Remote Medical Billing: Benefits within the O&P Sector

Did you know that an estimated 80% of US medical bills contain errors? The errors are often due to poor billing practices that cause doctors to lose approximately $125 billion annually. For orthotic and prosthetic providers, billing management takes time, resources, and expertise. Nonetheless, they must look for ways to fortify the efficiency of the revenue cycle. Efficient revenue cycle management (RCM) ensures financial stability so O&P practices and other healthcare facilities can function effectively.

Therefore, to deal with the complex and inefficient process that healthcare providers are burdened by, practices are choosing to outsource their medical billing. Delegating these administrative processes to third-party professional billers and coders ensures that all financial matters are handled effectively and frees providers to focus entirely on patient care.

Unlocking the Potential of Remote Medical Billing

In today’s challenging and demanding healthcare business, successful medical billing and coding is an asset to healthcare professionals. While it is easy for practices to trust the talent and experience of an in-house team over that of an external stakeholder, the overwhelming and ever-changing landscape of the healthcare industry makes it challenging to stay on top of the best medical billing practices.

In addition, in-house billing is fraught with challenges and is a major non-medical stressor to a practice’s financial and operational health. By switching to remote medical billing services, you are entrusting the responsibility to people with the awareness and experience to adapt to changes in the industry.

The O&P Sector’s Unique Challenges

Although many medical practices understand the importance of efficient billing and collecting money from patients, there are still some challenges they still need to overcome. Orthotic and prosthetic billing is complex, with many moving pieces, such as verifying insurance coverage, obtaining prior authorization, submitting claims, and following up on unpaid claims. All these can pose serious collection challenges for health providers, which may include the following:

Coding Complexity

Coding accuracy for diagnosis and procedures is crucial for claims submission and requirements. One of the most common reasons for claim denial is linked to an error in coding. While a significant portion of coding is digitized with computer-assisted coding (CAC), many health practices still rely on human coders. Therefore, the process is more prone to errors such as insufficient or inaccurate information and inconsistent coding.

Insurance Navigation

Insurance verification in medical billing can be challenging due to factors like complex insurance policies, frequent changes in insurance information, varying coverage plans, and the need to compile accurate and up-to-date patient information.

If your practice does not regularly verify patients’ insurance information, you risk eligibility denials. Also, failure to seek prior approval for services can result in claim denial. The billing team must understand carrier limitations and work with patients to ensure they have authorization before submitting claims.

Regulatory Compliance

The healthcare industry is highly regulated, and O&P practices are no exception. Staying compliant with ever-changing regulations, such as the Health Insurance Portability and Accountability Act (HIPAA) and the Centers for Medicare & Medicaid Services (CMS) guidelines, requires continuous effort and expertise. Failure to comply with these regulations can result in severe consequences, including fines and damage to the practice’s reputation.

Compliance is not a one-time effort but an ongoing commitment that demands diligence and knowledge. For O&P practitioners, maintaining compliance can be particularly challenging, as they need to balance providing specialized care with navigating complex regulations. Remote medical billing providers specialize in compliance and stay up-to-date with the latest changes in healthcare regulations. They implement robust systems and processes to ensure that billing practices adhere to HIPAA and CMS guidelines, reducing the risk of non-compliance fines and potential damage to the practice’s reputation.

The Benefits of Remote Medical Billing

Outsourcing medical billing and coding is a strategic advantage for your O&P practice. It ensures streamlined processes, access to superior systems and the latest technologies, supports economies of scale, and lets you link with experts with specialized knowledge and experience to help your practice thrive and scale by increasing revenue and reducing expenses. If you are not sure about hiring a remote medical billing team, here are more reasons to strongly consider it:

1. Expertise and Efficiency

Remote medical billing providers specialize in the intricacies of medical billing and coding. They employ highly trained professionals who stay updated with industry changes and regulations. By partnering with experts, your practice can benefit from their knowledge and experience, resulting in more accurate billing and faster reimbursements. This expertise extends to understanding the nuances of O&P billing, ensuring that the unique aspects of these services are properly documented and billed.

Moreover, remote medical billing providers often invest in ongoing training and education for their staff. This commitment to staying at the forefront of industry knowledge ensures they are well-equipped to handle the evolving landscape of healthcare billing. In contrast, maintaining an in-house billing department can be challenging, as it requires continuous training and resources to keep staff updated.

2. Cost Savings

Maintaining an in-house billing department can be costly. It requires hiring and training staff, investing in billing software, and managing ongoing expenses. With remote medical billing, you can reduce overhead costs while ensuring that experts handle your billing processes efficiently. This cost-effective approach allows you to allocate resources where they matter most—providing exceptional patient care. Furthermore, cost savings can translate into lower patient service fees, enhancing their overall experience.

The savings associated with remote medical billing extend beyond staffing and software expenses. It also includes reducing the costs associated with claim denials and payment delays. When billing is handled by experts who understand the intricacies of O&P coding and insurance requirements, the likelihood of claim denials is significantly reduced—meaning your practice can maximize revenue by receiving timely reimbursements for the services provided.

3. Focus on Patient Care

Your primary mission as an O&P practitioner is to provide high-quality care to your patients. Spending excessive time on administrative tasks like billing and claims management can divert your attention from patient care. Remote medical billing allows you to redirect your focus to what you do best, knowing that your billing processes are in capable hands. This patient-centric approach can lead to improved patient satisfaction and loyalty.

Additionally, when patients see that your practice efficiently handles billing matters, it enhances their overall experience. They are more likely to feel that their time and resources are valued, leading to increased trust and satisfaction with your services. The result is improved patient retention and positive word-of-mouth referrals, which can contribute to practice growth.

CBS Medical Billing and Consulting: Your Trusted Partner

CBS Medical Billing and Consulting is a professional resource for growing and maintaining a successful medical practice. We aim to make your practice profitable by improving efficiency and reducing overheads through comprehensive revenue cycle management and practice management support.

Why Choose CBS for Remote Medical Billing?

Not all remote medical billing companies are built the same. Are you looking to improve your revenue management cycle? If yes, you should partner with a company that understands the unique challenges of your practice and provides tailored solutions to enhance your RCM efficiency. Here is what to expect when working with CBS:

Comprehensive Orthotic and Prosthetic Knowledge

Even though all health practices experience billing and coding challenges, the issues you face in the orthotic and prosthetic profession are unique. We have deep experience and knowledge of this highly regulated industry and thus can help you successfully solve any billing and revenue cycle challenges you may be experiencing.

Customized Solutions

We understand that no two businesses are alike, even when operating within the same industry. We, therefore, have a custom approach for all our clients to ensure that our solutions are tailored to meet their specific needs.

Advanced Technology

CBS relies on the latest technology to streamline collections and make the billing process more efficient—enhancing the accuracy and efficiency of your RCM, which can help increase revenue for your O&P practice.

Strict Compliance Standards

Since we rely on the latest technologies and deep experience in the O&P industry, we can maintain billing accuracy by adhering to changing rules and regulations. Thus, saving your practice valuable time and giving you peace of mind.

The CBS Advantage

By partnering with CBS, you will benefit in the following ways:

Increased Revenue: Our expertise minimizes claim denials and maximizes reimbursements, resulting in improved revenue for your practice. We go beyond simply processing claims; we ensure they are accurately coded and submitted for maximum reimbursement.
Reduced Administrative Burden: Say goodbye to the administrative complexities of billing. We handle it all, from coding to claims submission and follow-up. Our streamlined processes lessen the administrative burden on your practice, freeing up valuable time and resources.
Enhanced Efficiency: Streamlined billing processes lead to quicker payments and reduced administrative overhead. With CBS, you can expect a more efficient revenue cycle, allowing you to reinvest your resources where they matter most.
Compliance Confidence: Rest easy knowing that your billing processes align with regulatory requirements, mitigating the risk of audits and penalties. Our proactive approach to compliance ensures that your practice remains on the right side of healthcare regulations.
Patient-Centric Focus: With billing in expert hands, you can focus on providing the best care to your patients. This renewed focus on patient care can improve patient satisfaction, loyalty, and referrals.

Elevate Your O&P Practice with Remote Medical Billing

Remote medical billing is the solution for orthotic and prosthetic providers who want to increase revenue and operational efficiency while prioritizing patient care. CBS Medical Billing and Consulting has a team of dedicated professionals who can give you the right solutions to ensure a stress-free billing and collection process.