As in many other disciplines, getting paid on time is a challenge in podiatry. Compounding standard medical billing issues is the fact that podiatry practices are often solo practices or small clinics with only a few providers and limited staff dedicated to podiatry billing. Here are some of the most common billing challenges faced by podiatry EHR software from 1st Providers Choice and how to overcome them.
Stay Up To Date On Billing Rules And Changes
Billing codes change all the time. This maze of coding and invoicing through EHR software solutions is like a bowl of alphabet soup – ICD-10, CPT and HCPCS codes – and even the most involved vendors are struggling to keep up. Inexperienced billing staff need constant training to keep up with changes and ensure clear requests are sent to payers for refunds to avoid leaving money on the table or worse, to prevent incorrect coding from leading to the risk of a check or allegations of billing fraud.
Losing Income
Many small businesses leave money on the table due to billing and collection practices. Collecting revenue from payers requires filing clean claims and timely follow-up of refusals or refusals. These follow-ups are often time-limited and require a good understanding of laws and regulations. If an internal podiatry EHR software team is understaffed, deadlines are likely to be missed and you will be faced with the choice of charging the patient the full amount (a move that could anger patients whose treatment should be covered from insurance), or write it off as bad debt, which is financially detrimental to your practice.
Patient Collection Efforts
There are certain fees your patients will have to pay, including co-pays for visits that require insurance or a self-payer that covers the entire bill. In these cases, you need good revenue collection procedures in your clinic. The reception staff should insist (in a friendly but firm manner) that everyone pays their share at the time of the visit. Trying to collect small amounts after a patient has left is expensive (staff time, printing costs, and postage to send an invoice for a $20 co-payment can cost $5 or more, which costs completely avoidable if the money is collected during the visit). According to 1st Providers Choice, the chance of recovering after a patient leaves is also lower than at the time of service.
Overcome this challenge by the best podiatry EHR to feel comfortable asking the patient to pay their due at the time of service. In most other industries, this is standard for paying for something while consuming it, so it shouldn't make staff uncomfortable asking.
Overcome Your Billing Challenges
In all of these situations, there are sleep medicine EHR options that can help:
• For internal billing departments, accurate and up-to-date medical billing software helps staff find the right codes for every patient encounter
• For smaller teams, an outsourced medical billing service provides the experience you need without hiring, staffing and training costs
• For copay and income collection activities, a practice management system can send appointment reminders in advance so patients can pay for copay online and send email and SMS reminders for unpaid bills
Learn more about how 1st Providers Choice offers great options to help your podiatry EHR software thrive when it comes to billing.
