Smarter Medical Collections Can Improve Podiatry Practice Finance

Smarter-Medical-Collections-Can-Improve-Podiatry-Practice-Finance

Podiatric medicine or Podiatry like we all know is about diagnosing and involves surgical treatments of foot, lower extremity and ankle. Complex inclusive procedures, heavy use of modifiers and other challenges makes Podiatry medical billing bit complex.

When it comes to handling complex Podiatry it requires efficient revenue management that keeps up with the multifaceted medical billing of the same. With the professional Podiatric Medical Billing Service you can expect:

  • 3-4 business day coding turnaround via Internet, fax, or overnight courier, and it comes equipped with a feature to dial into your electronic medical record archives.
  • HIPAA compliance and no off-shore work.
  • Per case pricing model that is inexpensive that stabilizes cash flow.
  • You pay for what you need.
  • Offers practical and cost-effective solution to your unique coding needs.
  • Identification of documentation deficiencies along with a feedback at no extra cost.

Challenges of Podiatric Medical Billing

It requires specific patient diagnoses and modifiers in order to get paid. Moreover, there is a challenge to ensure that the evaluation and management codes are compensated separately rather than bundled together in one payment.

Also, podiatric practices need to upgrade their medical billing to keep the track and follow-up insurance underpayments. The recent survey suggested that the underpayments cost podiatrist around 10% of their probable income.

The challenges of medical billing include patient billing, which means the billing specialist often has to interact with patients as well. The billing professionals are supposed to know that the cash flow depends on payments from patients who struggle understanding explanation of benefits and podiatry terminology.

Smarter Medical Collections Can Improve Podiatry Practice Finance…

 Tracks Your Collection

Even though the claims are completed perfectly, every podiatry practice requires re-submitting the same. Efficient medical billing software which could prove to be a smart collection can track where claims are in the billing pipeline. Medical billing software also assists managing the accounts of self-paid patients.

 Faster Payments

The struggle between payers and providers over insurance compensation continues to escalate as payers apply more resources toward reducing their reimbursements. Miscoding and errors cause rejected claims and delayed payments. Having an expert medical billing process ensures accuracy and thus insurance payment.

Lowering Payer Denials

The Managed Care trend in the health care industry has resulted in a staggering increase in the number of payer denials. The estimated number of denied claims has increased to 18% over the last ten years. Discounting this impact is not a luxury most practices can afford given cost-constrained healthcare management.

Reduces Hassles & Expenses

 You can save huge on:

  • Medical biller’ salary
  • Worker’s compensation
  • Sick leaves and Vacations
  • Stationary and postage
  • Training costs
  • Office space

Invest in medical billing software from a professional medical billing company which will turn out to be a smart collection and help in raising your podiatry practice finance. The billing software comes equipped with integrated features meant for Podiatric field which saves physician a significant amount of time and overhead expenses.  A Podiatric Medical Billing Service Provider Company will let you focus on practicing making your practice more profitable than if you did billing in-house.

This entry was posted in EMR / EHR / Health IT, Healthcare Reforms, HIPAA / ACA / ACO, Medical Billing, Medical Coding, Podiatry Billing, Practice Administration, Practice Management, Revenue Cycle Management (RCM). Bookmark the permalink.

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