The tear-down is here. Software or service? As billing regulations for orthotics and prosthetics evolve, it is essential to invest in a solution that unburdens in-house staff, streamlines the complex billing process, and unlocks revenue opportunities. But the big question here is: should your orthotics and prosthetics business partner with a software vendor or a revenue cycle services provider? The jury seems to be out on this one.
Several EHRs offer medical billing solutions as a part of their offering. But the billing solutions offered are a tad bare-boned and may not meet the complex reimbursement mechanisms of the O&P space. Partnering with a revenue cycle provider could translate to communication hassles and coordinating across multiple departments.
This is a complete breakdown of the software vs services conundrum.
One-size-fits-all approach
Lack of custom-built services
Driven by business rules engine
Quicker processing of claims
Deep domain expertise
Tailormade solutions
Driven by experience
Phased processing of claims
Result: Partnering with a revenue cycle management company provides the deep domain knowledge required to gain optimal reimbursement. EHRs offer speed and quicker claim processing times but may lack the custom billing functionalities necessary.
Lack of personalized support
Lack of custom-built services
Multiple support options
Personalized support
Tailormade solutions
Dedicated account manager
Technical glitches may occur
Constant software upgrades
Additional upgrade costs
No technical down-times
Technology upgrades are taken care of.
No upgrade costs
Modular pricing
Upgrade/integration costs
Monthly/ Annual payment schedules
Flexible pricing tiers
No additional costs
Fixed percentage of revenue collected