The global prosthetics market was valued at $1.6 billion (about $5 per person in the US) in 2021 and is estimated to grow $2.5 billion (about $8 per person in the US) by 2031. Rising incidents of sports injuries and road accidents, a growing number of diabetes-related amputations and increasing prevalence of osteosarcoma across the globe have been attributed to the growing market. On the other hand, escalating medical expenses and changing federal mandates related to healthcare are creating a need for more expertise within the practice management. Furthermore, elevated need of technological advancements necessitates extensive knowledge when it comes to prosthetics billing management. Requirement of meticulous attention to detailing documentation in billing process is a struggle.
Considering the maze of compliance with government policies and private insurance plans prosthetics providers must deftly manage coding, coverage and documentation of services to get a prompt and accurate reimbursement that will contribute to the profitability.
Understanding the Necessity of Compliance in Prosthetics Billing
In the year of 2013 on January 25, the modifications to HIPAA, privacy, security, information and breach notification rules under the Health Information Technology for Economic and Clinical Health (HITECH) and many other modifications were released to ensure new privacy, implementation and provisions to protect consumers and enable the government to enforce HIPAA more appropriately.
Now while managing the practice, it is equally important that you focus on these changes while staying updated about any further changes within the regulations. Along with the codes of the services and modifiers of the same is necessary to maintain for a hassle-free reimbursement and quality services. When adhering to these you build patient trust and confidence, manage reputation and compliance of your services. However, with increasing market demand and lack of skilled force and increasing operational expenses, it is difficult to manage all these aspects, let alone the data management to claim submission documentation.
Harness the Expertise of Sunknowledge in Prosthetic Billing
To manage these complications, an outsourced partner who understands the extensive prosthetics billing process is a huge blessing in the long run. You can leverage the advantages of an outsourced billing partner through Sunknowledge Inc. The company has been operating in this field for 15+ years and their experts know what it takes to drive your ROI.
100% HIPAA compliance, ability to work with different software systems like- Brightree, Kareo, eClinicalWorks, Meditech and so on. With the implementation of advanced technology and automated services, the team will reduce your overhead expenses by 80% while maintaining your data security.
The company has no binding contracts with highest productivity metrics extend task specific support in eligibility verification, prior-authorization, denial management and accounts receivable collections as well as payment postings. With great versatility, the company has worked with some of the biggest industry players and honed their financial health. You can now book a non-commitment call with their experts to learn more about the processes and understand how they are navigating your RCM in prosthetics billing.
