Tackling DME Billing Issues the Right Way

The DME Billing healthcare industry is booming because of technology and a surge in demand for medical services.

This unprecedented growth is putting pressure on coding, billing, and revenue cycle management.

It’s no longer tenable for providers to rely on labor-intensive, tiresome, and error-prone manual billing processes.

A study conducted by the University of Minnesota shows that nearly 80% of all medical bills contain errors.

Another research by NerdWallet shows that 50% of claims contain errors.

Even with these grim statistics, stakeholders agree that adopting electronic medical billing improves accuracy by huge margins.

Going paperless leaves healthcare providers with two options: outsource the billing process, or adopt a SaaS solution.

Let’s outline the benefits of each option to help you choose the right medical billing strategy for your HME/DME supply business.

Outsourcing DME/HME Billing

Healthcare administrators spend significant resources on medical coding and billing.

This process begins with patients booking an appointment and ends with the collection of payments.

Since medical billing is a complex, irksome, and time-consuming process, some durable medical equipment suppliers choose to delegate these tasks to companies specializing in billing.

Here are the advantages of outsourcing DME/HME billing:

Low labor costs & errors: Instead of employing people to perform billing tasks in-house, hire outsourcing agencies. This not only relieves your business from overhead costs but reduces errors. Outsourcing allows HME suppliers to continue with their work without falling behind due to onerous billing tasks, even when there is a shortage of personnel.
Smooth revenue cycle management: Outsourcing companies ensure the RCM process is smooth, since their income depends on payer reimbursements and patient payments. Allowing coding and billing specialists to do the job creates a reliable stream of income. Indeed, streamlining the revenue cycle means getting payments on time and minimizing debt, and this can be made easier by outsourcing the RCM process.
Improved customer satisfaction: Since you’ve delegated most of the tasks to a third party, you dedicate more of your time to the delivery of care. Outsourcing billing tasks gives you time to provide undivided attention to patients, increasing their satisfaction. This is particularly important if your practice cannot afford to hire on-premise staff to undertake front-end and back-end medical billing tasks.
Better compliance: Healthcare companies must stay up-to-date with changing regulatory and compliance environments. It can be costly and time-consuming for a DME business to maintain compliance, that’s why a third party could be the solution. Professional medical billers ensure all claims adhere to the latest CMS and HIPAA guidelines to reduce denials and improve cash flows.
Greater consistency: With in-house staff, you must endure unplanned staffing changes because of employee turnover. You also have to put in place measures to train and equip new employees with medical billing knowledge whenever your top teams aren’t available. Healthcare providers can overcome these DME/HME billing staffing challenges by outsourcing billing to third-party agencies.

What If Outsourcing Is Not an Option?

Some healthcare providers like to control operations and keep everything within their premises. Outsourcing is not suitable for you if:

Your line of practice is a specialty such as ophthalmology and dermatopathology
You don’t want to relinquish control of medical billing and RCM processes
You like to supervise your staff and ensure they undertake everything as per your organizational culture
You’d like to control the costs of billing
You want to adhere to data protection and privacy guidelines

Now that neither outsourcing nor in-house billing is best for your business, what next?

It’s time for you to try DME billing software (https://nikohealth.com/hme-dme-billing-software/).

With such a solution, you can strike a balance between patient care and billing. Let’s see why home medical equipment software is your best option for efficient DME/HME billing.

Why Choose DME/HME Billing Software?

Before healthcare providers outsource medical billing, they first must evaluate if it’s the best thing for the business.

If not, they can rely on other options, including adopting a software solution to streamline the billing processes.

Here is why your DME/HME business needs cloud-based software for billing and RCM:

Cuts down administrative tasks: Healthcare admins spend a lot of hours managing billing tasks, which can hamper the efficient delivery of medical services to patients. Even with outsourcing, you still have to get your hands on a few billing tasks like patient intake and document verification. A DME/HME billing tool automates the billing process, allowing you to concentrate on patient care.
Streamlined billing: With a software solution, you’ll enjoy fast and efficient billing because everything from patient intake to payment collection is automated. Such solutions enable you to monitor and check the status of claims in real-time anywhere, anytime. You can track the patient’s history, automate insurance eligibility checks, and communicate effectively using HME software (https://nikohealth.com/).
Minimize denials and maximize cash flow: A SaaS tool for HME billing has predefined rules that easily flag errors and incomplete data that may lead to denials. It also allows you to know from the onset the amount you’ll get from the insurance and co-pays. With this software, patients can make payments via the online portal at home any time they want. In the long-term, medical billing software boosts revenue and productivity, while stabilizing your payment cycle.
Reduce audit risks: Government auditors can come to your DME/HME business unannounced. It’s not a matter of if, but when. To minimize audit risks that can lead to suspension of your license, fines, and even litigations, use software solutions to keep everything tidy and up-to-date. The software can dig out incomplete documentation and highlight errors more precisely than humans.
Real-time business reports and analytics: In this competitive DME/HME industry, you must understand the performance of your business at any time. This means understanding what’s happening in coding and billing processes. Home medical equipment software solutions allow you to know which claims have gone through and those which have been denied. The software also allows you to know which claims and bills to prioritize.

As we have seen, the DME/HME cloud-based solution is a good software that allows you to connect all operations, integrate different systems, and take full control of your business.

If you want to stay ahead of the competition, consider this tool to make your billing tasks fast and efficient.

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PepsiCo Reduces Revenue Projections As North American Snacks And Key International Markets Underperform.

(VOR News) – In the third quarter of this year, Pepsi’s net income was $2.93 billion, which is equivalent to $2.13 per share. This was attributed to the company.

This is in stark contrast to net income of $3.09 billion, which is equivalent to $2.24 per share, during the same period in the previous year. The company’s earnings per share were $2.31 when expenses were excluded.

Net sales decreased by 0.6%, totaling $23.32 billion. Organic sales increased by 1.3% during the quarter when the effects of acquisitions, divestitures, and currency changes are excluded.

Pepsi’s beverage sales fell this quarter.

The most recent report indicates that the beverage and food sectors of the organization experienced a 2% decline in volume. Consumers of all income levels are demonstrating a change in their purchasing habits, as indicated by CEOs’ statements from the previous quarter.

Pepsi’s entire volume was adversely affected by the lackluster demand they encountered in North America. An increasing number of Americans are becoming more frugal, reducing the number of snacks they ingest, and reducing the number of times they purchase at convenience stores.

Furthermore, Laguarta observed that the increase in sales was partially attributed to the election that occurred in Mexico during the month of June.

The most significant decrease in volume was experienced by Quaker Foods North America, which was 13%. In December, the company announced its initial recall in response to a potential salmonella infection.

Due to the probability of an illness, the recall was extended in January. Pepsi officially closed a plant that was implicated in the recalls in June, despite the fact that manufacturing had already been halted.

Jamie Caulfield, the Chief Financial Officer of Pepsi and Laguarta, has indicated that the recalls are beginning to have a lessening effect.

Frito-Lay experienced a 1.5% decline in volume in North America. The company has been striving to improve the value it offers to consumers and the accessibility of its snack line, which includes SunChips, Cheetos, and Stacy’s pita chips, in the retail establishments where it is sold.

Despite the fact that the category as a whole has slowed down in comparison to the results of previous years, the level of activity within the division is progressively increasing.

Pepsi executives issued a statement in which they stated that “Salty and savory snacks have underperformed year-to-date after outperforming packaged food categories in previous years.”

Pepsi will spend more on Doritos and Tostitos in the fall and winter before football season.

The company is currently promoting incentive packets for Tostitos and Ruffles, which contain twenty percent more chips than the standard package.

Pepsi is expanding its product line in order to more effectively target individuals who are health-conscious. The business announced its intention to acquire Siete Foods for a total of $1.2 billion approximately one week ago. The restaurant serves Mexican-American cuisine, which is typically modified to meet the dietary needs of a diverse clientele.

The beverage segment of Pepsi in North America experienced a three percent decrease in volume. Despite the fact that the demand for energy drinks, such as Pepsi’s Rockstar, has decreased as a result of consumers visiting convenience stores, the sales of well-known brands such as Gatorade and Pepsi have seen an increase throughout the quarter.

Laguarta expressed his opinion to the analysts during the company’s conference call, asserting, “I am of the opinion that it is a component of the economic cycle that we are currently experiencing, and that it will reverse itself in the future, once consumers feel better.”

Additionally, it has been noted that the food and beverage markets of South Asia, the Middle East, Latin America, and Africa have experienced a decline in sales volume. The company cut its forecast for organic revenue for the entire year on Tuesday due to the business’s second consecutive quarter of lower-than-anticipated sales.

The company’s performance during the quarter was adversely affected by the Quaker Foods North America recalls, the decrease in demand in the United States, and the interruptions that occurred in specific international markets, as per the statements made by Chief Executive Officer Ramon Laguarta.

Pepsi has revised its forecast for organic sales in 2024, shifting from a 4% growth rate to a low single-digit growth rate. The company reiterated its expectation that the core constant currency profitability per share will increase by a minimum of 8% in comparison to the previous year.

The company’s shares declined by less than one percent during premarket trading. The following discrepancies between the company’s report and the projections of Wall Street were identified by LSEG in a survey of analysts:

SOURCE: CNBC

Business

Old National Bank And Infosys Broaden Their Strategic Partnership.

(VOR News) – Old National Bank, a commercial bank with its headquarters in the Midwest, and Infosys, a firm that specializes in information technology, have recently entered into a strategic expansion of their link, which has been in place for the past four years.

This expansion is more likely to take place sooner rather than later, with the likelihood being higher.

For the purpose of making it possible for Old National Bank to make use of the services, solutions, and platforms that are offered by Infosys, the objective of this expansion is to make it possible for the bank to transform its operations and processes through the application of automation and GenAI, as well as to change significant business areas.

This lets the bank leverage Infosys’ services, solutions, and platforms.

Old National Bank Chairman and CEO Jim Ryan said, “At Old National, we are committed to creating exceptional experiences for both our customers and our fellow employees.”

This statement is applicable to Old National Bank. Infosys is carefully managing the business process innovations that it is putting us through, putting a strong emphasis on efficiency and value growth throughout the process to ensure that it is carried out efficiently.

This is a routine occurrence throughout the entire operation. Because of Infosys’ dedication to our development and success, we are incredibly appreciative of the assistance they have provided.

Old National has been receiving assistance from Infosys in the process of updating its digital environment since the year 2020, according to the aforementioned company.

Ever since that time, the company has been providing assistance. The provision of this assistance has been accomplished through the utilization of a model that is not only powerful but also capable of functioning on its own power.

Infosys currently ranks Old National thirty-first out of the top thirty US banks.

This ranking is based on the fact that Old National is the nation’s largest banking corporation.

It is estimated that the total value of the company’s assets is approximately fifty-three billion dollars, while the assets that are currently being managed by the organization are valued at thirty billion dollars.

Dennis Gada, the Executive Vice President and Global Head of Banking and Financial Services, stated that “Old National Bank and Infosys possess a robust cultural and strategic alignment in the development, management, and enhancement of enterprise-scale solutions to transform the bank’s operations and facilitate growth.”

This remark referenced the exceptional cultural and strategic synergy between the two organizations. Dennis Gada is the one who asserted this claim. This was articulated explicitly concerning the exceptional cultural congruence and strategy alignment of the two organizations.

We are pleased to announce that the implementation of Infosys Topaz will substantially expedite the transformation of Old National Bank’s business processes and customer service protocols. We are exceedingly enthusiastic about this matter. We are quite thrilled about this specific component of the scenario.

Medium-sized banks operating regionally will continue to benefit from our substantial expertise in the sector, technology, and operations. This specific market segment of Infosys will persist in benefiting from our extensive experience. This phenomenon will enable this market sector to sustain substantial growth and efficiency benefits.

SOURCE: THBL

Business

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

The largest regulated water and wastewater utility company in the United States stated Monday that it had been the target of a cyberattack, forcing the company to halt invoicing to consumers.

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

American Water, based in New Jersey and serving over 14 million people in 14 states and 18 military facilities, said it learned of the unauthorized activity on Thursday and quickly took precautions, including shutting down certain systems. The business does not believe the attack had an impact on its facilities or operations and said employees were working “around the clock” to determine the origin and scale of the attack.

water

The corporation stated that it has alerted legal enforcement and is cooperating with them. It also stated that consumers will not be charged late fees while its systems are unavailable.

According to their website, American Water operates over 500 water and wastewater systems in around 1,700 communities across California, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Missouri, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia.

SOURCE | AP