Podiatry Practices Falling Short of Collections Turn to MBC For Billing Solutions
Medicalbillersandcoders billing experts have lately been swamped with escalating demand from podiatry specialists to help counter denials from payers and increase their collection ratio. MBC has witnessed a growing trend amongst these practices and facilities across US for demand of medical billing outsourcing.
The reason behind podiatry practices falling short of collections and losing more than 20% of their practice’s potential revenue can primarily be attributed towards specific challenges linked with billing and patient interaction. MBC recognizes that medical billing expertise is the financial strength and hence extremely essential for this specialty. Billing experts at MBC with significant expertise required to tackle billing challenges; have recently helped numerous specialists across US to maximize collections and revenue.
MBC identified these as prominent Podiatry billing challenges-
- Practices need to upgrade their medical billing expertise as most podiatry practices face difficulty in being able to properly track and follow up insurance underpayments. MBC’s billing experts believe that “overcoming this shortcoming though challenging; is necessary in order to increase collections; as underpayments generally cost majority of podiatrists approximately 10% of their probable income”
- Complexities of medical billing encompass patient billing also, and the podiatrists require an efficient billing system which can appropriately bill and interact with patients. Since most patient balances are quite large for the specialty; the patient balance process is quite challenging for most of these specialists. Coupled with this explaining to patients the complicated Explanation Of Benefits and podiatry terminology used on their bills can be quite an insurmountable task for most of the practitioners with time constraints
MBC with its vast experience and expertise has been able to successfully help various practices and facilities evade all these billing related perils.
How can MBC help these specialists overcome the billing challenges?
- Outsourcing billing solutions at MBC help clients properly track underpayments and capture their lost revenue in a systematic manner. The team of experts are well acquainted with the multi procedure rules and have an accurate evaluation system to track and follow up on underpayments without terming every payment on a second procedure as underpaid
- MBC offers accurate and updated knowledge on podiatry medical billing, which assists specialists to effectively handle problems faced while clarifying to patients’ complicated Explanation Of Benefits and podiatry terms used on their bills. The increased knowledge and time of specialists eventually helps improve patient interaction and satisfaction, increase patient collections and hence resulting in fewer complains
Various podiatrists facing ever increasing costs have opted for outsourcing their billing to MBC’s billing experts who–
- Accurately review each billing statement to help ensure it is processed and paid correctly the first time
- Extensive expertise and expansive experience to successfully follow up and appeal denied claims and accurately respond to insurance payers regarding claims
- Knowledgeable team who can accurately judge podiatry claims and complex rules utilized by insurance companies
- In- depth understanding of the specialized industry along with being regularly updated with podiatry billing challenges
MBC experts have grown their client’s bottom lines by handling the entire billing process even as the insurance market changes and federal health care legislation takes effect. MBC has billed for more than 40 podiatrists across US. MBC takes care of the entire billing process including patient demographic information, entering the appropriate CPT and ICD-9 codes, submitting the claims and following them through the process and posting payments.
- Posted in: Medical