- January 6, 2022
- Posted by: Thomas Anderson
- Category: Orthotics Billing
Like most other healthcare specialties, Orthotics and Prosthetics have also taken a hit in the recent pandemic scenario. Across the US, the pandemic has brought about a dip in employment rates like never seen in recent times.
Orthotics billing, which constitutes a crucial part of the revenue cycle for any provider dealing in orthotic supplies, is reeling under a severe labor shortage.
Profitability of practices is going down.
Error-ridden or incomplete claim submissions are leading to an increasing number of denials.
Accounts receivables continue to soar.
The situation looks grim enough and till it improves and Providers’ offices start witnessing a healthy amount of footfall again, outsourcing orthotics billing continues to remain possibly the most viable option for Providers.
Billing for orthotic supplies like braces, supports, or even splints used to support, prevent, or align the movable parts of the body, may seem like an easy process from the outside. But, as anybody who has been actually involved in orthotics billing will tell you, there are more things to be careful about than when billing for, say, a common surgical process or treatment.
It’s no wonder that managing the entire revenue cycle and maintaining a healthy rate of collection can be a real challenge to most Orthotics & Prosthetics practices. Every step of the process – from order entry, checking the eligibility and completing the verification process, to collecting documents for prior authorization, to submitting the claim, managing possible denials and following up on A/R – everything needs to be completed accurately, precisely and quickly.
Under the current circumstances, most practices are finding it increasingly difficult to get this all done with an in-house staff strength that is already at an alarming low. Even if they wish to persist, the sharp rise in operational cost and a continually shrinking collection rate will surely make them look for other viable ways.
All signs, therefore, point at outsourcing your orthotics billing requirements to a specialized third party. Some of the best ones out there have an impressive track record, often offering a la carte services or turnkey solutions in complete RCM. The choice is really the Provider’s. It’s actually of question of how much of the billing troubles and hassles one needs to take off his shoulder. If you are into the orthotics business and are looking for professional orthotics billing services, decide first on how much of your billing worries you wish to do away with so that you can find more time attending to your patients. And then choose your billing partner accordingly. You can’t go too wrong with this approach.