Managing an HME billing team isn’t easy, especially in the current labor market.
According to the Bureau of Labor Statistics, employment costs rose 2.6% in 2018 alone. High labor costs make it difficult to create, train, and retain the right team. Employees need to process high volumes of claims quickly and cleanly.
This pressure can paralyze your team’s morale and your bottom line – but it doesn’t have to. Here are 3 easy ways to transform your HME billing team.
If you have 30 minutes, you can start to transform your billing team. HME billing and outsourcing companies usually have several experts on staff that can analyze your current billing function and offer areas for improvement.
Your outsourcing partner will first schedule a quick call – usually 20-30 minutes – to fully understand your billing team and its challenges. To determine next steps, they may ask several important questions, including:
Once these details are gathered – including a potential second call – your outsourcing partner will conduct a complete data analysis of your billing function.
What does this data analysis entail? Generally, this analysis is a snapshot of where your business stands: the cash collected, billing amounts, denials, outstanding A/R, and holds. These benchmarks, when used to track your business in relation to its goals, are key performance indicators (KPIs). Our white paper, “Are You Tracking the Right Metrics?”, discusses these KPIs in greater detail, provides guidance on implementing them in your business, and how to develop a plan for improvement.
If your KPIs are off track, your outsourcing partner may recommend their services. Let’s look at what these services mean for your HME billing function.
What is outsourcing? Why are providers turning to it to transform their billing teams?
Business process outsourcing, as it is officially known, reduces or eliminates large departments such as billing, collections, and deliveries. In doing so, HME providers can reduce their billing challenges and focus more on what matters: quality patient care. Outsourcing can also lower your overall costs. It provides better visibility into your processes and better tools for your business.
There are typically two outsourcing options. Full service billing is a suite of services that outsources the management of your entire billing function, thus cutting your labor costs significantly. With this option, the outsourcing partner you select is paid on a percentage of collections. What does that mean for you? Your partner only gets paid when you do. Staff augmentation, however, brings low-cost assistance to your existing billing team.
The real work begins when you and your outsourcing partner enter into a billing agreement. Your partner will pair you with an account manager. Together, you will have weekly meetings to discuss your progress and any concerns or challenges.
If you are ready to transform your billing team and work with a trusted revenue cycle partner, contact us today! Prochant has a highly motivated team of HME billing specialists with in-depth payer knowledge across all product lines, software, and Medicare regions.
Prochant helps HME providers become more profitable by combining superior billing and process outsourcing with highly-skilled specialists. We audit existing front and back-office processes, rapidly implement changes, and conduct proactive analytics to enable providers to consistently exceed industry benchmarks. Headquartered in Charlotte, North Carolina, our clients include leading medical equipment providers and health systems.