According to recent research, the durable medical equipment market is expected to exceed 240 billion dollars by the year 2024. This growth provides opportunity for practices to earn durable medical equipment income by offering commonly needed equipment.
Prior to physicians being able to sell durable medical equipment, you were writing prescriptions for larger items. Patients were inconvenienced by being sent to a pharmacy and your practice was losing out on durable medical equipment income.
Durable medical equipment gives comfort to patients dealing with painful ailments. They also help speed up recovery, especially when patients can receive physical therapy with their durable medical equipment.
Medical equipment has shown to improve quality of life for many patients. And it helps patients take responsibility for their own care and recovery.
What is Durable Medical Equipment?
Durable medical equipment includes items that are used during treatment. They are typically non-disposable. They are often used both at home and at any location outside of the medical facility.
Equipment can be used by caregivers, family members or the patient themselves.
Durable Medical Equipment Income Is Compliant With Insurance Companies
Insurance companies, especially Medicare and Medicaid, pay for durable medical equipment as long as they are proven to be needed for a medical reason. They can only be obtained with a prescription from a physician.
The equipment prescribed must be able to function in the home of the patient and it much be able to endure wear and tear. By sending your patient to another source to pick up this equipment, you are losing out on durable medical equipment income for the practice.
Adding ancillary services can make billing easy when you work with specific companies who include software with their services. This software comes with tech support, inventory assistance and it is connected directly with insurance companies.
This means all you must do is enter the information and hit the submit button. The claims are sent directly to the claims department of the insurance company that carries your patient.
Personal Mobility Devices
The personal mobility device industry is booming. With more and more people wanting electric devices, the market is expected to rise to over 14 billion dollars in the next ten years or less. This can mean great financial opportunities for physicians via durable medical equipment income when prescribing at the point of care.
Personal mobility devices include items such as wheelchairs, scooters, canes and walkers. They can also include patient lifts, crutches and any other device that helps a patient move around better in their home and in any environment where they need assistance.
Personal mobility devices help patients with transportation needs. Many patients requiring such devices suffer from ailments like arthritis and osteoporosis. Many patients suffer personal injuries and may only need mobility devices for temporary use. Durable medical equipment income can be gained from providing these devices in office while also being a convenience to your patients.
Bathroom Safety Devices
According to reports, just last year around 800,000 people over the age of 65 had a fall that resulted in being admitted to a hospital. More than 27,000 falls led to death. Many of these falls took place in the bathroom.
Bathroom safety devices can greatly reduce the number of injuries. Consumer Affairs claims that while bathroom safety devices are needed and can save many people from injury, they are also underutilized.
Physicians with injured patients could take advantage of this fact and begin prescribing more bathroom safety devices for patients in need while making durable medical equipment income off them.
Safety devices can include grab bars, tension poles, shower chairs and bath benches. Safety can also be achieved by using non-slip mats or adhesive non-slip strips. For some, raising the toilet seat and lowering medical cabinets can prevent injuries.
These are just a few ways bathroom injuries can be prevented.
Home use medical devices that monitor patients can save lives. These include vital signs monitoring such as blood pressure and blood sugar machines and heart rate monitors.
With technology improving at a rapid rate, many at home monitoring devices are produced to fit wireless technologies. These devices can track everything from pulse to sleeping patterns. Apnea monitors are incredibly beneficial in helping those who may stop breathing during sleep or whose snoring is a major problem.
Thermometers of all kinds are considered monitoring devices that can be approved for at home use. Furthermore, blood coagulation meters and electrocardiogram monitors are beneficial for patients.
Physicians can prescribe these items to patients who need to monitor themselves while at home, and any time outside of your care while also increasing the cash flow of the practice via durable medical equipment income.
Medical furniture is any type of furniture that benefits the patient in their journey to recovery of physical ailments. Furniture can include any item from hospital beds, recliners with lifting capabilities, to tables that lower and rise as needed.
Medical furniture is also underutilized and less prescribed by physicians. However, medical furniture could be an area where dispensing physicians could provide patients with additional care. It could lead to convenience for patients as well as speedier recoveries. Meaning, patient health outcomes will improve.
Trends in Durable Medical Equipment
Life expectancy is increasing. Therefore, an aging population needing durable medical equipment will increase. Physicians participating in point of care dispensing should recognize the need for patients to be assisted with durable medical equipment.
The convenience you offer to patients who need medical equipment right away is invaluable. Saving them time and money will be appreciated by all your patients. And for those who can’t purchase products, a trending option is to rent the equipment. Either way provides you with durable medical equipment income.
Medical equipment rentals can help both the patient and the doctor. If insurance doesn’t pay for certain medical equipment devices, patients are not likely able to pay for the equipment on their own. If they can rent equipment, the time they spend healing could be reduced.
Renting medical equipment benefits physicians as well. You can earn durable medical equipment income multiple times on just one piece of equipment.
Ancillary services are proving to be worth exploring for physicians who are interested in adding a durable medical equipment income to their practice. Prescribing durable medical equipment is an area that is on the rise, with more and more patients benefiting from use.
Providing durable medical equipment at the point of care provides your patients with convenience. It also increases the likelihood patients will comply with your orders, which can lead to better health. Helping a person have better health is your goal, but you can do that and still earn yourself extra cash flow along the way with durable medical equipment income. Prescribing equipment is one way to help you reach that goal.