The operating costs of orthotics and prosthetics practices are incredibly high and labor costs account for almost half of a hospital’s operating budget. A study by HFMA states that 96% of CFOs identified labor costs as a huge margin challenge. With the prevailing staff shortage costs it is important that O&P businesses harness the right technology to augment their processes and ease the burden on in-house staff.
Deploying revenue cycle technology automates key functions of the revenue cycle such as claims submission and code scrubbing. Managing the revenue cycle manually is cost intensive. A strategic tech-forward approach to the revenue cycle eases the burden on in-house staff and paves the way for greater efficiencies.
The focus of orthotics and prosthetics businesses should be on patients and on offering the best possible outcomes. Not on transforming their revenue cycle capabilities. Moving from a process that is entrenched in fragmented processes and silos to a unified, tech-enabled one can be significantly expensive.
A revenue cycle partner provides access to global resources and the technology necessary for in-house teams to succeed. A revenue cycle partner who operates in cost-effective geographies and provides a global delivery model can ease the margin pressure on orthotics and prosthetics businesses.
A revenue cycle partner who understands the nuances of orthotics and prosthetics billing is crucial as the billing procedure for O&P is complex. A partner who understands the challenges of the industry such as managing the billing and reimbursement for VA (veteran affairs) and device billing can drive up efficiency, reduce denials and the resultant rework and lower RCM spend.
Don’t let margin pressures destabilize your orthotics and prosthetics business. Meet our revenue cycle experts at the AOPA Ignite 2024 to gain clear insights and drive your business forward.