Regardless of your specialty, well thought out and executed billing practices are necessary to the overall success of your practice.
Your specialty matters when you consider the types of services you provide as well as the billing codes that apply to those services. Billing codes are ever changing, leaving your practice responsible for keeping up with those changes, billing claims on time, and maintaining a high clean claims rate.
This can quickly become overwhelming for any provider who is trying to juggle billing with patient care and best practices. Physical Therapists have too much on their plate to continuously exhaust their resources on billing and sacrifice the level of care they are offering their patients. The solution that many PT specialists are turning toward is partnering with a vendor of Physical Therapy billing services. Physical Therapy billing services might be just what you need as a PT specialist. Especially if you are aiming toward increased clean claims, timely payment and reimbursements, and more time for their patients.
Physical Therapy Billing Services:
1) Get Paid Faster
While PT specialists try to earn their payments as quickly as possible, in-house billing services are notorious for slowing them down. By partnering with a quality vendor of in-house medical billing services, PT providers gain access to several features that increase clean claims and timely payments. Electronic claims processing makes submitting claims efficient and straightforward. For claims that are denied, Physical Therapy billing services would offer you Electronic Remittance Advice (ERA) that provides solutions to get your claim approved the second time. With 100% real-time claims submission, providers have visibility of their claim that helps them stay up-to-date on its status. The transparency achieved with Physical Therapy billing services gives specialists peace of mind that their payment is coming on time on top of the tools for quick claim re-submissions.
2) Drive Profits
Traditionally it has been challenging for many providers to remain orderly and on time with each claim on top of understanding the financial standing of their PT practice. With a quality vendor of Physical Therapy billing services, PT specialists gain access to custom report builders that enable each member of their practice to understand medical billing and identify areas of improvement. Physical Therapy billing services should also offer a claim scrubbing option that helps to better identify errors in coding. By identifying these errors before submission, a claim is more likely to be approved the first time. A quality vendor of Physical Therapy billing services has one goal, and that is to optimize your practice’s billing workflow, improve the number of clean claims, and maximize your practice’s revenue. They offer coding experts who are responsible for staying up-to-date on medical billing codes that your practice might struggle to manage. By submitting your claims correctly the first time, your bottom line will improve.
3) Maximize Accounts Receivable
With features like patient eligibility verification, total EHR integration, a built-in clearinghouse, and payment processing, a vendor of Physical Therapy billing services might be able to help your practice maximize their Accounts Receivable (A/R). By partnering with a quality vendor, you enable your practice to verify a patient’s coverage in an instant rather than when it is too late, protecting your payment. For patients who are late on their payments, Physical Therapy billing services is a PT specialist’s solution for difficult collections. A vendor has the time and resources to manage difficult collections and minimize the time an account spends in A/R. By integrating Physical Therapy billing services with the other technology in your practice, the way a patient understands and can pay their medical bill improves. A vendor of Physical Therapy billing services should offer a patient portal integration that enables your patients to tackle their medical bill as well as utilize a secure payment processing option, all to maximize A/R.
Partnering with a vendor of Physical Therapy billing services and software that not only understands the specific billing needs of a PT specialist, but works tirelessly to improve your bottom line is vital. To learn about a vendor that could help you, click here.