How to Improve Revenue for Orthopedic Billing Services

1. How to Improve Revenue for Orthopedic Billing Services? Medical Billers and Coders

2. There are 28,000 Orthopedic Surgeons practicing across the US, according to the American Academy of Orthopedic Surgeons Even though Orthopedists earn the most from patient care work ($421,000), as compared to physicians from other specialties (Medscape Physician Compensation Report 2015), yet today the orthopedic practice seems to be facing big challenges in terms of generating revenue including from the changes brought in by the various health reform acts. With an aging population in the US coupled with an increase in federal spending on health care, Medicare spending for orthopedic services has, however, shown no change.

3. This doesn’t paint a rosy picture for orthopedics. It is well known that practices that lose more than 20 percent of their potential revenue are doing so because of inept medical billing processes. Moreover, in orthopedic billing services, due to rules associated with various multiple procedures, tracking of underpayments is crucial, as these payments can increase revenue collection by 7 to 10%. So, how can you get a robust revenue cycle management system going without compromising on your core practice?

4. So if you are wondering how to improve revenues for your orthopedic practice, then you have come to the right place to pick up a few tips: • Improve Management • Aligning with the trends • Reduce Overheads • Add-on ancillary services • In-House Physician(non-operative orthopedist)

5. Outsourcing: Outsourcing orthopedic billing services can help reduce a lot of extra work, especially with the transition from the ICD-9 to ICD-10 coding systems. Overall, in the future, with the changing healthcare reforms, and the opening up of Medicare facilities for uninsured patients, and an increase in surgical and medical interventions, there will soon be a need for niche specialties, and orthopedists will need to rise to these demands. Knee replacements, one of the most sought-after elective surgeries have helped boost orthopedists revenues, and more such procedures are bound to follow. Are you ready?

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