Podiatry Practice
Footing the bill: Streamlined: streamlined billing solutions
for podiatrists
Podiatry Practice Billing
Podiatry practices play a crucial role in healthcare by focusing on diagnosing and treating conditions related to the foot, ankle, and lower extremities. However, billing for podiatry services presents unique challenges due to the complexities of insurance coverage, specific coding requirements, and frequent denials for medical necessity. Podiatry billing requires a deep understanding of insurance policies, CPT coding, medical necessity, and compliance regulations.
Many podiatry practices face challenges like claim denials, delayed reimbursements, and compliance risks, which can hurt their bottom line. By partnering with a specialized medical billing company like ours, you can get benefits like higher revenue, faster claim processing, and reduced administrative burden. We help podiatrists stay compliant, reduce denials, and focus on patient care while maximizing reimbursements.
Unbeatable Service, Quality & Price
ACCURACY
0
%
TURNAROUND TIME
<
0
Hours
COLLECTION
0
%
PRICE
Starting from $
1100
/Month
CHALLENGES
Challenges in Podiatry Practice Billing
Frequent Denials Due to Medical Necessity: Insurance companies often deny podiatry claims if they deem services as not medically necessary. This is particularly common for routine nail care, callus removal, and orthotic fittings. However, thorough documentation and use of proper ICD-10 diagnosis codes can help prove medical necessity.
Complex Insurance Rules: Different payers have different guidelines, making it difficult for in-house teams to keep up with Medicare’s LCD (Local Coverage Determinations) rules, state-specific Medicaid policies, and private insurance limitations. To overcome this challenge, it is important to stay updated on changing regulations and avoid compliance pitfalls.
Coding Errors: Using non-specific or outdated ICD-10 codes can result in claim rejections. To prevent that, it is crucial to use precise and up-to-date codes. Mistakes in selecting the correct CPT codes for procedures can cause payment delays or denials. Incorrect coding can lead to claim denials, revenue loss, and potential audits and fines from Medicare or insurance companies. Certified coders experienced in podiatry-focused billing can improve coding accuracy.
OUR PROCESS
Our Podiatry Practice Billing Process Workflow
At RCM Workshop, podiatry practice billing process involves several critical steps to ensure accurate and timely reimbursement for services provided. The first step is patient registration, where we collect and verify patient and insurance information. During a patient encounter, we carry out detailed documentation of diagnoses, treatments, and procedures. Then we translate this information into appropriate medical codes (CPT, ICD-10) for accurate billing. Next, we enter the coded information into the billing system to generate a claim, which we submit to the patient’s insurance company for reimbursement.
After this step, we monitor the status of claims and follow up with insurance companies to resolve any issues. Then we record payments received from insurance companies and patients and send bills to patients for any remaining balances. Next, we address denied claims by identifying the reasons for denial, correcting errors, and resubmitting the claims. Through regular financial reporting and analysis, we help identify trends, improve processes, and ensure the financial health of the practice. By managing these steps, we can maintain the financial viability of your podiatry practice while ensuring compliance with regulations and enhancing patient satisfaction.
Scheduling & Registration
Carry out well-coordinated appointment scheduling, update insurance details, and handle inbound and outbound calls from/to patients.
Eligibility & Benefits Verification
Confirm primary and secondary insurance and benefits coverage of patients and verify their coverage, co-pays, co-insurance, and deductibles.
Prior Authorization
Initiate request for prior authorization with the payer, follow up to check its status till closure and finally update the system with Auth approval reference number.
Medical Coding
Check the accuracy of codes and modifiers according to specialty and assign corresponding and appropriate charges to the codes.
Charge Posting
Enter the charges for the services provided into the billing system including the cost of the medication and the administration fee.
Claims Edits & Submission
Audit the claims thoroughly to check for accuracy and edit if necessary and submit claims – both EDI and paper format.
Payment Posting
Carry out both auto as well as manual posting for payments received and conduct reconciliation against claims.
Denial Management
Analyze and categorize denial claim according to denial codes, $ amount and payers, and resubmit claims after correction.
AR Management
Follow-up with payers to gather status for unpaid claims, and their resolution.
Patient Collection
Sending patient statements and follow-up with patients for final and outstanding payment.
You can confidently rely on us to manage your entire billing process, or you have the flexibility to select specific DME billing services that suit your needs, ensuring a seamless operation without any interruptions.
BENEFITS
Outcomes guaranteed
Our systematic approach to podiatry practice billing delivers actionable insights to maximize your ROI. We guarantee compliance with the latest regulations and standards, ensuring your center is always audit-ready and protected from legal issues. Our team upholds the highest quality standards, significantly improving your financial outcomes.
WHY US?
Why partner with us
Partnering with us can significantly benefit your physiatry practice by enhancing efficiency and accuracy in billing processes. We employ experts who specialize in physiatry coding and billing, reducing errors and claim denials, leading to faster reimbursements and improved cash flow. Additionally, we stay updated with the latest regulations, ensuring compliance and minimizing legal risks. By outsourcing billing tasks, your practice can focus more on patient care, ultimately improving overall efficiency and financial outcomes.
Guaranteed Improvement in Reimbursement and
Cash Flow
Assured reduction in
Denials and AR
Transparent reporting
–NO BLACK BOX
100% data security
& HIPAA compliance
On demand scale up
of operation
Significant Reduction
in Cost > 75% Savings
Simple & No
Cost transition
Flexible & Unbeatable
Pricing Plan
WHY US?
Why partner with us
Partnering with us can greatly benefit your podiatry practice by improving revenue cycle management and reducing administrative burdens. We can ensure accurate claim submissions and faster reimbursements, minimizing cash flow disruptions and maximizing revenue. Besides, we stay updated with the latest regulations and insurance requirements, ensuring compliance and reducing the risk of audits or penalties. This allows the practice to focus more on patient care, enhancing overall efficiency and patient satisfaction while saving costs associated with maintaining an in-house billing team.