How this DME Supplier increased the revenue by 50%...
Unequaled
flexibility amalgamated with overall capability in delivering significant
solutions in DME billing services, 24/7 Medical Billing Services is a
one-stop destination providing tactical support at the best pricing norms in
the industry.
With
a dedicated engagement model, we offer DME billing services on an independent
platform and with trusted experts to empower with our integrated approach. Our
team has capability across all leading practices in this competitive scenario.
For
years, so many DME suppliers have been relying on us with their medical billing outsourcing. Here’s a sneak peek into one of the
best projects we have handled. Read on to this case study and learn more about
how DME provider in California increased their revenue by 50% in DME
supply.
Client Profile
Our
client from California is a global leader in specialty home medical equipment
with a sales pipeline that serves thousands of medical practitioners and
patients. Their product range includes: High-end medical devices that require
insurance benefits verification, pre-authorization for the submission of
complicated medical claims, specialty medical devices with a high volume of
claims. The client has service centers onshore and offshore that jointly with
patients, clinicians, and client sales force to ensure easy delivery of
services.
The Challenge
To
achieve growth with profitability, the client wanted to improve cash flows and
optimize its revenue cycle. The client selected 24/7 Medical Billing Services after a rigorous evaluation process.
The important factors for selecting 24/7 Medical Billing Services were: domain
expertise and experience in the healthcare sector; excellent analytical
capabilities; and commitment to excellence. The processes outsourced to 24/7
Medical Billing Services were:
·
Healthcare billing and collections from insurance providers and
patients
·
Sales order processing and support
The Solution
·
Risk-based rewards and penalties to align the 24/7 Medical
Billing Services team with client outcomes
·
A continuous bridge between teams and functions
·
Integration of our systems into client's existing systems and
develop new tools
·
Augmentation of capacity to handle various areas of business
that provided an opportunity for incremental collections
·
Excellent analytics to allow teams to prioritize claims with
a greater chance of being paid.
·
Creating comprehensive review systems to set up better
coordination and focus between teams.
·
Solutions for monitoring and improving process quality and
capabilities
·
Implementing governance-based solutions to handle the
client's internal stakeholder support and communication, along with oversight
of plan execution.
Extended Support
24/7
Medical Billing Services extended the client's business by transforming its
revenue cycle operations, therefore increasing collections, accelerating cash
flow, and improving customers service at reasonable costs.
Benefits Delivered by 24/7 Medical Billing Services
Ø
Increased Collections
·
24/7 Medical Billing Services committed to a particular
collections increase
·
24/7 Medical Billing Services set an analytics-driven
collections strategy
·
Process re-engineering, technology enhancement, and changed
work plans helped increase collections by 25%
·
Overall revenue increased by around 50%
Ø
Improved Velocity and Visibility
·
We improved the order-to-bill process and developed solutions
with improved collection velocity using various tools and IT enhancements
·
Overall accounts receivable days reduced by 15 percent
·
Our dashboard solutions created significant visibility into
detailed lead indicators and drivers. The client also improved management
controls and decision-making.
Ø
Reduced Costs
·
We increased the client's staffing by 25 percent, yet the
total operations cost was reduced by 25 percent.
Ø
Key Resources Retained
·
The client retained a high percentage of the client's staff
management, after outsourcing relationships with 24/7 Medical Billing Services.
About 24/7 Medical Billing Services
24/7 Medical Billing
Services has built a strong reputation among the healthcare sector by
offering medical billing and coding solutions, that help overcome the
day-to-day challenges persisted in medical practices and healthcare
organizations. We help our clients to ease their DME billing processes by
aligning dedicated professionals who manage our clients' DME billing proposing
extraordinary solutions for achieving multiplied financial success.
Our DME Billing Services
Our
DME billers and coders have tremendous experience as well as expertise in
managing your DME claims effectively. We deeply know the industry and set you
up for success right from level 1 of the revenue cycle process. Our DME billing
services include:
·
Eligibility Verification & Prior Authorization
·
Patient Demographics Entry
·
Order Entry
·
HCPCS Level II Coding & Code Modifiers
·
Claims Submission
·
Payment Posting
·
Accounts Receivable & Denial Management
·
Credit Balance Resolution.
Need
Help With Your DME Billing?
Reach
out to us today.
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