AR days
AR days indicate the average time it takes to receive payment for a claim. To calculate AR days, multiply the total credit sales by the number of days you want to measure (usually over a year).
Overcoming Obstacles In O&P Billing
Understanding the complexities of orthotics and prosthetics billing and collections is essential for maintaining financial health. Our specialized services are equipped to effectively address these challenges. By leveraging our expertise, you can streamline your billing processes and ensure compliance, ultimately leading to improved cash flow and reduced administrative burdens.
Understanding Complex Billing Regulations
Compliance with HIPAA and regulations from Medicare, Medicaid, and private insurers demands specialized knowledge. Our experienced team ensures that practices adhere to the necessary protocols, reducing the risk of non-compliance.
Streamlining RCM Operations
Managing patient accounts from prescription to final payment in O&P can be challenging. Our team simplifies this process, reduces administrative burdens, and enables practices to focus on quality patient care.
Bridging The Coding Gap
Accurate coding is critical and requires familiarity with systems like ICD-10, CPT, and HCPCS. Our team consists of highly trained coders proficient in these methodologies, ensuring accuracy and compliance.
Providing Real-Time Reporting
Access to detailed analytics and reporting is vital for practices to gain insights into financial performance, payer dynamics, and reimbursement trends. Our billing services offer clear, actionable analytics and reporting, empowering you to make informed financial decisions.
OneMed’s Premier Billing Services For Orthotics & Prosthetics
Are you tired of dealing with denied claims, delayed reimbursements, and the challenges of complex billing processes?
Efficient Claim Processing
Utilizing the relevant claim forms effectively, we consistently capture all essential details regarding patient prescriptions, treatments, and other pertinent information. This approach guarantees that claims are submitted accurately and completely on the first attempt
Expert Coding & Compliance
Our team utilizes their expertise to ensure the correct application of CPT & HCPCS codes while adhering to coding guidelines & HIPAA regulations. Our claim scrubbing & submission optimization process proactively manages denied claims, enhancing revenue flow.
Enhanced Patient Billing Support
Improve patient satisfaction with transparent billing communication and real-time access to account information through patient portals. This service improves the patient experience and provides robust analytics, offering practices insights into revenue cycle performance.
Discover The Ultimate Benefits Of Outsourcing
Outsourcing to us offers healthcare providers an efficient solution for managing intricate billing operations, ultimately saving time and boosting cash flow.
Here’s How OneMed Can Improve Your Billing Experience:
• Accurate Medical Billing
• Real-Time Reporting
• Enhanced AR Collections
• Maximized Reimbursements
• Around-the-Clock Support
• Scalable Solutions
• Strengthened Compliance
Keep Track Of Your Practice's Key Performance Indicators (KPIs)
Denial Rate
The denial rate reflects the percentage of claims denied by insurance payers, calculated by dividing the number of denied claims by the total claims submitted during a specific timeframe, such as a month or quarter.
Net Collection Rate
The net collection rate represents the legitimate reimbursement amount for services, calculated by dividing total payments received by total charges after write-offs, then multiplying by 100 to express it as a percentage.
Clean Claim Rate
A clean claim is submitted accurately the first time, without missing or incorrect information. To calculate the clean claim rate, divide the number of clean claims by the total number of claims submitted during a specific period, typically a month or quarter.
Increased Revenue and Efficiency for Your O&P Business
Avoid O&P RCM issues, manage denials proactively, and turn your
delayed bills into payments with OneMed's O&P Billing Services.