Durable Medical Equipment (DME) is equipment that includes oxygen supplies, wheelchairs, iron lungs, catheters, etc. As you are starting a Durable Medical Equipment (DME) company, be prepared with time on hand, money, endurance, and determination; as it ultimately boils down to being paid for the products sold by your company. This means receiving DME bills from clients (patients/healthcare providers) and accepting the insurance, billing the insurance, and finally receiving payments for the DME billing from the insurance provider- is called Credentialing For DME Companies.
DME business also referred to as Home Medical Equipment business is replete with potholes along the way which need to be cleared. One of them is ‘Provider Credentialing.’ Credentialing simply denotes verification. It’s also known as DME credentialing, DME medical credentialing, DME provider enrollment, insurance credentialing, or getting on insurance panels. These terms imply that the patient is going to pay through insurance and your company is “In-Network” with the insurance companies. And, as you go on to be accepted as a provider (post credentialing), receiving payments of DME billing through this process is known as an “In-Network” provider. It also implies acknowledging more clients along with on-time and accurate payments. There are a number of companies through which a DME company can/should be credentialed; government organizations like Medicare, Medicaid, or Tricare, and other big players (commercial insurance) in the market such as Aetna, BCBS, UHC, Cigna, etc. Smaller companies could be targeted too as they have immense potential with respect to a greater number of clients and comprise lesser competition.
DME Credentialing Process:
1. Obtain an office space.
2. Acquire a business bank account.
3. Obtain a business organization and a set location.
4. Organize all documents: Information on a license, background, insurance, and resume. Also, double-check that the application has been signed, dated, and holds a legal document- Unique Federal Tax ID#.
A DME provider credentialing usually takes around 90 to 120 business days for 8-12 carriers. This is the stage for approval and denial. Post credentialing, you move towards ‘Contracting’ which states your eligibility to be in the network of insurance providers. Here, the insurance company sends a contract to be read and signed by you and the doorway to the network occurs in the next 30-60 days.
Note: Centers for Medicare and Medicaid Services (CMS) approved 10 national accreditation organizations that will accredit suppliers of durable medical equipment, prosthetics, orthotics, and supplies (DMEPOS) as meeting new quality standards under Medicare Part B. In order to enroll or maintain Medicare billing privileges, all DMEPOS suppliers (except for exempted professionals and other persons as specified by the Medicare Improvement for Patients and Providers Act of 2008) must comply with the Medicare program’s supplier standards (found at 42 CFR §424.57 (c)) and quality standards to become accredited (www.cms.gov).
Understand that no insurance company acknowledges preceding claims before acceptance in the network. Hence, it is always better to start the credentialing process early to avail of benefits and reimbursements.
You can choose our outsourced DME billing and coding services and we would take care of the complete range of billing and coding responsibilities for you, including preparing claims using appropriate DME codes and modifiers and other medical details, submitting them, and following up with insurance authorities for their timely reimbursement.
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 888-357-3226 or at firstname.lastname@example.org.