Orthopedic Revenue Cycle Management & Billing Services
Healthcare Information Services (HIS) provides comprehensive billing and revenue cycle management services for orthopedic practices of all sizes with unique expertise in large enterprise-size practices. Billing for orthopedic practices is a key component of your revenue cycle, and when done correctly, your practice can reduce billing errors and denials while maximizing reimbursements and increasing overall revenue. By outsourcing your billing and revenue cycle management services to HIS, our team will work to increase efficiency, improve compliance, reduce denials, and maximize profitability. Our expertise in orthopedics runs deep spanning over three decades. Our Partnership model is built on excellence forming a foundation for a long-term successful partnership.
The Complexities and Challenges Facing Orthopedic Practices
Orthopedic billing requires careful attention to detail before, during, and after a patient’s visit. If something is overlooked, it could result in a rejected or denied claim, lower reimbursement, or lost revenue. Nearly 35% of orthopedic surgery claims are incorrect, and almost 25% of every medical claim gets rejected. The most common issues with orthopedic billing are related to uncharged services, improper coding and documentation, incomplete patient demographics entry, and failing to verify a patient’s eligibility, among others.
A 2017 analysis done by Change Healthcare revealed that the average cost to file an initial claim is $6.50. Should your claim be rejected, you will spend another $25 to resubmit those rejected claims. Claim rejection and denials have a significant negative impact on your revenue and cash flow as well as your billing department’s efficiency and effectiveness. One way to reduce stress and provide improved and more stable cash flow is by outsourcing your billing and revenue cycle to HIS.
If you’re interested in improving cash flow, maximizing revenues, and boosting your practice’s profitability, check out our full range of services HIS provides orthopedic practices.
How much can we improve your revenues? Schedule a consultation today to find out.
Our Expertise in Orthopedic RCM & Billing Services
HIS is an industry leader in revenue cycle management and billing services, with over 30 years of experience helping orthopedic practices improve their cash flow and maximize reimbursements. Our team of 65 Certified Professional Coders (CPCs) handles complex codes, denials, complex appeals, and more. We design our services to keep up with constant changes in government regulations and payor policies, so you can stay compliant, efficient, and profitable.
Benefits of Revenue Cycle Management and Billing Services for Your Orthopedic Practice
HIS has everything you need to streamline your revenue cycle and grow your revenue. When you trust HIS to handle your billing and revenue cycle for your orthopedic practice, you will receive a wide range of benefits, including:
- Avoid costly time delays
- Increased cash flow
- Maximized reimbursements
- Fully customized reporting
- Streamlined claims process
- Seamless integration with existing EMR and PM systems
- Compliant Coding and documentation
- Improved patient satisfaction
- Lower administrative requirements
- Higher profitability
Orthopedic Revenue Cycle Management & Billing FAQs
Billing orthopedic claims is a complicated and nuanced process, even for those skilled in revenue cycle management and coding practices. At HIS, we want our clients to feel confident in the services they receive and how to get the best out of them. Below you’ll find some frequently asked questions.
Why is outsourcing my revenue cycle management and billing to HIS better than hiring an in-house team?
Simply put, it’s a smart way to save and improve your practice’s revenue and profitability. Your practice can reduce overhead fixed costs by outsourcing with an expert team whose fees are directly tied to revenue. This variable cost will decrease if you were to see any hits to your patient volume compared to a high fixed costs of employed biling staff. . At HIS, our partners typically see an increase in their reimbursements by 7-15% while eliminating the burden of high fixed staffing costs inclusive of salary, benefits, technology, continuing education and real estate all necessary to maintain a highly competent billing department.
What makes HIS different from other revenue cycle and billing companies?
HIS is not just a billing company. In fact, we do a lot more than submit claims. Our team manages the entire revenue cycle, providing your orthopedic practice with the expertise needed to maximize reimbursements, increase efficiencies, and boost profitability. We go beyond the typical billing company and provide expert coding education and training from leading industry professionals with decades of specialized experience and training. Our ultimate goal is to position your practice for a more profitable and efficient future. In addition to our more than 3 decades of experience in orthopedic revenue cycle management and billing, HIS has real word experience that very few other firms in our space can claim. We’ve built and ran orthopedic practices, lead almost a dozen mergers, provide practice management and coding consulting, interim management, and continue to provide executive leadership to practices all across the US.
How can you improve my cash flow?
We take a holistic approach to each partnership to ensure that all functions of your revenue cycle are covered leading to an effective and efficient revenue improving billing process. Some of the leading factors that lead to enhanced cash flow are improvements in clean claim rate, reduction in denied claims due to proper documentation, optimal coding, robust charge capture, claim submission, and claim scrubbing process. Our rigorous denial management and collection team will speed up time to payment while collecting on claims that internal teams may have simply written off after the initial denial. Combining these attributes of our revenue cycle management and billing services result in increased cash flow and greater profitability.
Expert Orthopedic Revenue Cycle Management and Billing Services at HIS
If you’re looking for a dedicated partner to handle your orthopedic revenue cycle management and billing services, contact us today to speak with a member of our team. We look forward to hearing from you!
Healthcare Industry Updates and Articles
Read our most recent blogs and news from the world of medical billing and practice management.
