Podiatry billing like every other specialty billing faces its own set of challenges. Unskilled billing staff and inefficient billing practices can work havoc on the RCM process of your practice. Outsourcing the revenue cycle management of a podiatry practice to a medical billing expert can maximize claims payments and keep the practice compliant to governmental regulations. Professional medical billing services try to reach a level of efficiency when it comes to revenue cycle management of podiatry practices because of their exhaustive collection practices, incessant execution of billing tasks, and updated knowledge of prescribed documentation regulations.
Here are the reasons why Podiatry Practice Increase Revenue with Outsourced Billing Service:
Better Understanding of Podiatry Billing Guidelines.
Centers for Medicare and Medicaid Services are very particular about the prescribed billing guidelines. The team of billing experts is well versed in podiatric procedures and related codes. This helps your podiatry practice to achieve your goal of flawless billing. Do check that the company you shortlist has certified, professional, and experienced medical coders and billers that can keep your practice compliant with HIPAA and OIG, and in turn help you maximize payments, thus improving revenue streams. You can shortlist a company that already is dealing with podiatry practices, as this ensures that they know what they are doing.
Podiatry medical billers and coders take the help of automated technology to reach an overall efficiency of operations. They use customized templates of EHR that are specific to podiatry, as these ensure spec free use of codes native to podiatry procedures. This allows a practitioner to focus on the patient better without fretting about the billing front himself. Billing teams also preauthorize all patient documents with the insurance providers and maintain records for them to avoid discrepancies later.
Podiatry practices lose a significant portion of their annual revenue due to insurance underpayments and are often unable to estimate this loss of revenue correctly. An experienced billing partner checks all the payments received from insurers and matches them with bills filed. This brings to light underpayments if any. The billing experts then respond to the insurer’s queries about claims. They also make an appeal for denied claims. Such timely detection of underpayments also helps in timely claim filing and reimbursements. As rules and claim procedures surrounding Podiatry vary from insurer to insurer, it is a prudent step to seek the help of a podiatry medical billing company. Over time, the expert would be able to identify the payers which usually write off your claims as underpaid or unpaid. This analysis helps the practice pay attention to the coding and documentation requirements of these insurers and chase collections regularly.
Dealing with The Patient
Every practice needs to realize that the overall exercises of bill collection from patients need to be improved. Outsourced Billing companies aid this by providing better customer service and putting in place an interactive interface. A more responsive approach to customer’s queries about billing and other medical practices helps in increasing the revenues in the long term.
Services of expert billers in specialty Podiatry billing can help a practice overcome billing challenges easily.