Minimize Your Practice’s Physical Therapy Bill Collection Losses

Technology To The Rescue

Your physical therapy billing isn’t always going to return the payback it ought to. You’re going to have a statistical quotient of bill collection losses, but these are definitely reducible with the right solutions.

There are two primary areas where losses are regularly accrued by physical therapy practices. The first is in net collections. Therapist coding and documentation isn’t always as accurate as it could be, and the bill may either be incorrectly sent out, with the wrong amount written on it, or even mailed to the wrong location.

With software designed to categorize these things, you can cut down on losses which hearken from traditional human error. Incorrect codes can be rectified through proper software solutions. Through review, inaccuracies can be thoroughly sought, corrected, and bills sent to the right people.

Now the second primary area where you’ll see losses has already been touched on, and that’s in terms of coding. Oftentimes those in the secretarial climes of a given practice have a propensity to put the wrong codes on bills, which changes the price a patient ultimately pays. Sometimes the patient pays too much, sometimes too little.

A Considerable Solution offers some of the best PT billing software, complete with an ironclad guarantee: “Your denials will go down…with our industry-leading 98% first pass resolution, your cash flow and speed of collections will improve and we can guarantee it.”

That statistic can be directly backed up as it’s possible for practices to monitor clinical outcomes. Such data can be apportioned to negotiations of contracts, or the management of payer expectations. All of this can be accomplished in real time, saving substantial hassle in the infrastructural management of your operations.

Ensuring Your PT Practice Is In Full Compliance

An additional component in this area of operations that needs to be considered is compliance. Are your fee schedules properly compliant to legalities which pertain to your region? It’s possible for you to accidently transgress these stipulations. Make a misstep here and expect the IRS to come-a-knocking with expressions of “audit” in their officious eyes.

You can also ensure that not only you, but all your staff are contemporarily trained pertaining to these legal exigencies. With the right software you can find where you may not be operating as you should, and fix the problems. As you’ve no-doubt realized, there is some exceptional complexity when it comes to physical therapy billing arrangements.

Just a few of the things you need to keep abreast of include regulations surrounding Medicare, HIPAA regulations regarding privacy, protocols of security in HIPAA and other regions, coding initiatives, and insurance payer policies of the private variety.

Reality Cuts Both Ways

The exceptional amounts of paperwork requisite to compliant operations are often beyond the ken of most physical therapists on your staff. They’re probably going to miss things at statistically predictable intervals. The last thing you want is for some well-meaning negligence to result in a penultimate audit.

With modern business, the “Devil’s in the details”, as the old saying goes. Some of your greatest profits, and losses, are hidden in aspects of operation that don’t seem to be fundamentally essential. In order to properly streamline operations, you need to identify the fat and trim it off.

When it comes to physical therapy, small changes induce big progress in the fullness of time. As is the case with patient recovery, massaging your billing collection protocols can return capital while solidifying community standing on a legal basis. Both of these areas will allow your practice to expand its scope, eventually having greater financial flexibility.

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