The US home medical equipment market size was valued $12,380.36 million (about $38 per person in the US) in the year of 2021 and is projected to grow $20,397.76 million (about $63 per person in the US) by 2031, with a CAGR of 5.1% from 2022 to 2031. 

Growth and innovations of technology within the pharmaceutical industry for the launching of home medical apparatus owing to a massive pool of consumers creating a huge business opportunity for the HME providers and for its billing requirements.  

Today to run a successful business in HME, you not only need effort but also an ample amount of time to cater to the various complex billing needs. And as revenue cycle management encompasses everything related to the order-to-cash process. Constant vigilance and oversight of the key processes is needed along with detailed understanding of the uniqueness of HME billing processes. This is where many providers today feel burdened with extra work which might result in reduced quality patient care. 

The Obstacle 

Along with the continuous changing demands the challenges like staff shortages and escalating labor costs, HME providers are continually grappling with how to deliver efficient services while maintaining profitability. This is because medical costs are often unforeseen and billing procedures are confusing and opaque. 

In this scenario, the most common concerns raised by the HME providers are: 

  • How to achieve more with less staff and time? 
  • How to ensure a contemporary workflow that aligns with business needs? 
  • How to integrate advanced technology and ensure security for superior workflow management? 

The Aid 

Well, just because you have done things in a certain way, doesn’t mean it has to be like this forever. 

You might wonder what a possible solution to these problems could be. Outsourcing is something that can be a resolution for your HME billing hurdles. 

Implementing the right measures to optimize your HME billing prowess helps you achieve rich business dividends and focus on your patients with their evolving needs.  A team of professional billers and coders understands your needs and knows how to develop the right processes for improved bottom lines. 

The outsourced HME billing partner helps you to excel with 

  • Order entry and confirmation 
  • HME coding 
  • HME verification/eligibility checks 
  • Prio-authorization process 
  • Claims submission 
  • Denial management 
  • A/R management & follow-ups 
  • Payment posting

It creates the ideal process for definitive edge and helps you achieve the right payments for your services.  

Cutting-edge Operability with Sunknowledge 

There are many myths prevailing about outsourcing HME billing partners. The most common concerns are losing control, data security and of course, effective reimbursement for efficient revenue cycle management.  

With Sunknowledge Inc, you don’t have to worry about your billing services. As an efficient billing partner for over a decade within the industry, the company is serving many leading names in HME space with advanced technology, superior experts, in-depth knowledge, who will reduce your operational expenses by 80%. 

The company has evolved as a market leader in the realm of HME billing services. Their extensive experience has exposed them to all product lines pretty much (e.g. CPAP, BIPAP, oxygen concentrator, wheelchair, power mobility, enteral nutrition and so on). 

As accurate billing is crucial for HME businesses to accomplish optimized revenue, choosing the right type of partner is essential for your operations. Hence, make sure you pick an ideal HME billing partner that can drive your business growth while providing a tailored and secured service.  

Tags:

Leave a Reply

Your email address will not be published. Required fields are marked *