Outsourcing Revenue Cycle Management: A Profitable Solution for Orthopedics

increase profitsOrthopedic practices are difficult to run successfully and smoothly. With physicians performing complex and expensive procedures, costs can spiral out of control in a hurry. Therefore, it can be tempting to keep your revenue cycle management in house. But, when you stop and do the math, contracting out the management of your revenue cycle will actually save you more money.

Teaming up with revenue cycle management experts will vastly improve your collections procedures and rates of insurance reimbursement. The bottom line: Your orthopedic practice will see its revenues increase dramatically, while seeing its revenue cycle managed efficiently and smoothly.

Implementing Procedures

Unfortunately, when some patients walk out of the door without having paid in advance, there is little likelihood that you will ever collect on their bill. The best way to combat this problem is to devise a system for collecting payments upfront. With Healthcare Information Services' expert billing team, we will help you implement new policies that will change your collections rate. In addition, HIS can help you get pre-certified from payees, ensuring that you get paid exactly when you need to be paid.

Improving Collections

Even with a collections procedure in place, there are still times when you will need to collect on unpaid bills. Most orthopedic practices don't have the resources to do this effectively. Outsourcing your medical billing services allows someone else to worry about outstanding bills, increasing your revenues while saving you time and anxiety all at once. Healthcare Information Services uses experienced collectors to maximize return on unpaid medical bills.

Maximizing Reimbursements

Probably the biggest headache for orthopedic practices is the paperwork involved in submitted claims to insurers. Moreover, when they're filed improperly or late, claims are often denied, costing your orthopedic practice much needed revenues. Outsourcing medical billing services is the best way to take control of your reimbursements. HIS uses only experienced, certified medical coders.  These expert coders review all medical documentation to decide on the best strategy for maximizing payouts. We are experts at meeting filing deadlines, which is key, because missed deadlines mean lost revenue. In addition, our coders stay current and are up-to-date on all the latest coding requirements.