Healthcare industry is experiencing an incessant increase in demand for primary care and specialty care. With more number of people getting coverage under Medicare and Medicaid, medical practitioners will have to juggle a lot of responsibilities for maintain healthy practices. In addition to ensuring quality patient care, medical practitioners spend a lot of time and energy administering their billing practices and chasing collections. And where a specialty like Podiatry is concerned, medical billing is replete with complexities inevitably leading to declining collections and dissatisfied patients of the practice.
Timely billing and reimbursements of accounts translate into financial stability of podiatry practice. However, challenges like heavy modifier usage, retail requirements for DME, global periods and complex inclusive procedures can slow down payments drastically.
To counteract these Podiatry Billing Complexities, podiatrists must make required changes in their practices and stay abreast with reforms in the industry standards. To avoid adverse effects of billing complexities on collections, podiatrists should –
Adopt automation in billing and coding, selecting customized templates of EHR specific to podiatry. Customized templates ensure error free usage of podiatry codes specific to procedures like chemical matrixectomy, nail debridement and I&D. ERA postings and EMR charge entry can dramatically automate your documentation process allowing you to focus on patient care instead of dedicating time and energy to administrative activities
To avoid later complexities related to claims and reimbursements, preauthorize all patient documents with the insurance providers and maintain records for the same
Claim scrubbing increase correct filing of the documents and reduces the chances of a denial. Integrate the billing system with payers’ clearing house in order to track claim acceptance and adjustment within 24 hours of filing. In the event of missing codes or incorrect information in billing statements, prompt response to insurer’s query and adjustments can boost claim settlements tremendously.
In addition to filing appeals for denied claims within a turnaround time of less than 48 hours, making progressive changes in the billing system to avoid future errors can improve practice profitability and undermine many podiatry billing challenges
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Identify the difficult payers or accounts which you have been constantly writing off as underpaid or unpaid. These patients and insurers require extra attention to derive maximum revenues out of them. Pay attention to their coding and documentation requirements, chase collections regularly and address any difficulty in the path of full payment.
However, focusing on the process and forgetting the service can prove fatal for the practice. The most challenging aspect of podiatry billing is the confusion caused to the patients by podiatry terms and benefits mentioned in their billing statements. Explaining the required details and helping the patients understand their role in bill payment can enhance your collections and improve customer satisfaction too
With so much attention to detail required for maintaining a perfect Revenue Cycle Management, hiring a quality billing service like medicalbillersandcoders.com can be a very prudent decision for your podiatry practice. With experienced billers and podiatry experts working dedicatedly to improve your billing practices, medicalbillersandcoders.com offers comprehensive services that can improve your collections, accelerate payments, reduce administrative stress and strengthen the financial backbone of your podiatry practice.