Orthopedic billing is a crucial process to keep a smooth system, minimizing claim denials and cash flow problems. It’s essentially the financial backbone of the practice. Without it, everything would fall apart. So, what are the most important aspects to keep in mind when billing? Double check patient information, verify insurance coverage, code specifically and file claims quickly. Continue reading to learn more about how to streamline the process.
How Does Orthopedic Billing Work?
Orthopedic billing begins with proper documentation before, during, and after a patient visit. Special attention must be paid to coding the full extent of services, both for maximum reimbursement and for end-of-year service cost analysis. With ICD-10, codes are more precise than ever. And outside of coding, simpler errors like missing or incorrect patient information (even a name or date of birth) could result in a rejected claim. In addition to limiting error, knowing insurer preferences and deadlines can also really help in billing management.
Of course, failure to comply with payers is less detrimental than compliance with HIPAA and state regulation. Training your team properly can help avoid severe fees and penalties. If you have no time to train or find that your billing management is too complex, you can reduce your stress and increase reimbursement with Billing Advantage.
Orthopedic Billing Software
Software geared for orthopedic billing ranges from handling the simplest and most basic processes (like patient scheduling and billing reminders) to much more complex analysis. Both types of software require staff training and time, not to mention that any software can be hacked or subject to other risks and errors.
Billing Advantage has partnered with Kareo, one of the most secure and user-friendly software programs available for medical billing specialties. Kareo offers 24/7 access, and you can submit your patient information to us in whichever manner is most convenient to you. Then, your practice can have as much or little participation in billing management as you want, backed with the full support of Billing Advantage. Ultimately, we want to help your practice succeed so it can continue providing valuable care to the community.
How Much Does Orthopedic Billing Service Cost?
Hiring a third party billing agency can actually increase net revenue. Just be sure that the company you hire understands the orthopedic specialty. With Billing Advantage, you can be assured that the agents working for you have ample experience to maintain professional, knowledgeable payer interaction while getting you every dollar you deserve!
Billing Advantage has a basic one-time startup fee of $300 per clinician, plus a 5-7% fee of the claims you receive. Get started today to maximize reimbursement!
Submit a free quote request and see how we can help your business.