As in any other practice, podiatry practice too should be taking up a lot of time, leaving you very little time to focus on podiatry medical billing. It is more likely than not that you have been losing significantly with your outdated billing practices. Podiatry practice, as most physicians may be aware, is still evolving and demands constant updating of one’s skills. Equally important is the fact that delivery of healthcare is a business that demands constant attention. On top of this if you are going to spend time and money (not less than 6 to 8 percent of your gross billing) on your billing and collections it may not be worth your while.
It is true that you cannot employ just one person to take care of medical billing and coding. Being professionally qualified, a biller and coder will have to be paid a decent salary, besides benefits like bonuses, social security, health insurance, etc. Instead, if you were to outsource your billing to a professional medical billing company you get enough time to focus on your practice and save a lot of money as well. Unlike an employee who can leave you all of a sudden if there is a better offer, leaving you in the lurch, a professional podiatry medical billing services will prove to be reliable and dependable in the long run.
Outsourcing your podiatry billing will certainly solve many such problems, though you need to take care while selecting the best billing service provider. In case yours is not exclusively a podiatry practice, you need to calculate the percentage of billing that is attributable to podiatry. If it is just a negligible percentage, it is better off outsourcing your podiatry billing as you may be aware that you need to handle Q codes, listing the codes in their proper sequences, look into toe modifiers, all of which and more go into podiatry billing.
While large practices with multiple doctors, even if they focus fully on podiatry practice may find it economical to employ their own billers and coders to work in-house itself, many smaller practices cannot afford to spend more than 6 percent of their gross billing on in-house, full-time employees just to take care of billing and coding. Podiatry medical billing can be quite complicated and warrants a deep level of expertise and rich experience. When left to a professional medical billing company, they can take care of your podiatry medical billing as they have dedicated teams that are knowledgeable in the complicated rules that insurance companies use to judge all podiatry claims that are viewed with hawk-like eyes of insurance professionals.
A professional is familiar with podiatry procedures and related terminology as they may be dealing with several podiatry practices and would have gained vast knowledge in the specialty. They will be adept at tracking and pursuing insurance underpayments and denials, which would otherwise cost podiatric practices dearly if they were to do the billing in-house itself. When you deal with a professional podiatry billing company you can expect:
- To have free access to a professional practice management system that will let you capture complete patient data, statements and details on follow-ups.
- All insurance companies and collections and ARs will be handled by the billing company.
- You will have access to using customized medical billing software, which can be used for your practices in various locations.
Thanks to the latest cloud based systems, podiatry practices can have ready access to patient data, and constantly check on transactions, irrespective of where the practice is located.