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Medical billing companies typically charge a percentage of collections, with rates averaging between 5% and 8%, but the range can extend from 3.5% to 15%; alternatively, some companies offer flat fees per claim ranging from $1 to $10, averaging around $4 to $6 per claim, along with potential one-time setup fees averaging between $200 and $500.
Medical billing is complex and time-consuming, taking up time that healthcare professionals could be spending with patients. This is especially true for orthopedic medical billing, as specialties only increase the complexity of the billing process. That is why many orthopedic practices turn to outsourcing their medical billing to a professional service.
Orthopedic medical billing is similar to other forms of medical billing but typically offers more services. This is because orthopedic medical billing is a bit more complicated and involves understanding a whole new level of complexity when it comes to billing codes.
When you outsource to an orthopedic billing service, not only is the stress and time of the billing process assumed by trained professionals, but those professionals also know how to discuss common and confusing billing scenarios with patients.
An orthopedic billing service is more than just a billing company; it is a solution that allows you to grow and protect your practice and its profits.
A billing service ensures accurate payment and keeps you up-to-date with the latest regulations and specifications of the industry. The goal of a medical billing service is to put your billing processes in the hands of experienced, trained professionals and optimize your revenue. Orthopedic medical billing companies reduce compliance risk by focusing on accurate billing codes and procedures, which also reduces the odds of rejected or suspended claims.
As stated above, one of the primary functions of an orthopedic medical billing service is to ensure your claims are accurate and approved in a timely manner.
Claim denial is an issue in every specialty across the medical industry, and a medical billing service helps to combat this. Some of the ways medical billing companies help protect against claim denial include:
If the medical billing service you select does not focus or specialize in orthopedic medical billing, find another one.
There are similarities between standard medical billing and orthopedic medical billing, but there are also many differences. Orthopedic medical billing is too complicated to risk going with a service that does not fully understand your specialty.
To provide an exact cost for orthopedic medical billing is difficult, as prices are based on the size of your practice, the number of claims you process, the company you choose, and that company’s method of charging.
Here is a pricing guide to give you a general idea of what you can expect to pay for your orthopedic medical billing services:
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