We are open with extended hours. New Patients for OrthoNOW Start Here.
English
Español
Orthonow live

OrthoNOW

Network of Orthopedic Urgent Care Clinics

New Patient Form COVID-19 Screening Form
Immediate Orthopedic Care

CORPORATE

(305) 537-7272
(305) 537-7272
  • Services
    • TeleHealth NOW
    • Stem Cell Therapy & PRP Injections
    • Diagnostics
      • Digital X-Ray
      • Ultrasound
      • Fluoroscopy
      • MRI
      • Pre-concussion testing
    • Consultations
      • Acute Injuries
      • Arthritis
      • Auto Accidents
      • Chronic Pain
      • Fracture/Broken Bone
      • Pediatric Orthopedics
      • Pre-Concussion Testing, Diagnosis and Management
      • Pre-employment Physicals
      • Preventive Health
      • Sports Injuries and School Physicals
    • Rehabilitation
      • Physical Therapy
      • Occupational Therapy
      • Electro Neuro Muscular Therapy (ENMT)
      • Athletic Injury Rehabilitation
      • Work Injuries
    • Workers Compensation
    • Bracing, Splinting & Casting
    • Laceration & Suturing
  • Treatment Areas
    • Foot & Ankle Care
    • Hand & Wrist Care
    • Hip & Knee Care
    • Lumbar & Cervical Spine Care
    • Shoulder & Elbow Care
  • Insurance & Pricing
    • Insurance Accepted
    • Self-Pay Pricing
    • Workers Compensation
  • Wellness
    • PRP/Stem Cell Therapies
    • OrthoNaturals® CBD
    • OrthoNourish
    • Well-Being Program
    • TeleHealth NOW
  • About
    • Meet Team
    • Corporate News
    • Referring Physicians
    • OrthoNOW History
    • On My Way NOW App
    • FAQs
    • Testimonials
    • Our Blog
    • Contact Us
    • Investing in OrthoNOW®
  • Locations
    • OrthoNOW Live
    • Doral
    • Biscayne
    • Aventura
    • Doral Rehab
  • Patient Login
    • Aventura
    • Biscayne
    • Doral
Home » Blog » 8 Strategies to Maximize Reimbursement in Your Healthcare Franchise Practice

8 Strategies to Maximize Reimbursement in Your Healthcare Franchise Practice

July 28, 2017 by OrthoNOW Leave a Comment

The key to success for any healthcare franchise is getting paid for the services you provide. Maximizing reimbursement for services rendered is crucial to the long-term success of your business. However, when it comes to the complicated world of medical billing, getting paid isn’t as easy as it sounds. Even if you’ve hired the best employee to handle your medical billing, sometimes things can slip through the cracks. Here are some ways to maximize your reimbursements and make sure your business isn’t losing much-needed income.

  1. Start In-House. Take a look at the processes you’re using when it comes to registering patients and ensuring their information is correct. Making sure you have all the pertinent info from each patient can save a lot of time and struggle when it comes to billing. If something is missed, it can add up to costly delays and wasted time for your healthcare franchise.
  2. Take Advantage of Pre-Authorization. Using a system that has credit card pre-authorization can save time and money. Because today’s healthcare landscape features numerous high-deductible insurance options, patients are paying for medical bills out of pocket. Pre-authorization allows medical staff to estimate the total amount of medical services to be rendered, alert the patient, and then the patient can sign off on the charges. This can cut down on payment delays and make the process easier.
  3. Online Payment. Speaking of ease of use, set up a system so that your patients can pay online. Not only are the payments quicker than waiting for a check in the mail, it will incentivize patients to pay more quickly. As an added benefit, customers could select your healthcare franchise over another due to the convenience.
  4. Set Smart Fees. Don’t set fees for services at the highest level set by payors. If you do, you run the risk of not keeping up with figures that change every few weeks. Codes change frequently and your healthcare franchise might not be notified. If you set your fees at the highest rate, you risk leaving money on the table.
  5. Know Payor Fee Schedules. A majority of payors don’t provide a full list of fees, but you can request them. Get a schedule for at least 100 to 200 of the most commonly used codes and fees. It might not be easy to get this information and keep it updated, but if you do, you’ll have a better chance at getting money you’re owed.
  6. Work with Insurance Companies. Reviewing and renegotiating insurance contacts can save your healthcare franchise money. Contracts decline in value as they age, but by renegotiating you can maintain the best deal. There is usually a timeframe within which you’re allowed to renegotiate, but it doesn’t hurt to ask.
  7. Review charts. Codes and fee schedules change so frequently that it’s important your providers are up to date. Having a system that allows you to check for mistakes, and communicate new information to providers efficiently can save money.
  8. Use Reporting Data. Make and review end of the month reports. Your healthcare franchise should have billing software that allows you to run reports at the end of each month. This report should show a breakdown of the financials and snapshots of outstanding accounts receivable.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Contact Us

Ask Our Staff A Question.

  • This field is for validation purposes and should be left unchanged.
Orthonow Live
NOW you have options
Telemedicine FAQ's

Most Recent Orthopedic Blogs

  • How Being Overweight Increases the Risk of Orthopedic Injuries

  • The Value of Physical Therapy for Weight Loss

  • Safety Tips to Prevent Injuries when Using Fireworks

  • Three Injuries to Avoid When Lighting Fireworks

  • Benefits of Having Orthopedic Urgent Care Walk-in Centers

  • Should I Exercise with a Face Mask?

  • We’re Open and Accepting Appointments

  • For Social Distancing Reasons, Switch to Telemedicine and Direct Appointments

On My Way NOW App

Easy Access To Help On My Way NOW App

Because Injuries Don’t Happen by Appointment®

  1. Connect with Clinician for help
  2. Send photos of injury
  3. Locate nearest OrthoNOW
  4. Driving directions – Map integration
  5. Get post-treatment updates
  6. LEARN MORE. . .
APP Store
OrthoNow
Orthopedic Care for Every Body™

(305) 537-7272

No Appointment Necessary

Services

Treatment Areas

Insurance & Pricing

Wellness

Workers Compensation

Blog

About

Locations

Patient Login

Licensing Opportunity

Investor Relations

Careers

Referring Physicians

Get On My Way NOW® App

App App Learn More » Mobile App
Connect With Us:
Facebook Twitter You Yube Linkedin Instagram