24/7 MBS is successful because of not only their quality of service but also staying in line with the latest trend and wish to be up-to-date in every stage. http://www.247medicalbillingservices.com Tel: + 1 -888-502-0537
About 24/7 Medical Billing Services: 24/7 Medical Billing Services is the nation’s leading medical billing service provider catering services to more than 43 specialties across the entire 50 states. You can rely on us for end-to-end revenue cycle management. We guarantee up to 10-20% increase in the revenue with cost reduction of your practice for up to 50%. Call us today at 888-502-0537 to know more on how we can help boost profitability for your practice. Media Contact – Hari Sudan, Media Relations, 24/7 Medical Billing Services, 16192 Coastal Hwy, Lewes, DE – 19958 Tel: + 1 -888-502-0537 Email - info@247medicalbillingservices.com http://www.247medicalbillingservices.com Tel: + 1 -888-502-0537
