Foot-care is slowly rising up the ranks as people are getting smart about health and have started investing more in healthcare. They have been shifting towards podiatry specialists over their general physicians. With increased public awareness, podiatry services can have even more demand in the future. But podiatrists might not be ready to get over these unique challenges that podiatry billing has to offer.
Podiatry billing requires a special set of skills and in-depth knowledge of the industry, which general billing service providers cannot manage. According to research, podiatrists lose about 20% of their potential revenue due to billing, every year.
With limited staff, there usually isn’t any dedicated personnel to care of the billing, making the billing process inconsistent. And with increased walk-ins, it won’t get any easier. Here are some billing challenges that you as a podiatrist might face:
Challenges of Podiatry Billing
Latest Billing Rules and Alterations
Code billing is constantly evolving. These codes have been billed in such a way that tracking the bills has become extremely difficult. Interns or inexperienced billing staff require constant check and training of all the alteration going on to provide clean claims to the customer for payment. They also have to ensure that no unnecessary money is left on the table by performing the proper audit to avoid bill fraud allegations.
Missing Chunk of Revenue
Minimal miscalculation can lead to big errors in billing. Proper knowledge of rules and guidelines should be there to avoid any sort of miscommunication. Delays or errors in billing can cost you the loss of your recurring customers and your authority also being questioned. Ultimately, it could lead to financial loss.
Patient Collection Efforts
There are some kinds of costs that patients have to pay for insurance and others. In these circumstances, you should follow credible revenue collecting practices.
Your staff should be aware and present-minded so that every patient pays the insurance from time to time. To overcome any challenges in billing, staff should be trained and guided well so that they can be confident and perform their tasks well.
Overcoming Billing-related Challenges
Podiatrists face many billing-related issues, but it doesn’t have to be that way. There are various measure that can be taken in order to overcome the challenges:
Updated Billing Software
The billing management module makes it possible to set up a practice more efficiently and cost-effectively than a traditional billing system. Accurate and updated medical billing software should be provided to your staff so that any internal billing problem can be sorted out. Medical practices need the right tools and processes to implement accounting policies and procedures that fit into this new and more complex era.
For Instance, an EMR software solution helps to automate the process of billing, accounting, and other aspects of practice operations, eliminating the need for employees to constantly manage their own billing and accounting processes.
A proper practice management
The practice management system should be formed to send patients’ appointment reminders beforehand. It should be able to send mails or text messages for unpaid bill reminders. If you have a small team then you can outsource all your medical billing services to experts who have specialization in this field.
You can check out Hippocratic Solutions, who have been serving the industry with podiatry billing solutions. They will provide billing information that allows you to properly bill and be paid for your services. Integrated billing functions allow users to simplify their billing process by designing workflows to meet the special needs associated with podiatry billing.
Replace billing staff with software
To optimize revenue, a practice must dismiss staff and implement an effective model for managing medical billing.
The current billing staff will need constant training to keep up with the changes and ensure that clean receivables are sent to payers to keep money off the table. They will also need to avoid incorrect coding, which could put you at risk of audit allegations of billing fraud.
The software manages all aspects of podiatry billing to maximize reimbursement of services provided.
Keeping up with accounting changes is complicated. Trying to do more with fewer staff and extra time spent fulfilling insurance companies and government orders increases office workflow and the likelihood of billing errors. As a result, errors in medical billing result in annual revenue losses of tens of thousands of dollars. To avoid this, outsource it to professional billing management service providers. It will not only save you time and resources, but will also increase the efficiency of your work by taking a huge burden off your shoulders.