How COVID 19 has Changed The Communication World of DME Billing
With a huge demand of medical supplies all around the US, this pandemic is becoming the new normal as we see a gradual opening of manufacturing and supply chain of the DMEPOS items. There are also unique success stories with companies like Great Elm DME exploring opportunities in the related market with other respiratory focussed durable medical equipment (DME) companies.
The company has seen a growth of 20.2% year over year and even in the third quarter of its fiscal year 2020 with growth in all major product categories especially in the key PAP category. According to their Growth team, new patient set ups have hit a new high in this quarter. The company has the flexibility to think ahead and ensured that they are able to continue providing critical respiratory services amidst the COVID 19 pandemic.
Towards the end of the quarter, local shelter in place orders negatively impacted physician referrals. The decline in the referrals continued till the quarter end. For the three months ending in 31st March 2020, Great Elm DME has generated almost $14.1 million in revenues, a loss of $1.4 million as a net loss with a $2.5 million in adjusted EBITDA.
Also, the company had an approximate of $1.5 million in capital expenditures a major chunk of which will be utilized for revenue generation equipment. The company has certainly made better use of the available market situation to their own advantage. Clearly, it all boils down to their robust process of managing front / back end RCM activities with DME.
How a Dedicated DME Billing Company can Offer Excellence
With the challenging times around, having a strong team that can help you focus on your care management, developing the right strategy to address your pre billing efforts, finding a solution that can help in reducing pain points in practice management efforts should be the idea!
The biggest advantage that a quality operational extension or a pool of resources that understand your protocols, develop the right action plan to help you recover your pending AR’s and also reduce your operational expenses at the same time. It extends a larger bandwidth and makes sure that as a DME supplies provider, you have the vision to focus on your market initiatives that worry about billing!
Make shift arrangements aren’t the order of the day anymore. To earn a clear competitive advantage, you need the able assistance of a modern DME billing company, offering superior assistance with the customisation and a robust disaster management plan for the current circumstances.
Proficiency and Quick Recovery with Experience
Methodical approach in dealing with high dollar value accounts, re-evaluating the strategy with payer follow ups according to the new guidelines and mandates is going to be a huge bonus. A serious team in DME billing develops your RCM process making it stronger and compliant.
A lot of errors with delays has a lot to do with the heavy lifting work with checking of eligibilities, authorization, order entry etc. Sound tracking mechanism employed by a team delivering seamless communication, excellent standards of productivity will be ideal.
To conclude, seeking opportunity amidst disruptions with a capable team of DME billing experts can help you immensely in this trying times. It gives you the leeway to make more and spend less while managing your supply chain activities.