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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:

“We are an extremely busy optometric practice, and we are always very conscious of business costs.  We use a practice management software and couldn’t believe we could start updating payment directly into the patient ledger and securely keep patients credit card information on file.”

-Optometry Group, Bay Area

“We’re writing to show our appreciation for Rectangle Health.  Initially, I doubted some of the features that were promised, but you guys delivered.  The web payments and payment plans are easy. The ease of email receipts and vaulting cards are great for our Billing Department.  I would recommend any colleagues use your system without reservation.”

-OB/GYN Office, Grapevine Texas

“We have been very satisfied with the degree of customer service and professionalism we have received in the process of switching from our previous processing company to Rectangle Health.”

-Practice Manager, ENT & Audiology, Southlake Texas

“I had been told by many companies that they could integrate into our software, but once they came out and met with me, I could see they really could not do what they said…. Rectangle Health could not only seamlessly integrate with my software as they stated, but they could offer substantial savings each month.”

-Dental Office Manager, Southlake Texas

“We have been a Rectangle Health client for over 3 years now and we’re pleased to say they lived up to their word; from saving us hundreds of dollars in overall monthly fees to even going so far as to customize their online Practice Management Bridge for a special feature we requested.”

-Retina Consultant, Connecticut

“I would like to compliment Rectangle Health.  The customer service has been top notch and your representative is always quick to return our calls.  The payment software is great and has made collecting form our patients so easy.  We would recommend any medical practice to use Rectangle Health!”

-Chiropractic & Acupuncture, Denver, Colorado

“Since we started to use the program, we have had an immediate and noticeable improvement in patient payment at the time of treatment.  Transitioning to Practice Management Bridge has alleviated hours of extraneous work that was unavoidable with our previous retail terminal.  In addition to the invaluable improvements in our practice management, Rectangle Health has saved us money by lowering our processing rate.”

-Office Manager, Cosmetic Dentistry, Solana Beach, California

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.