The durable medical equipment 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 prescribing at the point of care.
Some doctors are seeing an increase in income each month between $5,000 and $25,000. That is in one month.
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. Durable medical equipment is often prescribed to assist those who are recovering from an injury and to prevent future injuries.
Ancillary services such as dispensing durable medical equipment in-office are proving to be worth exploring for physicians who are interested in adding a revenue stream to their practice. Prescribing durable medical equipment is an area that is on the rise, with more and more patients benefiting from use, and more physicians positively impacting office income.
Below are some of the reasons you should offer durable medical equipment to increase your income too.
Increase Patient Outcomes
When you offer durable medical equipment in your office, you take more control over your patient’s health outcomes. When you are more involved with these outcomes, the better their health. People start to take notice that you are the doctor who helps their patients succeed.
This increase leads to an increase in patient numbers. The more patients requesting your services, the more you can expand your services to include additional ancillary services, such as a nurse practitioner, medicine dispensing and much more, all of which bring in more money for your office.
Easier Collection from Insurance Agencies
Insurance companies, especially Medicare and Medicaid, pay for durable medical equipment if 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.
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.
This means you receive payments from the insurance companies much faster and with fewer errors.
There are many types of durable medical equipment, each providing you with additional income for your practice.
Personal Mobility Devices
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.
Personal mobility devices can be purchased at cost by you, the physician, and marked up for a profit. You do not even have to mark the items up as much as a pharmacy would to see a spike in income. This is also true with safety devices.
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.
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.
There are still other types of equipment that can help you positively impact your office income.
Other Types of Equipment
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.
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.
Furniture is an example of equipment that can be reused. And when something can remain in good condition but still be used by multiple patients, your patients can save money and you can increase your return on investment.
This can be done through renting also.
Renting Durable Medical Equipment
Not all patients will have great insurance that pays 100 percent of all costs for durable medical equipment. In fact, many insurance companies require patients to purchase their own supplies and equipment.
As you know, many of your patients will not be able to afford to pay for the supplies and equipment you prescribe. This is when renting durable medical equipment can be a huge advantage. Renting allows your patients to benefit from the use of the supplies and equipment you order.
It also means you can benefit financially multiple times with just one piece of equipment.
Anything you can do to alleviate inconveniences for your patients, while also improving health outcomes, will impact your office income. Durable medical equipment is one way to do just that.