Rising expenses amidst reimbursement cuts is one of the biggest challenges faced by orthopaedists in today’s time. It has not only affected the financial health of practices but it might also lead to restricted care for some patients in future.
Decline in reimbursement has affected orthopaedic surgeons and healthcare providers across the US. Timely billing has become a challenge since new medical billing and coding changes were introduced for orthopaedics in 2013. In order to ensure that billing issues don’t reduce their payments further, orthopaedic practices are being compelled to invest money on hiring and training a team of skilled billers and coders who will ensure that the practice gets paid for all the services on time
Compliance with latest health IT:
Amidst Medicare cuts and reduced fee schedules, orthopaedic practices are being required to comply with latest health IT standards to conduct operational functions. This has also increased pressure on practices as implementation of required technology can be quite expensive
Recruitment of clinical and business staff:
In order to give an edge to your practice and offer excellent care and services to patients, recruitment of skilled and certified clinical and business office staff has become vital. This is also an area where orthopaedic practices will have to spend money for hiring and training
How can a billing partner help save your practice?
Apart from Medicare cuts, orthopaedic practices are also facing reimbursement cuts in the form of 10-15% insurance underpayments. Since these services are expensive, even 1% underpayment can result in significant revenue loss. In order to ensure that silly billing and coding errors don’t lead to payment cuts, many practices are seeking help from a billing company to streamline their billing procedure.
Orthopaedic practices can reap various other benefits through outsourcing such as:
- Quality assurance checks on a regular basis
- Effective account receivable management
- Progress report of filed claims in a timely basis
- Transparency in revenue cycle management
- Round the clock claim processing
- Usage of secure network to solve billing issues
- Enhanced cash flow
- Quick access to financial information and patient data
Hiring a billing partner will eliminate the cost involved in employing or training coders and billers, implementation of health IT, compliance to HIPAA and so on. It will not just result in timely payment, helping practices sail through rising expenses but also give enough time to physicians to concentrate on offering quality patient care.
Medicalbillersandcoders.com has the largest consortium of well-trained resources that can help you face the challenges of reimbursement cuts and rising expenses. MBC has affiliation with orthopaedic medical billing specialists across 50 states in the US and our team of certified coders and billers offer effective medical billing services to small as well as large orthopaedic practices.
From solving underpayment issues to ensuring error-free claim submission for timely payment, MBC makes sure that revenue cycle management of your practice is strong. We also focus on reduction of billing and coding changes on the revenue flow of your practice.