The right DME billing software can make not only your processes more streamlined, but it can also lead to a significant boost in your revenue. That’s why the decision to pick the right software solution becomes so important. With so many options available in the market, it can be quite overwhelming to decide which one is the best for your business. To help you in this task, we will be sharing a list of features that a DME billing software must-have for you to invest in it. Let us take a look at those features.
4 Features a DME Billing Software Must Have
1. Automation Features
Handling a DME business means that you are dealing with a lot of data. From patient intake information to order placement, claims to create, and submission to prescriptions and refilling – there’s a lot of data entry work involved. Handling all of this manually is not only a laborious job, but also puts you at risk of human errors.
One of the first features to look for in a DME billing software has to be automation. For instance, in BFLOW you get automation features such as:
- Recurring Claims – once you create a claim, it will automatically take care of the recurring claims for the upcoming months, created according to the payment schedule. Even if you make any changes for the subsequent claims, it can automatically adjust for the future. So, you are always in control of everything.
- Claims Submissions – the rental claims, once processed, are automatically moved to the clearinghouse. You don’t have to manually send them after every process. This leaves your team with all the free time in hand that they can use for managing other business processes.
- Prescription Refill – another important automation feature that you get in software like BFLOW is prescription refill. Your staff does not need to manually track the refills, the software will do all of that automatically.
2. Accounting and Financial Management
A modern DME billing software must have advanced accounting and financial management features. Here’s a look at some of these features in detail:
- Management Reporting – thorough reporting is imperative for the success of a DME business. A modern DME billing software must provide reports for each element, such as patients, claims, inventory, payments, and so on. Plus, it’s always better if you can get the feature of custom reporting, which allows you to get the details you need (something that you get in a BFLOW).
- Payment Analysis – keeping a check on the payments is another important aspect that you need to manage when you are handling a DME/HME business. With an effective DME/HME cloud-based software, you must have the option to select parameters for payment analysis and access all of the important data for reporting.
- Commission Tracking – lastly, it must allow your team to track commission based on the rates you set in the software. In a software system like BFLOW, you can easily set up rates based on your commission structure, and the software will do the rest for you so that your teams can easily track and report commission.
3. Inventory tracking
Mastering your inventory management is one of the most important aspects of a DME business. Therefore, when you are looking to invest in a DME billing software, you must look for the one that offers advanced inventory tracking and management features such as:
- Inventory Status – how many ready-to-use equipments are available, how many have been sold, and how many are rented, a DME billing software should be able to provide you with all of this information in one place.
- Inventory Management Across Multiple Locations – if you are running a business on more than one location, it must have the feature to bring all the data together and provide you the information of inventory from different locations
- Lot Tracking And Delivery Log – a DME billing software must also have a delivery log feature so that you can keep a record of each patient associated with the equipment that has been recorded. Serial and lot tracking makes it easier to manage inventory and patient data, keeping things always under control.
- Inventory Reporting – lastly, it must have a customized reporting feature that lets you know all about the inventory supply, value, and similar other aspects of your business.
4. Workflow Management
Most important of all, a modern DME billing software must give you access to smart workflow management tools so that you can drive higher efficiency in your team. Workflow management leads to:
- Faster Backlog Resolution – with teams able to quickly track and report status at every step of the process, it becomes easier for you to manage backlogs. You have clear visibility of the processes, you can know about the missing and pending claims, rejections, denials, and all of the other important information.
- Fewer Distractions – when teams have fewer things to manage manually, they can easily focus on doing more productive work. With a workflow management system that you get with software like BFLOW, you can easily work without any distractions, and focus on doing the most important parts of your job.
- High Revenue – streamlined business processes mean more business revenue. With fewer chances of human errors and teams working more productively, you can easily focus on your business growth and experience a boost in your revenue.
Summing It Up
When you are investing in DME billing software, one of the biggest purposes is to seek growth. Software that does not give you any one of the above-mentioned features means that you are not getting an all-around solution i.e. there will be still a scope of things falling through the crack. When you are planning to buy a modern DME billing software, you must ensure that it comes with all of the above-mentioned features, if not more.
This is where software solutions like BFLOW come into the picture. Designed to make life easy for people running DME and HME businesses, the software comes with a lot more than just the four features that have been mentioned above. The best part is that you can take a free demo to see how it works. If you are looking to seriously see a revenue boost in your DME business, then book a demo and see how it works.