Impact of inefficient orthopedic medical billing services on your overall practice?
Orthopedic medical billing services can become a challenging
task if not handled properly. It may cause a loss in productivity and might
tamper with overall revenue. Letting professionals handle this aspect of your
job will give you peace of mind and take the workload off your shoulders.
Orthopedic doctors who do not invest in the right billing
practices suffer revenue loss and issues in their general practice. Everything
has a significant impact on the total revenue, from missed billing to
under-coding.
Let's see how orthopedic
medical billing mistakes can impact your overall practice:
·
Revenue loss
In case the orthopedic service gets under-coded or put under a
different code, you may lose money. Sometimes, the insurance claims do not get
approved due to a mishap done by the medical staff. Not being able to keep a
clean record of codes and services also results in losses.
·
Non-reconciliation of claims
Orthopedic doctors are busy saving their patients all day.
Forgetting to reconciliation
of claims is an oversight on their part but may have future
repercussions. You may lose thousands of dollars in revenue just by ignoring a
simple filling. It is essential to reconcile your claims and track them from
time to time.
·
Error while submitting claims
While filing a claim, if the information is missing or submitted
in the wrong format, it can delay or complete the cancellation of the claim.
This is frustrating and results in revenue loss. Some common mistakes are
incorrect names of the patient, code, or doctor's name.
·
Unsatisfied patients
Medical orthopedic practitioner spends their whole life serving
their community. It is one of the most selfless jobs out there. Errors in
medical billing may affect your patients. A patient who receives an excessive
charge due to mistakes while upcoding or is given the wrong invoice is likely
to get upset. Upset patients are less inclined to revisit your office and may
harm your image by spreading the bad news to others.
·
Loss of patient's data
It is essential to keep all patients' sensitive information,
including their personal and financial records, safe. A poor accounting system
can lead to disastrous results. It is also equally essential to audit your
accounts at regular intervals to keep track of the money flow
What should be the
next step?
Some medical orthopedic practitioners get apprehensive about
outsourcing their orthopedic medical billing services. While it is
understandable to have certain doubts, it is smart to let the experts deal with
the orthopedic billing while you can concentrate on your patient's well-being.
Advantages of
outsourcing orthopedic medical billing services
·
Correct and effective billing
When experts take care of orthopedic medical billing services,
they ensure they are free from errors. The best orthopedic medical billing
professionals are available to you, treating your demands as a priority without
any added overhead expenses.
·
Efficiency is improved
Medical orthopedic practitioners can focus solely on their craft
and treating their patients, while experienced people handle other aspects. It
improved the efficiency of the overall practice.
·
Revenue flow
When every bill is accounted for and filed properly, it
increases the revenue flow tremendously. You can check the money flow and will
get monthly, quarterly and annual reports.
·
Better Patient care
After outsourcing
orthopedic billing services, the medical practitioner has more time to
focus on their patients. They will be more attentive to their patient's needs
and would be a more significant help.
·
Acquiring more control
The entire picture of your revenue and patients' information
gives you more control over your work. Expert orthopedic billing professionals
keep their work transparent and update you with every change.
·
Fewer chances of errors in ICD-10
The 10th revision of the ICD-10 has made the orthopedic billing
procedure more complicated and lengthier. Many people anticipate a longer
delivery time and more claims denials due to coding mistakes with ICD-10
because it takes a lot of study and training to get it correctly. This may
significantly impact your cash flow. When you let experts handle orthopedic medical
billing, you have access to a pool of specialists knowledgeable with ICD-10, so
errors in coding won't be an issue.
The Last Lines!
Outsourcing orthopedic medical billing is a wise idea if you
wish to keep serving your community and see an increase in the cash flow. We at
247 Medical Billing Services will take care of your orthopedic medical billing
so you can enjoy your work and help your community with your skillset.
About 24/7 Medical Billing Services:
We are a medical billing company that offers ‘24/7
Medical Billing Services’ and support physicians, hospitals, medical
institutions and group practices with our end to end medical billing solutions.
We help you earn more revenue with our quick and affordable services. Our
customized Revenue Cycle Management (RCM) solutions allow physicians to attract
additional revenue and reduce administrative burden or losses.
Contact:
24/7 Medical Billing Services
Tel: +1 888-502-0537
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