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Physical Therapy Billing: Using Revenue Cycle Management Software to Boost Revenue in Your Practice
Discover how real-time software can instantly determine the patients’ insurance coverage and eligibility. This helps you get paid for your services. Discover the importance of eligibility verification function in your EMR.
Revenue cycle management should be a top priority of any physical therapy business. Simply putting it as taking the necessary physical therapy billing steps to ensure therapists are paid for their services and that they’re compensated in a timely manner.
Where Revenue Cycle Starts
A revenue cycle is attached to every client. It begins the moment the patient calls the office for an appointment and ends when their balance is zero.
It’s essential during that initial contact to gather patient data that includes their name, phone number and information about their insurance provider.
Typically, data is provided by the patient when they arrive for their appointment, a time consuming endeavor that involves numerous pages of written documentation that can be streamlined and simplified with physical therapy billing software.
Some clinics gather basic information when a client calls to schedule an appointment, but neglect to ascertain insurance information, an oversight that can cost the practice dearly.
Insurance Coverage and Eligibility Should Be Verified Immediately
Verifying insurance coverage and eligibility for services saves time and physical therapy billing headaches for the clinic in the future. If problems arise, it’s an easy matter to contact the patient or their insurance provider for further details, or reschedule the client if necessary.
Reimbursement denials can be significantly reduced with the use of an EMR that provides electronic billing, coding and submission capabilities. Physical therapy billing software offers flexibility and multiple coding options to reduce rejections and denials significantly.
It’s estimated that it costs approximately $25 per claim to manage each denial. An EMR reduces those costs, while drastically cutting the time needed to provide additional information or challenge denials. The value of an EMR can’t be overstated in the management of revenue cycles.
Patient portals provided by physical therapy billing software allows therapists to capture a wide variety of client data ranging from names, phone numbers and insurance providers to email addresses, mobile device information and complete health histories.
The advantages of an EMR doesn’t stop with the initial intake physical therapy billing documentation. They offer powerful tools that can be used to track claims, file disputes and provide additional information when a denial occurs. Claims can be submitted individually or batch filed for greater efficiency and they can be automated.
EMRs allow therapists to clear up questions in hours or days instead of weeks or months.
Therapists that harness the power of an EMR have the needed physical therapy billing tools for patients to make convenient one-time or recurring payments, notify clients when they have an outstanding balance and obtain critical insurance information for verification of eligibility.
EMRs also provide practice owners with multiple ways of contacting patients for any number of reasons using text and voice messaging, phone and email. Using revenue cycle management software provides clinic owners with essential tools to track client accounts for better profitability.
Enhanced physical therapy billing and coding options, combined with electronic submissions, facilitates the reimbursement process from self-pay patients and claims that go through individual insurance companies and clearinghouses. Physical therapy billing software works for therapists to reduce denials and clear up claim problems when they arise.