With the introduction of new coding and billing changes for Orthopedics in 2013, reimbursement and timely billing has become even more challenging. Orthopedic physicians are facing Medicare cuts and their fee schedules are reducing. It has become vital for them to be compliant with the required technology for conducting operational functions putting increased pressure on Orthopedic practices.
Challenges faced by Orthopedic physicians
Coding changes and revisions (taken effect from 1st January 2013) has pushed Orthopedic surgical coding to a complex level. In order to be fully compliant with these changes, physicians will need to invest time to enrol with an accredited course in Orthopedic surgical coding, revise EHR lists, revise tools for charge capture and focus on the new codes that are applicable to their practice.
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But with an increase in practice volumes, Orthopedic physicians are handling rising number of claim submission, charge posting, payment posting, reporting, follow-up with insurance companies and denial management, hence left with very little time to concentrate on learning new codes.
Approximately 10-15% of insurance underpayment is rampant in Orthopedic practices and since these services are expensive, physicians can face significant revenue loss with even 1% of underpayment. This will affect the operational and clinical efficiency of an otherwise thriving practice.
Why Orthopedic practices need streamlined billing?
Errors in medical billing procedures are directly related to most of the underpayments so, why take the risk? With streamlined billing procedure, Orthopedic physicians can reap the following benefits-
Since Orthopedic physicians keep attending patients and performing surgeries, they are left will less time to code, learn new technology, train the in-house billing staff, file claims or follow up with insurance companies. The hectic schedule and rising challenges of Orthopedic billing makes it essential for them to hire a billing partner outside their clinic.
Having a team of experts assigned to handle Orthopedic coding and billing tasks round the clock will result in timely bill payments and error-free revenue collection. While your billing partner will be ensuring that you get paid on time, you can concentrate on offering quality healthcare to your patients without worrying about the complexities of Orthopedic billing.