October 31, 2014
Podiatry practices face unique billing issues whether it is related to proper usage of modifiers or understanding the new rules for Durable Medical Equipment (DME). In the last few years, this medical specialty has faced various challenges, for instance, podiatrists are under scrutiny from Medicare for billing services that lack medical necessity, whether delivered in the office or a nursing home. At times, many podiatry procedures are bundled together even when the bundling is not required. To avoid such instances, it has become important for podiatrists to bring significant changes in their billing department.
Challenges in Podiatry Practices
Since podiatry is specific to the procedures for ankle, foot and toe treatments, medical billing and coding becomes complex due to the detailed and specific codes. It becomes important for the billing department to stay updated with the rapid changes in coding and billing. Special focus is required for following specific guidelines and policies for billing podiatry procedures.
Podiatry medical billing procedures for this medical specialty are full of complexities due to which podiatrists have to face declining payments and dissatisfied patients. The billing team needs to ensure that claims denials and underpayments don’t pose a hindrance in running a profitable podiatry practice.
Challenges like retail requirements for DME, complex inclusive procedures and heavy usage of modifiers have made it difficult for billers to ensure financial stability of podiatry practices. In order to sail through billing complexities, providers are making necessary changes to their practice to stay updated with the latest reforms.
Fighting Adverse Effects of Billing Challenges
If you run a podiatry practice and wish to avoid adverse effects of billing challenges on your revenue collections, here are few things you need to do:
Claims scrubbing can bring down the chances of a denial and ensure correct filing of documents
Providers should get the billing system integrated with the payers’ clearing houses for tracking the claims acceptance and adjustments within 24 hours of filing
Prompt response will have to be sent to an insurer’s query in case billing statements have a missing code or incorrect information
Necessary adjustments will have to be made so that claims settlement can be improved
Podiatry practices can improve profitability by making progressive changes to their existing billing system. To avoid challenges related to reimbursements and claims submission, providers should preauthorize all patient documents with the insurance providers and maintain records. Automation of billing and coding will also prove effective in enhancing the revenue cycle for podiatry practices.
Consider Outsourcing Podiatry Billing
In order to ensure that revenue cycle challenges don’t affect reimbursements, many podiatrists have started outsourcing their billing needs. By choosing companies like MedicalBillersandCoders.com (MBC), podiatry practices all over the US have been able to maximize their revenue and minimize claims denials.
MBC’s expert team of coders and billers offers effective RCM solutions to over 40 medical specialties. Outsourcing has helped podiatrists improve collections, reduce hassles related to administration, accelerate payments and strengthen the financial health of their practice. Providers can either take the complete suite of billing services from MBC or customize the services as per their requirements.