Take your billing to the next level with advanced analytics & technology.
Implementing change is always a frightening prospect. If you manage DME billing on a regular basis, your margins are likely thin, which means that you may not have the resources to completely restructure your billing system. Fortunately, partnering with a reimbursement firm like Prochant gives you access to advanced analytics and business technology that provides a strong, sustainable Return on Investment (ROI). Let’s look at a few ways to improve your DME billing with advanced technology from companies such as Prochant.
Machine Learning
Artificial Intelligence (AI) and Machine Learning are still relatively new concepts in much of the healthcare industry. However, that doesn’t mean you should shy away from using the latest Machine Learning tech to optimize your DME billing process. So, what exactly do AI and Machine Learning look like when applied to billing cycles? Here are a few key features:
- Decision Support - With data that is constantly adapting and improving, Machine Learning systems provide recommendations to reduce waste and improve KPIs.
- Improved Accuracy - AI technology can review reimbursement claims and procedures to ensure that no stone is left unturned.
- Timely Alerts - If a claim is rejected or requires further documentation, an advanced AI system can provide your team with up-to-date alerts and notifications.
Workflow Automation
Reducing human errors is one of the primary aims when outsourcing DME billing. Rather than getting frequent claims denials and a clogged billing pipeline, the right business tech can help automate your processes. This, in turn, helps negate human errors and reduce the need for in-house DME billing software. You don’t need to worry about systems that don’t work within the structure of your business, either. You can build and manage automated work queues from the ground up, utilizing multiple systems to refine your processes.
Business Analytics
DME providers collect a surprising amount of data over time. While not every data point will be helpful for your business, your collective dataset provides a window into your business’ performance and long-term trends. Keeping track of your most important metrics — like industry-standard KPIs, DSO, and 90+ A/R — gives you the power to see exactly how your business is performing in real-time. No longer will you need to wait on quarterly reports or outdated analyses. With a modern DME billing process, you can get a full overview of your performance metrics and develop sustainable solutions for all of your pain points.
The Bottom Line
As DME providers and DME billers scale their businesses and acquire new sources of revenue, they come to discover that today’s market is far different than it was just a few years ago. The ever-changing industry demands up-to-date metrics and analysis, workflow automation, and advanced Machine Learning to continuously improve billing processes. While it may be difficult to implement these changes from within, outsourcing your DME billing to Prochant ensures that you have the right tech to meet your business needs, reduce waste, and increase revenue.
If you’d like to learn more about business tech for DME billing companies and improve your billing processes, contact the experts at Prochant today!