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When compared to other specialties, orthopedic billing is complicated and includes a greater scope of services. Nearly 35% of orthopedic surgery claims are incorrect, and almost 25% of every medical claim gets rejected. With these numbers, your practice can easily be losing hundreds, if not thousands, in revenue due to improper billing.
When compared to other specialties, orthopedic billing is complicated and includes a greater scope of services. Nearly 35% of orthopedic surgery claims are incorrect, and almost 25% of every medical claim gets rejected. With these numbers, your practice can easily be losing hundreds, if not thousands, in revenue due to improper billing.
Chiropractic billing can be extremely complex, and that can sometimes lead to unnecessary strain on the finances of chiropractic practices. In fact, it is estimated that 83 percent of claims fail to meet at least one documentation requirements, leading to Medicare inappropriately paying about $178 million per year.
When compared to other specialties, orthopedic billing is complicated and includes a greater scope of services. Nearly 35% of orthopedic surgery claims are incorrect, and almost 25% of every medical claim gets rejected. With these numbers, your practice can easily be losing hundreds, if not thousands, in revenue due to improper billing.
There are many unique complexities in anesthesia billing, including time unit calculators, concurrency, and medical direction. The correct application of these modifiers adds yet another layer of difficulty to this practice. Combine all of this with a rigid reporting framework, and a result is a large number of anesthesia practices that do not have the staff or skills to bill correctly.
Radiology is different from other medical specialties in that it used to both diagnose and treat diseases. The field of radiology also has experienced significant technical advances, leading to continuously updated medical billing codes.
Cardiologists lose a significant percentage of their earnings every day due to faulty billing. This is in addition to declining Medicare fees, which have dropped by two percent in cardiology, year after year. This costly combination leads to an overall decrease in profitability among cardiology practices.
Neurology billing can sometimes seem almost as complex and intricate as the procedures themselves. To be successful – and protect your practice from fines and audits – your billing department needs to have extensive and detailed knowledge of all the CPT codes that apply to the various categories of neurological diseases.
Provider enrollment and physician/non-physician credentialing is required to allow practitioners to provide services to their patients.
how we measure up
** Figures based on a national industry averages using 3 providers w/ $2.1 million billed annually
| COSTS | In-House | Park Medical Billing |
|---|---|---|
| Billing department costs | $118,000 | $0 |
| Software and hardware costs | $7,500 | $0 |
| Direct claim processing costs | $3,600 (Clearing house fee) | $127,500 *Fee is varied by reimbursement per visit |
| % of billings collected. | 70% | 90% |
| Collections | $1,599,380 | $2,056,500 |
| Collections costs | $129,1000 | $127,500 |
| Collections, net of costs | $1,470,280 | $1,922,880 (24% Revenue Increase) |
Truly Custom & Technology Enhanced Revenue Cycle Management Solutions for Medical Practice
At Park Medical Billing, we can help you achieve greater profitability while at the same time freeing up your time to focus on patients.
Our innovative and dynamic medical billing service in NJ & NY will help you to achieve a high level of effectiveness that will result in the enhancement of overall practice management.
You will see dramatic change in the speed of your revenue cycle because we invest more time and resources into the initial claim process to avoid costly time delays and denials on the back end. We also use the latest technology and experienced personnel to anticipate and prevent coding and billing errors while maximizing output.
As part of our medical billing services in NY, we offer a multitude of fully customized online reports for your practice. These reports offer a clear analysis of revenue cycle management, provider performance, insurance reimbursements, and more, using interactive charting. Simplify medical billing and coding by allowing us to streamline claims reimbursement and patient invoicing processes to ensure you maximize revenue and capture every dollar you’re entitled.
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