Orthopedic Payment Processing

Orthopedic Payment Processing

New payment models can pose challenges to cash flow

There is no doubt that orthopedic providers and their practices are on the frontlines of alternative payment initiatives. While Medicare’s Comprehensive Care for Join Replacement Model (CJR) rolls out across the US, private insurance companies are developing their own bundled payment programs to emphasize quality of care and value-for-money.

It is easy to see why both government and commercial payers are looking for cost savings. Blue Cross Blue Shield (BCBS) recently revealed that 242,000 of their members UNDER the age of 65 underwent a planned hip or knee replacement in 2017 – costing approximately $25 billion. Providers and practices trying to navigate the intricacies of new requirements for orthopedic payments are feeling the pressure both financially and administratively.

In addition to bundled payment challenges, orthopedic practices are increasingly relying on patient reimbursement due to the growing popularity of high deductible plans. Collecting large payment amounts from patients poses another significant financial risk to orthopedic practices, and it is more important than ever to ensure they receive all patient balances.
The high cost of orthopedic procedures and subsequent medical care quickly adds up.

Average costs for common procedures:

  • Knee replacement $19,000 – $30,250

  • Hip replacement $22,000 – $30,685

  • Joint replacement $25,000

  • Spinal fusion $115,000

  • Bone fusion $77,000

  • Soft tissue repair $10,000

  • Average consultation fee $100 – $500

  • Sprained or broken wrist (no surgery) $500 – $2,500

  • Sprained or broken wrist (with surgery) $7,000 – $10,000

  • ACL reconstruction $20,000 – $50,000

Benefits

Since many organizations are dealing with risk from both sides – in the form of bundled orthopedic payments and high patient deductibles – it is critical to have an efficient and flexible payment system.

We encourage providers to take advantage of convenient payment options such as online bill pay for orthopedic procedures, credit-card-on file for time-of-service payments, and patient payment plans that are easy for staff to manage.

Practice Management Bridge

With so much already on their plate, office staff needs orthopedic credit card processing and payment systems that can integrate into the existing practice management software and minimize the labor associated with payment posting.

Our proprietary Practice Management Bridge® is the answer. It combines with current practice management systems to increase payment processing efficiency across your organization. Because all your points of payment are tied together, Practice Management Bridge® makes it easy to track, manage, and report payment information.

In addition to taking advantage of the latest payment technology, there are additional ways to help your organization create a steady revenue stream.

Some Strategies Include:

Rectangle Health Guarantee

If you don’t see a dramatic reduction in accounts receivable balance after a few months of instituting our full program, we’ll take the entire system back at no charge to you.
FEEDBACK