Are you eager to add more patients and expand your practice? But what if there is an increasing income disparity?
Surprise! Some of your most cherished patients are late on their payments. Payments from Medicare, Medicaid, and various health insurance companies are delayed due to coding or form-filling errors.
There’s nothing new here! Reimbursements in orthopedic billing have decreased while HIPPA-compliant paperwork has grown. The likelihood of running a profitable orthopedic business is dwindling all the time.
On average, 70-80 percent of patients owe at least $500 to their orthopedic surgeons. More than half of the patients have debts over $1000. If a bill is not paid or settled, the cost of surgery will never be recovered.
How can you grow and thrive when operating costs are so high, and most rates are capped by what insurance companies will reimburse? Outsourcing orthopedic billing is the answer to your doubt.
Regulatory Headaches in Orthopedic Billing
Regulations are one of the most challenging issues orthopedic surgeons must deal with to run a successful clinic or hospital. Failure to properly manage regulatory requirements can negatively impact a surgeon’s operations and revenue collections.
According to a recent American Hospital Association (AHA) report, orthopedic surgeons spend $39 billion annually on administrative tasks associated with regulatory compliance. This is exacerbated by the fact that orthopedic surgeons and other healthcare providers must comply with 629 different regulatory mandates.
Additionally, prior authorization and the Medicare Quality Payment Program continue to pose new regulatory challenges for orthopedic surgeons. It includes issues with manually submitting documentation via fax or through the health plan’s proprietary web portal, as well as changing medical necessity requirements and appeals processes to meet the requirements of each health plan. In fact, the burden has grown year after year.
Attempting to keep up with ever-changing regulatory requirements can distract surgeons from providing quality care and put additional strain on office personnel. This can easily have an adverse impact on orthopedic billing, where key details are missed or overlooked when focusing on regulations.
This situation presents a clear opportunity for many orthopedic surgeons to consider orthopedic billing outsourcing.
Alleviate Regulatory Stress by Outsourcing
When you outsource orthopedic billing to an offshore medical billing company like Info Hub Consultancy Services, everything from patient care to compliance requirements is effectively managed. Our team implements a consistent compliance program to cultivate a compliance culture that reduces revenue risks and allows you to focus on high-value care. Our strategy for alleviating regulatory stress includes the following:
- ● Monitoring and Tracking Compliance When compliance issues spiral out of control, getting your practice back on track can be difficult. Fortunately, our centralized technology tools like billing, provider credentialing, medical coding, and payer contract review give you confidence in your compliance with critical standards.
- ● Streamline Workflows Our compliance step also includes limiting employee access to Protected Health Information. This includes everything from lab forms to insurance statements, collection notices, and prescription forms, with each step posing a risk of noncompliance. Streamlining your workflows ensures that only those who need to see specific information can do so to improve your patient care.
Get Accurate Orthopedic Billing with Info Hub Consultancy Services (ICS)!
Ensure Transparency with ICS
Some professional surgeons believe outsourcing orthopedic billing is akin to handing over control of the revenue cycle to complete strangers. But when you outsource orthopedic billing to Info Hub Consultancy Services, they are obligated to provide you with positive results based on your specific metrics.
You can implement metrics such as collection ratios, first-pass payments, and denial rates. Thereafter, the entire team will back up their results with data, providing you with exceptional transparency into your cash flow.
Our experts will regularly generate understandable reports based on established key performance indicators. They will post delays and payment issues more effectively than most in-house employees. As a result, you can keep a better eye on your financial performance and position without micromanaging.
Book your free consultation appointment with the ICS team to ensure regulatory compliance in orthopedic billing.