It takes a substantial amount of resources and time to start a DME company, so the last obstacle you want to face is accepting payments from customers. Many clients today rely on their medical insurance for payment, which means medical credentialing and billing is essential for the success of a DME company. This means the task for you is to be able to accept their insurance, bill the insurance company and receive payment from them. You can’t do any of this unless you have been credentialed with the best insurance companies and start submitting claims.
Durable Medical Equipment (DME) is medical equipment ordered by healthcare providers primarily physicians. Such medical equipment provides therapeutic benefits to patients in need with acute or chronic medical illnesses. Common examples include wheelchairs, hospital beds, CPAP /BiPAP machines, Peritoneal Dialysis machines, walkers, oxygen equipment, canes, crutches, monitors, etc.
Put simply, medical credentialing means that you have become in-network with an insurance company and are now able to receive payments as an in-network provider. This allows you to expand your customer base and be reimbursed on time.
Call us at 1-855-664-5154 or email at firstname.lastname@example.org to get process of getting on insurance panels started.
The answer to that question is not so simple. Granted, you have a list of bigger companies to browse, such as Blue Cross Blue Shield, Cigna, Aetna and others. But you also have to pick from a large list of government organizations, such as Medicare, Medicaid and Tricare. As you can see, finding the insurance company that is a good match for your DME company can and will take time. We do recommend to get into network with Medicare, all managed medicare / MCOs as many patients who need DME are medicare age population.
What about smaller insurance companies? Typically, companies aren’t quick to consider the smaller providers, but chances are that they may be the most profitable investment for you. This is because being a large fish in a small pond means that you have access to clients no one else has. Although being in-network with BCBS is ideal, there are plenty of smaller competitors to consider.
This process is time-consuming and arduous for any company, especially for DME providers. You must get everything started as early as you can by planning what information will be needed for your first application. This report will include a detailed summary of your services over time and many relevant documents.
Ideally, you want to become in-network with 8-12 carriers to start, which can take about 3-4 months, or more. The trick is that each insurance company has their own methods to verifying your DME company, and your application is resting in the hands of a committee that has to approve you. If you are approved, then the process of contracting begins. After signing and submission, it will then take 1 or 2 months for the process to be completed.
Keep in mind that when you have become in-network, the insurance company will not accept claims preceding submission, hence the process needs to be started early. Consider hiring Credentialing.com for getting your practice credentialed. We know all of the steps to getting your DME company matched with the perfect insurance company for your practice, and you don’t have to spend time you don’t have on a process you’re uncertain about.
Call us today to talk about what you need to know about DME credentialing, and we can discuss your options.
For all questions and further information, reach out to us at 1-855-664-5154 or at email@example.com. Don’t forget to ask discounts on the Medical Credentialing when you sign up for DME billing at the same time.