Physical Therapy Billing - Part 3
One of the most vital components of keeping a physical therapy clinic running like a well-oiled machine is to pay very close attention to its billing processes.
A very well managed billing system allows for a good cash flow, which is necessary to keep landlords, staff and utility companies happy and willing to serve you as well.
Therapists' training consists mostly, if not completely, of healing techniques rather than business savvy.
Because the healing arts also tends to attract more altruistic people, who tend to focus just on healing and not the money side of things, a lot of therapists do not really give the attention to financial concerns that they should be.
This neglect should be prevented as it could easily lead to the end of your potentially promising practice.
Also, resist the urge to outsource your billings department so you can keep better track of it.
When you install a comprehensive billing system into your clinical practice, you can streamline a lot of little tasks that might tend to be overlooked and ultimately, but shouldn't be, forgotten.
Paperwork requiring CPT and diagnostic codes, various forms and documentation need to all be organized properly and maintained daily for minimal interruption of your therapy work.
You cannot overemphasize the importance of keeping all patient and related forms, any insurance documentation, patients' billing status, etc.
easily retrievable and properly arranged because these paperwork serve as the basis for your compensation.
That is, the more thorough and accessible your information is, the sooner you can send your bill out and get paid.
Install a reliable piece of billing software and treat that as your business partner, who's in charge of the finances.
Feed all necessary data like history forms, fee slips, deductibles, insurance information, payment status, etc and let the software do its part to help you run the clinic.
Assign a staff member to be in charge of billings and ensure that person gets all the data needed to keep the paperwork on each patient current especially the codes.
Note that paper claims get settled within 3-6 months, while electronic claims get settled faster at around 14 days.
Insurance companies are notorious for finding loopholes so they don't have to pay, fully or even partially.
So get used to haggling with them and go for 100% collection of your billed charges.
They will stall by giving you excuses but remain firm and if necessary, enlist the help of the insurance commissioner and the patient in question.
A very well managed billing system allows for a good cash flow, which is necessary to keep landlords, staff and utility companies happy and willing to serve you as well.
Therapists' training consists mostly, if not completely, of healing techniques rather than business savvy.
Because the healing arts also tends to attract more altruistic people, who tend to focus just on healing and not the money side of things, a lot of therapists do not really give the attention to financial concerns that they should be.
This neglect should be prevented as it could easily lead to the end of your potentially promising practice.
Also, resist the urge to outsource your billings department so you can keep better track of it.
When you install a comprehensive billing system into your clinical practice, you can streamline a lot of little tasks that might tend to be overlooked and ultimately, but shouldn't be, forgotten.
Paperwork requiring CPT and diagnostic codes, various forms and documentation need to all be organized properly and maintained daily for minimal interruption of your therapy work.
You cannot overemphasize the importance of keeping all patient and related forms, any insurance documentation, patients' billing status, etc.
easily retrievable and properly arranged because these paperwork serve as the basis for your compensation.
That is, the more thorough and accessible your information is, the sooner you can send your bill out and get paid.
Install a reliable piece of billing software and treat that as your business partner, who's in charge of the finances.
Feed all necessary data like history forms, fee slips, deductibles, insurance information, payment status, etc and let the software do its part to help you run the clinic.
Assign a staff member to be in charge of billings and ensure that person gets all the data needed to keep the paperwork on each patient current especially the codes.
Note that paper claims get settled within 3-6 months, while electronic claims get settled faster at around 14 days.
Insurance companies are notorious for finding loopholes so they don't have to pay, fully or even partially.
So get used to haggling with them and go for 100% collection of your billed charges.
They will stall by giving you excuses but remain firm and if necessary, enlist the help of the insurance commissioner and the patient in question.
Source...