Impact of inefficient Orthopedic Medical Billing Services on your overall practice?
Orthopedic medical billing services can become a challenging task if not handled properly. It may cause a loss in productivity and might tamper with overall revenue. Letting professionals handle this aspect of your job will give you peace of mind and take the workload off your shoulders. Orthopedic doctors who do not invest in the right billing practices suffer revenue loss and issues in their general practice. Everything has a significant impact on the total revenue, from missed billing to under-coding.
Let’s see how orthopedic medical billing mistakes can impact your overall practice:
1. Revenue loss
In case the orthopedic service gets under-coded or put under a different code, you may lose money. Sometimes, the insurance claims do not get approved due to a mishap done by the medical staff. Not being able to keep a clean record of codes and services also results in losses.
2. Non-reconciliation of claims
Orthopedic doctors are busy saving their patients all day. Forgetting to reconciliation of claims is an oversight on their part but may have future repercussions. You may lose thousands of dollars in revenue just by ignoring a simple filling. It is essential to reconcile your claims and track them from time to time.
3. Error while submitting claims
While filing a claim, if the information is missing or submitted in the wrong format, it can delay or complete the cancellation of the claim. This is frustrating and results in revenue loss. Some common mistakes are incorrect names of the patient, code, or doctor’s name.
4. Unsatisfied patients
Medical orthopedic practitioner spends their whole life serving their community. It is one of the most selfless jobs out there. Errors in medical billing may affect your patients. A patient who receives an excessive charge due to mistakes while upcoding or is given the wrong invoice is likely to get upset. Upset patients are less inclined to revisit your office and may harm your image by spreading the bad news to others.
5. Loss of patient’s data
It is essential to keep all patients’ sensitive information, including their personal and financial records, safe. A poor accounting system can lead to disastrous results. It is also equally essential to audit your accounts at regular intervals to keep track of the money flow
What should be the next step?
Some medical orthopedic practitioners get apprehensive about outsourcing their orthopedic medical billing services. While it is understandable to have certain doubts, it is smart to let the experts deal with the orthopedic billing while you can concentrate on your patient’s well-being.
Advantages of outsourcing orthopedic medical billing services
1. Correct and effective billing
When experts take care of orthopedic medical billing services, they ensure they are free from errors. The best orthopedic medical billing professionals are available to you, treating your demands as a priority without any added overhead expenses.
2. Efficiency is improved
Medical orthopedic practitioners can focus solely on their craft and treating their patients, while experienced people handle other aspects. It improved the efficiency of the overall practice.
3. Revenue flow
When every bill is accounted for and filed properly, it increases the revenue flow tremendously. You can check the money flow and will get monthly, quarterly and annual reports.
4. Better Patient care
After outsourcing orthopedic billing services, the medical practitioner has more time to focus on their patients. They will be more attentive to their patient’s needs and would be a more significant help.
5. Acquiring more control
The entire picture of your revenue and patients’ information gives you more control over your work. Expert orthopedic billing professionals keep their work transparent and update you with every change.
6. Fewer chances of errors in ICD-10
The 10th revision of the ICD-10 has made the orthopedic billing procedure more complicated and lengthier. Many people anticipate a longer delivery time and more claims denials due to coding mistakes with ICD-10 because it takes a lot of study and training to get it correctly. This may significantly impact your cash flow. When you let experts handle orthopedic medical billing, you have access to a pool of specialists knowledgeable with ICD-10, so errors in coding won’t be an issue.
The Last Lines!
Outsourcing orthopedic medical billing is a wise idea if you wish to keep serving your community and see an increase in the cash flow. We at 24/7 Medical Billing Services will take care of your orthopedic medical billing so you can enjoy your work and help your community with your skillset.