DME for Me Consulting offers DMEPOS and Healthcare Business start-up consulting services for DMEPOS Providers, NEMT Providers, Healthcare Staffing Agencies, and more. Our comprehensive consultation services will help you build your business from scratch, to fully Accredited with Insurance Billing Privileges.
Current Healthcare Practices including Chiropractors, Physical Therapists and Pharmacists have the opportunity to expand the scope of care to their patients while adding a substantial source of revenue to their practice.
Creating a DMEPOS or Healthcare Business is a highly regulated and complicated process, which can vary drastically depending on location and product specialization. Utilizing an experienced consultant who is knowledgeable in the nuanced complexities of your situation is paramount to the success and sustainability of your business.
DME for Me Consulting LLC was founded by Price A. Wooding, a DMEPOS Industry expert and business owner, with the intention of making the industry more accessible and understandable to prospective and current business owners. Specifically, prospective, or current owners who have strong patient centricity and compliance values.
With 15 years of comprehensive industry experience, including building Accredited DMEPOS businesses in multiple states, DME for Me Consulting understands the frustrations and pain points when entering and industry with as steep of a learning curve as DMEPOS.
Achieving and maintaining compliance is an ongoing challenge, which changes each year due to legislative and policy changes. Keeping an “ear to the ground” for industry movements is essential, understanding the ebbs and flows of the product niches is fundamental, and DME for Me Consulting is your partner in all of it.
DME for Me Consulting LLC offers the expertise and guidance to navigate the regulatory minefield of building a successful and sustainable business in Durable Medical Equipment (DME), Non-Emergent Medical Transportation (NEMT), Healthcare/Nurse Staffing Agencies, and more.
Simply put, the Durable Medical Equipment industry is continually booming. While the learning curve to entry to the industry is steep, a compliant and well ran DME Supplier can have enormous revenue potential. With referral agreements, niche product specialization, Workers Comp enrollment, and other insurance networking opportunities, the potential for profit is only limited by the owner/operator's passion and diligence. To remain sustainable and insure long lasting profitability, it is essential to have a strong prioritization of compliance adherance. Many Durable Medical Equipment Supplies fall by the wayside due to falling out of compliance, many times without their own knowledge.
Absolutely! Becoming a DMEPOS Provider is a great way to not only elevate the scope of care you are able to provide your patients, but also add a substantial source of revenue. Becoming an Accredited DMEPOS Supplier and enrolling in Medicare Part B opens the door to significant increases in profitability while raising the standard of care for your patients.
The cost of starting a Durable Medical Equipment (DME) Supply vary, in respect to leased office space and supplies, delivery vehicles, staffing, stc. Below is an estimate as to the standard costs you will encounter when starting your Durable Medical Equipment company:
Liability Insurance: Cost varies. Options to pay premium in full or finance monthly payments. (VGM Recommended)
$50,000 Surety Bond: Thecost and approval of the bond varies person to person. (VGM Recommended, discounted when Liability Insurance Coverage is held with them as well)
State Licensing: Cost ranges wildly depending on the state your business is doing business in. These can be from $0-$2000. For example: Colorado=$350
Delivery Vehicle Insurance: This depends on your usage of a delivery vehicle, which not all DME Suppliers do.
Workers Compensation: Depending on your state's requirements, you may be required to have Workers Comp coverage for applicable staff.
Insurance Billing: If you do not have trained in-house billing staff to handle your insurance claims, a Billing Service will need to be employed. The way Billing Services charge can vary, though usually follows either a percentage of total claims, a monthly fee, or hourly rates for FT staff. There are many companies providing these services and finding the right one to compliment your business's needs can be tricky.
Software: Electronic Health Record (EHR) software or software with similar capabilities for patient intake, health record storage, insurance eligibility and claim submission will be necessary to operate a compliment and efficient DME. Software of this type can be acquired through subscription payments or a flat, one-time fee.
Accreditation Fee: Varies depending on Accreditation Body.
A minimum start-up investment capability of $75,000 is recommended.
You may have heard of the CMS DMEPOS Competitive Bidding Program. This program essentially coordinates the payment and dispensability of certain products/product categories to Suppliers that have won their bid for their area of coverage. As of 2022, the only product categories contained in the Competitive Bidding Program are Off-the-Shelf (OTS) Back and Knee braces. All previous categories that were under Competitive Bid are now freely able to be dispensed by Licensed and Accredited providers without the need to win a contract bid. For more information visit: https://www.cms.gov/Medicare/Medicare-Fee-for-Service-Payment/DMEPOSCompetitiveBid
Create LLC or Incorporation
Obtain State Sales Tax and City/County Licensing*
Obtain NPI through NPPES
Obtain State DME Licensing*
Liability Insurance and Surety Bond
Apply for and obtain Accreditation from CMS approved DMEPOS Accreditor
Apply for and obtain State DME Licensing*
Complete online or paper CMS Application for Medicare Part B
Successfully complete CMS on-site inspection
Pass CMS comprehensive fingerprinting and background check