2013 proves to be a year of continued change and new growth opportunities for orthopedic surgery practices. Changes to the auditing standard have occurred recently to ensure accuracy and optimize orthopedic surgery revenue cycle management. And new frontiers in surgical technology include minimally invasive anterior total hip replacement.
Whether anterior total hip replacement is in the strategic framework of your practice, it’s important to be prepared for changes in orthopedic surgery medical coding, billing and collections, including auditing and compliance regulations.
The quality of care provided by any orthopedic surgery practice is based on the accurate and complete clinical documentation of medical records. However,
Has your orthopedic surgery practice fully transitioned to SSAE 16? Developed in 2011 by the American Institute of Certified Public Accountants (AICPA), this new auditing standard replaces SAS 70 to keep pace with the growing acceptance of international accounting standards.
The emergence of this new auditing standard comes with changes in orthopedic surgery medical coding, billing and collections procedures, changes that are critical to ensuring your records are in order in the event of an audit.
The differences between the old and the new standards are best reflected in this chart.
What does all of this mean for orthopedic surgery medical coding, billing and collections? New regulations make it even more of a challenge to keeping track of records for errors and omissions. It’s a burdensome and sometimes even impossible task. And they’re costing your neurosurgery practice more than you realize if you don’t have the right third party orthopedic surgery revenue cycle management company as your partner.
Although chart auditing for orthopedic surgery practices may seem intimidating, there are many positive aspects including optimized revenue from your orthopedic surgery revenue cycle management and peace of mind in the event of third party audits.
Certified third party independent medical coding and billing services, specializing in orthopedic surgery medical coding, billing and collections such as revMD, are essential these days because of all the changes in compliance and audits. revMD has successfully completed an extensive examination, a SSAE 16 (Service Organization Control (SOC)) 1 Type II audit, conducted by an independent accounting firm. The audit examines the effectiveness of internal controls supporting CDS Legal’s e-discovery services.