How orthopedic billing companies can increase your profits?
Orthopedic billing companies often find it difficult to keep their claims processing accurate and precise. It is seen that the claims rejection rate is so high that it affects their revenue generation significantly. It is such a regular phenomenon that most orthopedic medical facilities are losing out on their expected profits, although their resources are working in full swing.
Do you also fall under the same category?
Did you know?
An average of 11% of the total net revenue is lost due to underpayments every year for a medical centre? Claims processing, revenue cycle management, and billing make for around 14% of the total expenditure in the healthcare domain. It equals a whopping $2.7 trillion in monetary value.
There are two possible reasons for claims rejection:
- The payer did not receive the claim
- The claim is incorrect or inadequate
However, the orthopedic healthcare operations can make way for the right approach by outsourcing orthopedic billing and coding to an experienced team. This will give them a way out to earn better revenues.
Here is a quick list of how an orthopedic billing company can increase its profitability in 2022:
- Collect difficult patient payments
With the usage of high deductible health plans making their way into the orthopedic healthcare domain, the orthopedic providers are finding it increasingly difficult to collect payments from the patients as they do not receive the amount from the insurance payers anymore. In fact, the smaller orthopedic practices lack the necessary resources and the funds to run an appropriate orthopedic billing system.
The good news is that outsourcing orthopedic billing and the collection system to a trusted RCM provider can help you in enhancing your revenue collections. Such outsourced orthopedic partners have the necessary resources and the time to receive the payments from the patients on behalf of your orthopedic services so that you can look at your patients.
2. Improve the rate of clean claims
When you submit a clean claim, you receive the payment quicker from the insurance provider. A clean claim leads to a faster and quicker turnaround. The quickest and most affordable way to get this done is to partner with experienced orthopedic billers and coders specializing in submitting clean claims. They are the ideal team to find out the underlying causes for the rejection of your claim so that you can recover and improve your orthopedic payment collections.
3. Specialty-tailored billing software
Using the orthopedictailored billing software is the next best thing that can help you increase your revenue in the orthopedicpractice. Many software vendors choose to offer the one size fits all kinds of solutions that often fail to meet specialist medical billing needs. If there is more information than what you need, it simply slows down your orthopedic billing workflow and prevents your practice from working at its optimal best.
With the customized orthopedic billing software implementation, you can access the tailored orthopedic billing tools that come loaded with a specific list of coding and claim filing tools. It will help your orthopedic billing give its best performance and bypass any unnecessary information. Keeping in mind the cost and time factor, this is possible only by outsourcing orthopedic billing and coding.
4. Improved scheduling
If you want to improve your orthopedic practice revenue, improving the schedule of the orthopedic billing is incredibly important. Many orthopedic facilities experience a higher number of no-shows from the patients that impact their revenue negatively. The reasons behind no-shows can be varied. Patients might forget their appointments or non-working of the scheduling workflow tool, low level of loyalty from the patients, or complicated orthopedic billing for more complex services, which can negate with an improved scheduling routine.
That’s why it is always recommended to go in for outsourcing orthopedic billing and coding to an experienced team to improve scheduling for your practice.
5. Give your patients choices
When collecting the payments from the patients, you must give them the various options to choose from. Patients are willing to pay their orthopedic medical bills just like they would pay their rents or gas bills. Allow them to pay online, not to forget their payment dues. Send them reminder emails if necessary.
Again, the correct software can help you collect payments with 24/7 accessible payment options. For instance, orthopedic billing software integrated into a patient portal will allow access to the patients for all 24 hours a day. This will benefit your revenue generation significantly, which is possible with an experienced orthopedic billing and coding company.
Get others to do the orthopedic billing for you!
Doing orthopedic billing with your in-house team can often be frustrating as it wastes a lot of money and time. That’s why outsourcing orthopedic billing and coding is mainly suggested to save your time and infrastructure costs. Let an experienced orthopedic billing and coding company handle your claims and the collection tasks. Always choose a company like 24/7 Medical Billing Services that has the requisite expertise and experience with orthopedic billing and collection. Get recommendations from other practitioners in your domain and follow up on the reviews online to outsource the best orthopedic billing and coding company.
Read more: A Guide To Survive Orthopedic Billing Issues
