Common Mistakes in Podiatry Medical Billing and How to Avoid Them

When it comes to mobility and foot health, podiatrists offer foot and ankle treatments to patients. Similarly, medical practices offering podiatry services face challenges associated with efficient medical billing and coding. In addition, accurate podiatry medical billing can help practices increase revenue, reduce denials, and get consistent cash flow. As a result, podiatrists can witness an overall improvement in profitability and protect their bottom line. So, precise CPT codes and on-time submissions to payers are essential to getting paid for medical claims.

Why Accurate Podiatry Medical Billing Matters

There are a bunch of reasons why accuracy in coding and billing matters. Some of the major reasons why accuracy is crucial are:

Receive complete reimbursements from payers.
Deliver undivided attention and care to the patients.
Less burden of reviewing documentation.
Enhance the financial health of your practice.
Less to no revenue leakages in podiatry billing.

Common Mistakes in Podiatry Medical Billing

Let’s take a look and understand the common mistakes in the billing process of podiatry specialty:

Misuse of Modifiers and Incorrect Coding

Accurate coding is essential for getting complete reimbursements from insurance payers. Coders should use precise podiatry CPT codes and modifiers to avoid payment delays. Additionally, staying updated with the latest codes that govern podiatry billing is essential. As a result, physicians offering podiatry services do not lose revenue and prevent claim denials. The coding team should carefully use -59 and -25 modifiers while capturing the rendered medical services. So, mitigate the compliance risks with error-free HIPAA-compliant billing and coding.

Overlooking Podiatry-Specific Documentation Requirements

Submitting error-free medical claims to insurance companies ensures a seamless revenue cycle. However, failing to capture accurate codes results in revenue losses and pending payments. In addition, strict compliance rules govern the healthcare industry, and these rules change constantly. Therefore, staying updated with the latest regulations is the best way to ensure compliance. So, podiatry practices need to follow the rules while documenting records. Further, performing regular audits of the podiatry medical billing process can help find potential areas that lead to revenue losses.

Underbilling or Overbilling for Services

Unbundling refers to separately billing medical services instead of using one comprehensive code that covers the whole service. Likewise, unbundling services to get more payments is considered fraudulent billing. In addition, these practices are harmful to the podiatry billing process. Therefore, the coding team must comply with the NCCI (National Correct Coding Initiative), which is updated quarterly. Complying with these NCCI rules helps podiatrists avoid non-compliance.

Failure to Verify Insurance Eligibility and Coverage

Creating an efficient insurance eligibility verification process and prior authorization helps podiatrists avoid financial losses. Not verifying eligibility leads to additional administrative hassle and makes patients unhappy. Hiring a third-party medical billing company can help resolve this issue. Medical billing experts can effectively minimize eligibility verification errors and prior authorization errors. Also, podiatry practices can implement an automated technology solution to avoid these problems.

Not Communicating to Patients About Financial Responsibility

For a seamless podiatry medical billing process, patients should know their financial responsibilities. Likewise, the practice staff needs to communicate with patients about what they are supposed to pay. The patients may need to see the coverage details, co-pays, deductibles, and other insurance details. Thus, practice staff must communicate what patients need to pay. So, podiatrists can offer different ways to get payments from the patients.

Best Practices to Avoid Podiatry Medical Billing Mistakes

Train the practice staff to bill and code accurately for podiatry-specific claims.
Use automated software or hire a third-party billing company to manage eligibility verification.
Regular podiatry medical billing audits can help identify weak areas in the RCM process.
Communicate with patients on their financial responsibility to optimize patient collections.
Correct use of podiatry CPT codes and maintain strict regulatory compliance.

Conclusion

Accurate coding, efficient eligibility verification, timely submissions, communicating with patients about their financial responsibility, and training your staff are ways to avoid billing mistakes. Similarly, hiring professional podiatry medical billing services can streamline the revenue cycle process. As a result, podiatrists can maintain financial health, avoid legal issues, and help you focus on patient care.