For orthopedic facilities, a solid revenue cycle management process is crucial to financial success. With complex clinical needs and medical billing, you need a billing team with a thorough knowledge of the nuances in orthopedics and expertise in the specialty’s billing and coding. Outsourcing medical billing services is the best solution to achieving your bottom-line goals.
The Benefits of Outsourcing Your Orthopedic Medical Billing Services
When you find the right partner, outsourced orthopedic medical billing services offer the following advantages:
- Provides access to orthopedic billing expertise – orthopedic billing professionals have the knowledge and understanding of the complexities of orthopedics as a specialty, easing your efforts to train your staff and update your systems. Orthopedic billing has its share of perplexities, and coders need specific credentials, like the Certified Orthopedic Surgery Coder certification. Working with billing experts with years of experience in orthopedics is essential to mitigate coding errors and compliance issues that affect your collection process and revenue.
- Lowers costs while improving patient care – outsourcing billing can be cost-effective. It prevents your in-house team from being overburdened with work and reduces the overall cost of maintaining office space and regular staff training. By having professional coders who are focused solely on billing, your staff can devote their time and effort to tasks they are more experienced at, such as providing valuable patient care.
- Reduces coding errors – certified coders and orthopedic billing experts appropriately use the correct ICD, CPT, and modifier codes. Submitting the correct documentation prevents practices from facing costly denials.
- Faster collections and more aggressive follow-ups – since coding and documentation are accurately done the first time, reimbursements are quick. Your outsourced billing team also meticulously tracks each claim until you receive your payments. They help get you the last dollar you deserve.
The Costs Associated with In-House Medical Billing
Maintaining an in-house medical billing team is more costly than you think. Common costs include:
- Overhead expenses – in-house medical billing requires capital investment in infrastructure, recruitment, salaries, benefits, and technology.
- Liabilities – an in-house billing department is susceptible to errors and general employee neglect. Discarded bills and forms and unappealed claim denials affect your cash flow and cost you more expenses in the long run.
- Support issues – if you only have two or three employees handling billing, your operations, including cash flow, can be stalled. When even just one employee goes on vacation or gets sick, your billing department cannot function fully.
The Importance of Choosing a Reliable and Experienced Medical Billing Partner
Not all orthopedic medical billing companies are created equal, and some may not offer the services you need. Planning carefully and choosing a reliable partner that meets your needs and goals is necessary. After all, the billing company you choose serves as an extension of your business.
Before partnering with an orthopedic billing company, make sure they have the following:
- Expertise in orthopedic billing & medical coding services – orthopedics comes with its own billing requirements and challenges. Your billing partner must have expertise in your specialty to ensure accurate billing and coding and faster claims processing.
- Reliable support – your partner should never leave you hanging. Choose a company that is with you every step of the way and provides support whenever needed.
- Excellent customer service – with reliable services and support, you can rest assured you can handle and overcome issues and stay on track to reach your financial goals.
- Transparency – your partner must provide real-time access to reports and any form of data you need.
What to Expect From Your Orthopedic Medical Billing Services Partner
With an orthopedic medical billing services partner, you can expect a comprehensive array of customized services, including:
- Medical coding
- A/R and denial management
- Electronic health records (EHR) system installation
- Financial reporting
- RCM solutions
Overhead expenses – in-house medical billing requires capital investment in infrastructure, recruitment, salaries, benefits, and technology.
- Liabilities – an in-house billing department is susceptible to errors and general employee neglect. Discarded bills and forms and unappealed claim denials affect your cash flow and cost you more expenses in the long run.
- Support issues – if you only have two or three employees handling billing, your operations, including cash flow, can be stalled. When even just one employee goes on vacation or gets sick, your billing department is unable to fully function.
Coronis Health offers all these services and more to ensure every client has the support they deserve to run a successful orthopedic center.
How to Get the Most Out of Your Partnership
Your partnership only becomes a strategic alliance when you consider the following practices:
- Understand that it’s a partnership – outsourcing means teamwork and collaboration that require full cooperation to achieve goals.
- Evaluate your needs first – determine your internal business needs to help align your goals with your partner’s and design the best action plan.
- Define the scope of your partnership – clearly define what services you need, so tasks don’t overlap and you don’t pay for services you don’t need.
- Establish clear and consistent communication – miscommunication is a stumbling block that can interfere with your processes. With clear communication, you can work seamlessly.
Contact Coronis Health to learn more about our orthopedic medical billing solutions and other physician services or to request your free financial checkup.