Podiatry Billing is a very specialised field of medical billing and comes with its very own set of challenges. Without in depth knowledge of podiatry and extensive experience in podiatry billing, general billing service providers or even in house specialists can’t attempt to maximise revenue. Awareness about foot care is slowly improving and people have started recognising the importance of consulting a specialist instead of their primary care provider. 
However, Podiatrists may not be prepared to face and overcome the unique challenges that podiatry billing has to face, given the rise in patient walk in. On an average, with rising costs and billing challenges, Podiatrists lose about 25% of their potential revenue every year. Inefficient billing practices and lack of a well coordinated RCM process can cost podiatrists more than just a few denied claims.
Our Ultimate Goals for your Podiatry Practice:
Our goal is to obtain all allowed revenue as quickly as we can while ensuring that the doctors are aware of any improvements and changes in podiatry medical billing. We actively educate all our podiatry clients regarding billing and coding changes in this field. Insurance companies are difficult to deal with if you don’t have the right billing and coding professionals. We make billing easy for you, so you can focus on what you do best for patient care.
There are two major billing challenges faced by Podiatrists are:
- Underpayments by insurance companies: Podiatrists lose around 15% of their annual revenue due to insurance underpayments and are often unable to even identify this loss of revenue correctly.
- Patient billing: Patient billing is yet another complexity that is difficult to overcome, given the lack of understanding on part of patients regarding benefits and podiatry terms mentioned on their bills
Challenges in Podiatry Billing:
The only way to effectively overcome these challenges is by resorting to proficient Revenue Cycle Management, specific to Podiatry.
- Monitor and review outgoing billing statements should be the first and foremost step of RCM process to ensure correct payment and processing by public and private insurers.
- Responding to insurer’s queries regarding claims and filing appeals for denied claims with in a set turn around time can improve payment rates and boost revenue.
- Improving bill collection from patients by providing better customer serviceand establishing an interactive interface to explain the billing process to patients can dramatically increase revenue as well
- Checking the payments received from all insurers and matching them with bills filedcan expose any underpayments at the right time. Early detection can facilitate timely claim filing or correction of documents which can lead to complete payment by the insurers.
- Podiatry rules and claim procedure vary from insurer to insurer and are distinct from general billing practices followed by primary care providers. Paying attention to these speciality billing procedures can eliminate the chances of error and underpayment by reimbursing parties.
Many practices need to upgrade their billing expertise to properly track and follow-up insurance underpayments. With expert billers and years of experience in speciality billing, www.wonderws.com can help you overcome all billing challenges specific to podiatry billing. As a result you can not only strengthen your bottom line but offer better services to your patients too.