In most cases, finding resources that understand the front office/back office mandates in HME billing, delivering the right kind of support for a cleaner reimbursement process.
It is true that the Mergers & Acquisitions market for HME has been a wild roller coaster ride amid the COVID 19 pandemic. However, with the pandemic as the new normal, Investors and buyers are charging again as they are looking for certainty.
Some of the challenges that have come up do an HME company offering sleep therapy for instance, with relationships with and get referrals from physicians who use sleep testing vs in lab testing? All that they want to know is what are they doing to keep people back at home. Buyers will once again start favoring healthcare investments will in a different manner than we have seen in the past.
1) The flow of deals will contract ….at least for the next three to six months
2) Tightening up of credit necessary to finance deals
3) Valuations will also be taking a hit
4) With a cautious approach of entering, the deals will be relatively smaller
So what’s the good news! If you are a HME provider who is well-capitalized, you can use the disruptions in the market to rescue faltering companies.
Sellers under the current circumstances clearly realize that they aren’t going to get a premium. For the buyers that are willing to pay a fair price with an equal importance of giving the sellers care givers and staff a home will have a competitive edge.
The HME Billing Around The Newer CMS Regulations
The vision ahead for any HME provider is to have a precise plan on how they can reduce their operational costs, leverage the benefits of the Advance payment plans with compliance. For instance, the front office staff of an HME provider of power mobility devices should know that it still requires a signed written order prior to the delivery.
Your team in HME billing should be aware of the fact that there are pauses on several items in the DMEPOS space with the National prior authorization program. Also, they should have a clearer understanding of the newer regulations, especially with the fee schedule amounts for DMEPOS items and services in non-contiguous areas.
In most cases, finding resources that understand the front office/ back office mandates in HME billing, delivering the right kind of support for a cleaner reimbursement process to flow in place will be a big challenge area.
Activities with resource planning, a clear plan to reduce AR backlogs, finding a way out of the pains of your order entry and confirmation process, managing back and forth communication with doctor’s office follow-ups, checking up on authorization and verification needs as per the newer regulations, will add immense value!
How a Quality HME Billing Company can Help your ROI
Specialized intervention can add more to your revival of supply chain activities. Teams that have proficiency across systems, understand priorities, and deliver value with a host of RCM activities. With the experience of working with federal and commercial insurance, it has the ability to reduce operational costs and drive growth with improvement in reimbursements. It can give the much-needed boost to a healthcare system, take advantage of the situation around as an opportunity to make a presence by focusing on core responsibilities.