Dr. Dipak Nandi: The DME Billing Industry and its Market Increase
The global Durable Medical Equipment market size was valued at USD 168.87 billion in 2018 and is expected to witness a CAGR of 6.1% over the forecast period for the better DME coverage and reimbursement policies of DME products. In fact, one more reason that is also likely to help boost the DME market growth is due to its rising number of the elderly population.
According to the UN data published in 2017, the population aged 60 years and above was around 960 million. As elderly people have low immunity levels, they are more prone to use numerous DME related items which are necessitated for their long-term care and recovery.
Durable medical equipment plays an important role in long-term care after surgery at home or in any other healthcare setting. Even with so much demand in the DME market, lack of skilled DME billing professionals, resulted in hinder of the industry growth.
Dr. Dipak Nandi, MD is a New York based entrepreneur and psychiatrist said ‘In a healthcare industry the Durable Medical Equipment (DME) and Home Medical Equipment (HME) is quite different from other specialties and so it’s DME/HME billing requirements”.
Being a key associate of the United States India Business Council (USIBC), and having more than a decade’s experience in medical billing industry Dr. Dipak Nandi also stressed the fact “the DME billers and coders have to be more cautious about its billing, coding, claims etc in order to receive the proper reimbursement, as the DME billing process is not as easy as it seems.”
As the DME industry continues to grow and evolve playing a vital role in the life of the majority number of peoples, a seamless DME billing solution is essential.
Ensuring accurate DME billing process with in-depth knowledge of all the updated codes, DME claims, all DME prior authorization regulation, different billing software needed for DME billing process along with the complex nature of reimbursement within a cost effective solution is definitely quite a challenge.
