February 8, 2021
Orthopedic doctors are specialist physicians who are experts in the musculoskeletal system. Because the human body contains more than 200 different bones, orthopedics is an important and in-demand sub-sector of the medical industry. From mending broken bones to treating elderly patients with arthritis, an orthopedic practice is busy.
While orthopedics can be a relatively lucrative field to work in, processing payments is a complicated task that involves billing insurance companies using special codes to identify clinical information, such as diagnosis, injury, and illnesses.
To ensure all administrative duties are compliant and you receive your full reimbursements, it is beneficial for orthopedic practices to hire a professional medical billing service. This not only alleviates pressure and allows orthopedic doctors and their team to concentrate on the core aspects of their business, but it can also be very cost-effective.
Importance of Medical Billing
Medical billing is a critical aspect of the healthcare industry. It is the process of arranging payment for various forms of medical treatment. The healthcare provider must undertake multiple tasks to receive payment for their services, including intensive paperwork, follow-ups, and the provision of key documentation.
Because many orthopedic patients are injured in accidents, they may claim treatment costs from multiple insurance companies. This means that the medical professional must often submit separate applications to individual insurance companies, with each application taking around ten hours to complete and submit. It's quite common for applications to be rejected or returned for adjustments. Any subsequent patient billing takes even more time.
Failing to register with insurance companies, a lack of credentials, and improper billing can lead to payment rejection. Medical professionals must ensure their billing process is optimized to guarantee payment.
Hiring Orthopedic Billing Services
Medical billing services provide professional billing solutions to organizations and practices within the medical field. As specialist services, they are up-to-date with the latest strategies and requirements to gain maximum reimbursements while minimizing errors. By outsourcing the billing process' difficult and time-consuming aspects, medical professionals can focus on providing the best care possible to their patients.
Although an orthopedic billing service handles complex tasks, employees of a practice still have responsibilities to ensure a smooth process. A good billing service will work closely with orthopedic staff to keep them informed of changes to policies and procedures.
Advantages of Outsourcing Orthopedic Billing
Besides saving orthopedic professionals time and effort, there are many other key benefits to outsourcing medical billing:
What Capital Billing Services Can Provide
As billing specialists, we are skilled in the reimbursement process for orthopedic practices. We offer first-rate, comprehensive services, enabling medical organizations to be more efficient and cost-effective. Our experienced team can help you with the following areas:
Billing and coding go hand-in-hand. Coding refers to the translation of sickness or injury into a numeric code. These codes are created by the World Health Organization (WHO) and are listed on the International Classification of Diseases (ICD).
As a medical billing company, we extract information and codes from patients' medical records. These are then used to calculate bills and claims values that must be paid to orthopedic practices.
Orthopedic service providers must have medical credentialing to validate their professional standing. Capital Billing Services provides medical credentialing services, ensuring orthopedic professionals are eligible to receive full payment.
Using billing software and financial reporting systems, we can produce data and information regarding an orthopedic practice's productivity and activity.
Insurance contracts are notoriously tricky for medical organizations. Insurance companies generally attempt to create agreements in their favor. Negotiations can be very difficult without expert knowledge.
Capital Billing Services can negotiate on behalf of clients to get the best possible deals. We work toward agreements that benefit our client's bottom line.
Finding a Reliable Billing Service
If you're an orthopedic specialist who wants to maximize revenue, increase efficiency, and offer improved care to patients, contact Capital Billing Services.
We can handle all your medical billing needs, from accounts receivable to record maintenance and data entry. Our experienced team will work closely with your staff to achieve the best results. We can also help secure your medical credentials if you haven't already done so.
If there are any changes in legal policies and procedures, we'll keep on top of all best-in-class strategies to help you maintain a strong financial foundation. Contact us today for any further information on outsourcing your medical billing needs.