Reducing Accounts Receivable In Orthopedic Billing

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Reducing Accounts Receivable In
Orthopedic Billing
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Reducing Accounts Receivable In Orthopedic Billing
Challenges of Accounts Receivable in Orthopedic
Billing Accounts Receivable (AR) is an important
aspect of orthopedic billing, as it refers to the
amount of money owed to an orthopedic practice by
its patients and insurance companies for services
rendered. However, managing AR can be challenging
and can create several obstacles for an
orthopedic billing process. Some of the common
challenges of accounts receivable in orthopedic
billing include complex billing requirements,
denied or rejected claims, coding errors,
inaccurate patient information, and delayed
payments. Reducing accounts receivable in
orthopedic billing can be challenging as it
requires a dedicated team of billing
professionals who can navigate the complexities
of insurance billing who can identify and resolve
coding errors and effectively manage delayed or
denied payments. Reducing Accounts Receivable in
Orthopedic Billing Reducing accounts receivable
in orthopedic practice requires a strategic
approach that involves implementing effective
billing and collections procedures, optimizing
revenue cycle management, and improving patient
communication. Following are some specific steps
that can help Verify Insurance Coverage Always
verify patient insurance coverage before every
single appointment and ensure that all necessary
authorizations are obtained before services are
rendered. Verifying insurance coverage includes
varies steps like verify patient information,
check for coverage limits, and check for
prior-authorization requirements.
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Reducing Accounts Receivable In Orthopedic Billing
This will help to avoid any delays or denials of
claims, reduce the number of accounts receivable
and will ensure timely payments. Denial
Management Regularly monitor your claims and
review any denials to identify trends and areas
for improvement. If a claim is denied, appeal it
promptly with supporting documentation. Accurate
and complete documentation is the first step to
reduce claim denials in orthopedic billing. Make
sure that all the information in the claim is
accurate and up-to-date, including patient
demographics, insurance details, and the
diagnosis and treatment codes used. Also use the
correct diagnosis and treatment codes when
billing for services. Stay updated with the
latest coding guidelines and ensure that all
codes used are supported by the documentation. To
reduce claim denials, stay up-to-date with the
latest industry changes and billing regulations,
including any changes to coding and billing
rules. Provide Clear Payment Information Provide
patients with clear information about their
financial responsibility and payment options
before they receive services. Make sure that your
patients understand your payment expectations
before they receive any services. Clearly state
what services are covered by insurance, what the
patients out-of-pocket expenses are, and when
payment is due. This can be done by providing
patients with a payment policy and/or a fee
schedule. This can help to reduce confusion and
improve collections.
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Reducing Accounts Receivable In Orthopedic Billing
Collect Payment at the Time of Service Collecting
payment at the time of service is crucial for any
orthopedic practice to ensure steady cash flow,
reduce bad debts, and improve overall financial
performance. As co-pays are a patients
responsibility, collecting them upfront ensures
that you are paid for this portion of the bill.
You can also collect any other out-of-pocket
expenses at the time of service. Explain your
payment policy to patients before the
appointment. Let them know that payment is due at
the time of service and what payment methods you
accept. Explain to them the importance of paying
upfront and how it can benefit them, such as
avoiding surprise bills and reducing their
overall healthcare costs. Offer Payment
Plans Offer patients different payment options,
such as credit cards, debit cards, and cash.
Offering payment plans can help patients who
cannot afford to pay their bills in full. This
can help reduce the number of unpaid bills and
can also help retain patients who may otherwise
seek care elsewhere. When offering payment plans,
it is important to clearly state the terms and
conditions, such as the length of the payment
plan and any interest or fees that may be
charged. This can help to reduce the amount of
outstanding balances and increase cash flow.
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Reducing Accounts Receivable In Orthopedic Billing
Above mentioned steps will help you in reducing
accounts receivable in orthopedic billing. If you
are short on manpower or dont have skilled
orthopedic coders and billers, we can assist you
in reducing your accounts receivable. Medisys
Data Solutions is a leading medical billing
company providing complete billing and coding
services for various medical billing specialties.
Our experienced orthopedic coders and billers
will ensure accurate insurance reimbursements for
delivered services. To know more about our
orthopedic billing and coding services, contact
us at info_at_medisysdata.com / 888-720-8884
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