Being not cautious about mistakes in podiatry medical coding can lead to definite claim denials and reduced reimbursements. In this blog, we will have a deep look at the common pitfalls that include errors with modifiers, downcoding and LCDs, and how they impact your podiatry practice.
Podiatry billing is a very peculiar field of medical billing and has its sweet own challenges. Without having in-depth knowledge of podiatry and huge experience in podiatry billing, it is not possible either for general service providers or in-house specialists to generate improvised revenue.
Do you know that podiatrists lose about 25% of their potential revenue due to inefficient billing practices and not having a well-versed revenue cycle management process?
Podiatrists face two major types of billing challenges- one is underpayments by their payers and the other one is patient billing. Now let us look at the top challenges in podiatry billing.
Challenges in podiatry billing
#1: Monitoring and Reviewing Outgoing Billing Statements
You should ensure whether correct payment and processing happens by public and private insurers for a successful RCM to your podiatry practice. You should clearly monitor and review your outgoing medical billing claims and validate whether all claims are sent properly and getting reimbursed on time.
#2: Responding properly to insurer’s queries on your submitted and denied claim forms
Your insurer expects you to respond to their queries regarding any of your submitted claims or claims that are rejected due to any reason, for clarifications. Otherwise, such claims will go on long-pending and may take your lifetime to follow-up and get them reimbursed. So, it becomes necessary to set a turnaround time for you to reply back to your insurers, thereby improving payment rates and boosting revenue.
#3: Boosting bill collection from patients through better customer service
To keep your revenue up, you can focus more on patient care and make your patients visit your facility again by considering you as their preferred physician. But this happens only when you are able to establish an interactive interface to make your patients understand the podiatry billing process, which can drastically increase your revenue.
#4: Cross-checking between the files claimed and reimbursements received
This is more important in medical billing and if not done on-time, you may incur a huge loss in the subsequent months. You should always have an eye on the number of files sent for claims and whether they have been reimbursed or not. If not reimbursed, you should take quick actions upon those claims and follow-up with your insurers to know about the delay or rejections /denials if any.
#5: Changing rules of podiatry medical billing from insurer to insurer
The claim procedure can be distinct from one insurer to the other, since it becomes tough for podiatry billing practices to cope with the rules and get their claims reimbursed. Therefore, paying attention to such speciality billing procedures becomes necessary, which can take away the chances of errors occurring in your claims and due to which underpayment by insurers also happens
With many technological changes in podiatric medical billing, it becomes a need for practices to upgrade their billing expertise to keep a regular follow-up of their insurance underpayments. Due to lack of time and high focus required on patient care, most of them fail in making an excellent RCM for their practice.
Considering expert medical billers and coders to tackle such hard situations to ensure a proper revenue flow in your podiatry practice is a brilliant idea. 24/7 Medical Billing Services is one of the leading medical billing service providers in the USA that can change your medical billing system to the modest. Call to +1-888-502-0537 to get in touch with the company’s experts for best solutions.