- August 14, 2020
- Posted by: Thomas Anderson
- Categories: Orthotics and Prosthetics, Orthotics Billing
The global orthotics market in 2016 was valued at $3,130 million and was projected to reach $4658 million growing at a CAGR of 5.8%.
In fact, one of the major factors that play a vital role in the growing orthotics market is the rising geriatric population for their low and weak immunity levels. Leading to many health problems like chronic diseases, bone disorder, arthritics etc the geriatric population is generally more prone to use numerous orthotics devices for their long-term care and recovery. Moreover, in 2019 more than 15 million individuals in the US were suffering from symptomatic knee osteoarthritis.
However, even with such a huge demand healthcare practices are often seen struggling and ending up with hours of work for their orthotics billing process. This is why today most of the healthcare practices opt for outsourcing as it not only saves healthcare practices from tireless billing work but also helps them focus on their core work of patient care management.
Being a cost effective convenient solution, outsourcing the orthotics billing process also helps with a faster reimbursement rate and saving healthcare practices from paying a lot of cash in employee training cost, software installation, etc.
How Sunknowledge as an outsourcing organization can help with seamless orthotics billing process:
Currently working with leading providers in orthotics & prosthetics space, Sunknowledge Services, in fact, is known for delivering excellent practice management/ revenue cycle management support.
Taking care of all the mandatory execution of the complex ICD coding system, complex and every changing billing regulations, our experts ensure 75% operational cost reduction. Helping all our clients with continuous follow-up, stringent checks in all the billing and coding process, our experts also reduces the chances of errors and rejection/denial rate of claims. Offering the highest productivity metric, we today have the highest collection rate. With no cost dedicated account manager handling your billing queries, we further shrink your AR bucket by 30% within the first month itself.
Beside excellent clients references, we are capable of offering a service charge as low as $7 per hour or 1.49% while improving your cash flow for your complete orthotics billing process including:
Pre billing services
• Order entry (patients, insurance, items, etc)
• Eligibility verification (online/calling)
• Prior authorization with patients calling and doctor’s office follow up for relevant documentation that is needed for the process
• Re- authorization
• Order Confirmation
• Scheduling of delivery
Post billing services:
• Claims management
• Rejection management
• Payment posting auto (with and without audit as well as manual)
• Account receivable follow-up
• Account receivable and denial management
So if you are thinking about improving your orthotics billing process with improved cash flow, call us over a ‘no commitment call’. Our experts are just a call away!