For providers dealing with durable medical equipments (DME), it is no secret that the market is actively growing today. The current state of the DME business is growing mostly because of the geriatric population that is susceptible to various chronic diseases, mobility disorders, cancer among people, diabetes, cardiovascular diseases (CVDs), neurological disorders and mostly because of the desire by patients to stay in their homes.
In 2021 the U.S DME market was valued at USD 56.3 billion and is expected to reach a compound annual growth rate (CAGR) of 5.7% by the year 2030 and even more. Even though it is a lucrative market the real problem of DME billing is – with Medicare billing, lower payments, and a lack of experienced billers and coders which is also the reason for driving many DME providers to a very stressful situation.
Dr. Dipak Nandi, MD, a pioneer in the healthcare industry and a New York based renowned neuro-psychiatrist, who is certified by the American Board of Psychiatry and Neurology in fact stated that, despite having a huge DME demand, providers are seen struggling due to various financial and operational challenges today.
Challenges in DME billing:
As the Centers for Medicare and Medicaid Services constantly review and approve new rules regarding the manufacture, usage, and payment requirements for DMEs frequently; the biggest challenge of managing DME billing, of course, is being constantly up to date with the ongoing change in the DME billing rules and regulations domain. While the second problem is – difficulty in finding the right team to manage your DME billing operation when resources are limited.
As the DME market is growing and becoming more competitive, you need the right team that can help you with seamless DME billing operations at the same time that can ensure a faster reimbursement rate in order to stand out. This is also why today more than 93 % of DME providers are also seen opting out of outsourcing options. With healthcare costs rising and margins shrinking, it’s imperative that DME providers look for better alternatives.
In fact, Dr. Dipak Nandi who has also been instrumental in improving the healthcare industry for more than two decades also stated that- today in order to cut costs and be profitable there are many providers looking for outsourcing options.
Dr. Nandi, residing in New York for the last 42+ years, who has been responsible for major developments in the field of healthcare stated that outsourcing is not only the need of the hour but a convenient cost effective solution for many.