Today with the complex nature of the orthotics and prosthetics billing process, healthcare practices are falling short on strategies for the highest collection rate, thus, resulting in the negative bottom line. In fact, researches and studies have shown that 77 percent of providers take more than a month in the whole collection process.
While the incomplete picture of each patient’s insurance options is one of the main pain points for a delayed collection rate. It is often seen that lack of verification and proper communication concerning the active coverage also the cause of inevitable delays
This is why here are a few tips that not only help in improving your collection rate for the orthotics and prosthetics billing process but also ensure a seamless billing transaction.
Complete operational transparency- starting from the billing and collection process to all the financial visibility, a complete operational transparency not only helps you with real-time and detailed visibility but also helps you focus on faster reimbursement and reduced billing errors. Minimizing the rate of denial claims, operational transparency in your orthotics and prosthetics billing process only helps in speeding up time to cash collection.
Ensure experienced billers and coders – with experience and complete understanding of the present industry mandates, payor and reimbursement challenges not only helps in faster collection rate but also reduces your chances of experiencing billing and coding errors in your orthotics and prosthetics billing process.
Robust reporting – a complete picture of your billing operation through robust reporting only gives you the visibility that you need to make the right decisions. Moreover, robust reporting also increases your efficiency and understanding of the area to focus on for better billing management.
Avoid unnecessary write-offs- streamlining the workflow not only helps in the collection rate but also faster reimbursement. In fact, the Patients’ insurance coverage discovery here will not only be faster but more accurate, which eventually helps in driving down costs and minimizing the risk of write-offs to bad debt.
Outsource your orthotics and prosthetics billing process – today with all the complexity in your orthotics and prosthetics billing process, it is seen that outsourcing your billing process has not only helped healthcare practices with higher collection rates but also with faster reimbursements.
Moreover, there is an outsourcing organization offering the highest collection rate in the market also ensures the benefits of providing the 1st 30 days free. With excellent industry references, the organization also helps in reducing the operation cost, billing and collection errors and denials claims.