In 2021, the North American O&P market reached a worth of USD 2.4 billion. Projections suggest a steady climb with a compounded annual growth rate (CAGR) of 3.8%, aiming to hit an estimated $3.1 billion by 2028. The market for orthotics and prosthetics is a booming one. Most mid and level O&P practices these days prefer to outsource orthotics and prosthetics accounts receivable services to professional and skilled experts to get a hold on aged and delinquent accounts. In an O&P practice, orthotics are devices that are specially designed to support, align or correct conditions related to skeletal and neuromuscular systems. Some common examples of orthotic devices are braces, sprints, shoe inserts, and other supportive devices. Orthotics manages conditions like foot deformities, spinal problems, injuries related to sports and arthritis by reducing pain and providing stability. On the other hand, prosthetics are devices that replace missing body parts. These devices range from basic to advanced ones with new-aged bionics and robotics. The Diverse Roles that O&P Practices Play Regardless of the size of your O&P practice, you should ensure that a streamlined process of orthotics and prosthetics accounts receivable services is followed to bypass any chance of potential revenue loss. While a small number of outstanding A/Rs are common for most orthotics and prosthetics practices, having them piled up over time can seriously impact your cash flow, and eventually take a toll on your profitability. According to a recent survey conducted by the Medical Group Management Association, practice leaders were surveyed regarding shifts in their accounts receivable (A/R) days during 2021. The findings revealed that 49% observed an uptick, 15% observed a decline, and 37% stated that their A/R days remained consistent. Common Challenges with Accounts Receivable for O&P Practices Handling outstanding accounts receivables is not an easy affair as it involves myriad responsibilities like managing the increasing number of A/Rs, following up with payers and patients, tackling denials, and finally, receiving maximum reimbursements from insurance companies and all other parties concerned. All these tasks need to be performed accurately and timely. However, there are certain practical difficulties. You are already dealing with various types of orthotics and prosthetic devices, and on top of it, managing O&P Accounts Receivable can be an additional burden for you. Managing A/R is not possible without deep understanding of it. In the A/R domain, true experience means understanding what is required to reverse each unique case of denial. Most O&P centers often experience difficulties in addressing the following challenges: Do these issues cause a bumpy drive experience for you too? If so, read on for the perfect solution. If you want to create accurate invoices timely and complete all the billing and administrative responsibilities promptly, outsourcing O&P accounts receivable could be the best help for you. When it comes to streamlining your accounts receivable practices, we are your trusted partner as we have been providing best-in-class services to 2,000+ healthcare practices across the nation for close to two decades. Our vast years of experience have enabled us to pioneer the art of bringing out the maximized reimbursements from highly aged accounts, even those that are more than 100 days old. Our experts know what it takes to dodge denials and reclaim the revenue that is due to you. I just want to take a moment to recognize the Sunknowledge team for their high level of detail in notes when tagging invoices they are working on. They provide a high level of detail and steps taken to resolve invoices and every line item billed, far beyond my other collectors every week and I feel they deserve to be recognized -RCM Supervisor of a leading DME provider from Pennsylvania We, at Sunknowledge, provide a comprehensive array of accounts receivable management and collection services in a wide range of healthcare areas such as: Sunknowledge: Outsource orthotics and prosthetics Denial Management Services to the Experts Most orthotics and prosthetics practices experience a high number of denials due to oversight or lack of knowledge in the claim and billing staff. Our experienced and skilled experts enable you to avoid 90% of claim denials, thus leading you to experience a healthy cash flow. We employ top-tier denials management services within the industry to achieve the most optimal outcome, including: Why Sunknowledge? We have continuously helped orthotics and prosthetics practices across 50 states to ensure a 30% – 40% surge in collection while enabling them to reduce operational expenses by up to 80% and more. The other crucial benefits that our clients can enjoy from our orthotics and prosthetics accounts receivable services are: Want to know more about end-to-end RCM services? Why not schedule a free, zero-obligation consultation with us? Just fill out the form and we will get back to you to set up a quick discussion.
Outsource Orthotics and Prosthetics Accounts Receivable Services
Call us at (646) 661-7853
Carnegie Hall Tower, 59th Floor, New York, NY 10019
Call us at (646) 661-7853
Carnegie Hall Tower, 59th Floor, New York, NY 10019