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Physical therapy billing is the most critical elements of business for a physical therapy business owner.
Research shows that most physical therapy practices pay around seven percent of the revenue to firms that handle the paperwork and collections related to physical therapy billing. For a private practice owner, a clear understanding of physical therapy billing codes and physical therapy billing software can save your practice and allow you to compete in the new economy.
When it comes to physical therapy billing codes, accuracy is the difference between a successful practice with sufficient cash flow and one struggling to get paid. The more accurate your physical therapy coding, the faster you are paid and the more income you earn. One of the biggest mistakes that therapists make is ignoring the billing process and waiting for insurance companies to get around to paying them. Part of successful physical therapy billing practices is conducting regular follow ups to ensure you are getting paid in a timely and appropriate manner. The majority of therapists want to spend time treating patients, since they have been trained as clinicians.
Physical therapy billing does not come naturally to most clinicians, it is in fact counter-intuitive.
If you feel that physical therapy billing can be overwhelming, you are not alone.
If you allow physical therapy billing codes to be interpreted by insurance companies, then you may be putting the fate of your entire business in the hands of a third party. The truth is that there is more to physical therapy billing that just generating a code and sending it off.
The best investment your practice can make is physical therapy billing software that includes regular updates to provide you with up to the minute information about changes in medicare and insurance reimbursement policies. Physical therapy billing software can manage all of your documents, including registration forms, intake interviews, and receipts making them easy to work with and easy for patients to understand. Physical therapy billing software also makes collecting co-pays easier to manage.
Another benefit to physical therapy billing software is that the system makes it easy to process claims the same day service is performed, streamlining the reimbursement process and helping you get paid more quickly. Physical therapy billing software submits your claims electronically in most cases, which provides you with payment in as little as two weeks, while paper billing can often take as long as three months. Using physical therapy billing software also helps you collect a greater percentage of billed charges, and helps you track denials so that you can better protect yourself from payers attempting to shirk bills.
Hiring an in house physical therapy billing specialist to handle your physical therapy billing is one option, but there are also private physical therapy billing specialists who can help handle your practice’s needs. Make sure that when you choose someone to handle your physical therapy billing, they are familiar with the physical therapy billing codes normally used by providers as well as best practices for ensuring that you get the maximum payment on claims. Purchasing physical therapy billing software for your practice is another way to help prevent denied or delayed claims, and there are several companies who supply physical therapy specific programs that make it easier to manage insurance claims and patient records.