Outsourced HME billing is on the rise. The global medical billing outsourcing market is predicted to increase to $9.528 billion in 2021, up from $8.415 billion. At a compound annual growth rate (CAGR) of 13.2% and the pandemic has only accelerated the expansion of outsourcing.
Due to the financial issues that healthcare organizations and their CFOs confront, almost 90% of healthcare leaders are exploring outsourcing in both clinical and non-clinical services in addition to cost and usefulness. Furthermore, rising labor costs often consume more than half of a healthcare practice’s operational revenue, forcing them to reconsider the role of in-house billers and coding personnel.
The healthcare segment is expected to have the greatest revenue share of 47.2% in the HME billing outsourcing market in 2020 as a result of being the prime consumers of outsourcing services due to high claim volume. Reprocessing claims raises expenses because billing employees must spend more time on underpaid claims.
However, regarding the financial reality, providers should look for ways to simplify and streamline complicated processes, and outsourcing is now the most cost-effective option. Outsourcing your HME billing operation or any other medical billing specializations to a third-party RCM solution will not only assist you in determining the correct balance of automation and technology, but can also assist your practice in focusing more on patient care.
Furthermore, proper operational extension may assist your organization in overcoming the hurdles of fragmented EHR and platforms in order to enhance revenue cycle management without the need for costly technological repairs and integrations.
The question is: How do you pick the best RCM?
Tips for Selecting the Best RCM Solution
Compliance with HIPAA
When selecting an operation extension for your HME billing management, comprehensive HIPAA compliance should be at the top of your priority list. It is critical to protect people and personal information’s privacy during the HME billing process flow, just as it is during the data sharing procedure. Furthermore, the data must be secure in order to prevent fraud and the laundering of needless information and revenue.
Front-end and back-end support crew
Effective reimbursement is dependent on a smooth and effective billing procedure. An HME company should always look for an experienced team to handle their billing operation, as well as professionals who fully grasp insurance, payer regulations, evolving DME/HME billing laws, updated codes, and so on.
RCM providing the highest levels of output
An RCM solution that supports you in eliminating all needless costs while lowering overall operational expenses is essential. As it not only assists the practice earn more but also guides them in investing further to enhance healthcare life and treatment method. In addition, an RCM solution with the best productivity metrics ensures fewer backlogs or lost revenue, both of which are critical to a healthy HME billing operation.
Exceptional interpersonal and reporting skills
Effective communication and customized configuration are necessary in order to reduce the loopholes in your HME billing and coding process. As they play a vital ingredient in decreasing DOS, billing errors, denial, and claims rejection.
Aids in better patient care management
Improving your key performance indicators (KPIs), such as
- Data and coding accuracy
- Lower denial rates
- Improvement in DSO coupled with prompt appeals
RCM that assists in focusing on the patient care/clinical side of the business is also vital.
Excellent references from the industry
An industry reference not only helps you gain feedback on the work that you will receive if you choose the services of the RCM operational extension. But it also tells you if the operational extension is worth a shot and if you are squandering your money.
Key Points to Consider
- According to HME billing trends for 2021, the medical billing outsourcing sector will be worth roughly $16.9 billion.
- In this era of escalating healthcare expenditures and administrative burden, outsourcing RCM assists healthcare businesses in improving KPIs.
- Many businesses have adopted offshore business techniques, either directly or indirectly, because they are more efficient and cost-effective.
- The dominant players in the outsourcing sector might save you a lot of money while increasing your earnings.
Sunknowledge: The Epitome of HME Billing Center
Sunknowledge has worked with top-tier urgent care providers and payers and has a best-in-class first pass record of 96%. We’ve established tailored processes to reduce billing and coding errors by adopting what we’ve learned from payees. We are a group of more than 4,500 highly qualified and experienced billers and coders who serve as an operational extension for healthcare businesses. We are the only RCM support provider that offers a complete package or services a la carte. We charge as little as $7/hr or 1.99% of collections.
We can provide you with any support that you may require operating remotely. We would like to get in touch over a phone call to present our range of customized services. This will help us both to understand how easily our systems could be integrated for achieving competitive advantage. Our proficiency and dedication will help you boost your revenue collection. Also, with the burden of HME billing gone, your staff will be able to divert their focus on patient care.
We’d like to give you a thorough preview of all we have to offer. Our professionals are only a phone call away. Contact us to see how we can help you boost your collections from HME billing. If you want to gain a competitive advantage in these difficult times, we are your one-stop HME billing destination on all accounts.