With continual healthcare reforms and surmounting medical costs, it is becoming increasingly difficult for physicians to maintain healthy revenues and still deliver quality care. Podiatrists struggle the most with ever increasing costs and have to improve their medical billing practices in order to maintain financial viability in the times to come.
In addition, there is a continued preference of patients to seek primary care physicians in foot-related emergencies before being referred to podiatrists. This makes a podiatrist’s job much more challenging in terms of patient information reliability, billing complexities and almost impossible patient billing. Being a specialized care field, Podiatry billing demands a much more extensive knowledge of coding and billing practices along with long term experience in the field of podiatry. Despite an increasing trend of outsourcing billing processes to maximize efficiency and offer better care to patients, there are many podiatrists short of resources who still struggle to maximize their revenues.
On an average, Podiatrists lose 10-20% of their potential annual revenue to billing changes and underpayments by insurers. Writing off bill settlements as underpaid doesn’t only cut into revenues but also negatively affects the financial stability of the practice in the long term. Efficient medical billing specific to podiatry is the only way to maximize revenues and balance out the increasing costs. Key aspects of podiatry billing that can magnify your returns are–
- Primarily, it is important to adapt your EHR templates especially for podiatry and optimize your billing cycle with automation
- Define which your best revenue streams are and which the worst ones. Aligning your payer mix as per the likelihood of payment can help improve your potential revenue
- Efficient medical billing also requires constant updating of the billing system with coding changes and Medicare or Medicaid related regulation reforms
- Reviewing every billing statement issued by the practice can ensure minimal errors and improve the chances of bill processing and payment in the very first attempt
- Monitoring underpaid claims and denied claims can help you understand podiatry specific rules followed by public and private insurers. Responding to document requirements of insurers as well as filing timely appeals for denied claims can improve your bottom line to a great extent and reduce the rate of non-payment or under-payment
- Patient billing forms an important part of Podiatric medical billing and comprises of explanation of benefits as well as podiatric terms mentioned on the bills to concerned patients. In order to ensure sustained collections and deliver impeccable customer service, patient billing must be handled by collection and billing experts
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There is no likely way to control rising costs and changing standards in the healthcare industry. But proficient revenue cycle management and efficient use of medical billing can ease the expense related struggles of podiatrists. Medicalbillersandcoders.com is specialty billing service provider that can reduce the administrative burden of your podiatric practice in terms of billing and revenue management. With a team of healthcare experts serving the industry for more than a decade and offering experienced billing services in different specialty areas, medicalbillersandcoders.com can lend some much needed podiatry knowledge and compliance specificity to your medical billing practices.