Sometimes in the business of physical therapy billing, there is just no easy way to get it done. Physical therapy billing codes are not exactly child’s play and sometimes someone who has the proper aptitude with the mechanics of the human body might not have the aptitude to work a bunch of coding to perfection. Sometimes you simply have to contract this sort of work out to someone who knows what they are doing and will ensure your success when it comes to the proper billing of patients.
Experts with physical therapy billing software will usually insist upon a percentage of the collected revenue from the patients you see as well as the money posted to your account. This payment translates to both the insurance and patient payments. While you’ll never know until you are working with the particular company what the percentage is, make sure you shop around to get the best and most competitive rates for your dollar. Check their histories with physical therapy billing codes and make sure they are reputable in their field.
A contracting company will usually have access to multiple types of software to serve your physical therapy billing needs. The multitudes of software will most likely be catered to the needs of the clients they are serving. The use of this software will be included in the fees that the company charges you. Many companies will even offer you other services like scheduling, documentation and reporting modules for patients.
If you are currently using your own software and have just become overwhelmed with the work and want to transfer some of this responsibility, a good physical therapy billing company will be able to help you by converting the information you have into something they can work with. Their knowledge of physical therapy billing codes helps facilitate this switch. All of the data you’ve already collected can be easily switched via scanner or fax. This information is then kept safe and is easily accessible by you or the company you are working with.
A good company will be able to give you contractual statements of the expediency in their filing of claims. A typical contract will state the company will file any claim within 48 hours, though some may in reality be able to file these claims in less than 24 hours. Any information they need they will ask for it when claims are filed. The claims are submitted to the corresponding insurance companies or patients through electronic means or paper means. Payments sent electronically are sent directly to the client’s bank account. Having the proper knowledge of physical therapy billing codes makes these payments quick and easy. The physical therapy billing software used ensures that all of the coding is properly scribed into the database. Errors can make it so you don’t receive your payments on time and in turn the company will not receive its contracted payments on time either. This proper symbiosis of companies is vital to the survival of both and both rely on proper physical therapy billing codes.
A growing number of practices are considering the benefits of using physical therapy billing software in their practices. The field of physical therapy is constantly changing and improvements in physical therapy billing software mean that we can expect software to help us do more work in less time. Even better, there are a number of programs available which are designed to save both time and money for your practice. The new solutions for physical therapy billing offer features that create shortcuts designed to save you time, money, prevent claim denials, and help you get paid more quickly. All of this results in improved cash flow into your practice, and less hassle for your employees. The following are just some of the benefits of using physical therapy billing software in your practice.
Physical therapy billing is a time-consuming process. The forms required by insurance companies can take a significant amount of time to properly complete. Chances are, your staff works much harder at physical therapy billing than they do it any other process within your office. By taking advantage of the new physical therapy software programs on the market to automate coding, your employees can spend more time doing what they love-helping patients. In addition to saving you time, physical therapy billing software will save you money as well. The improved efficiency of physical therapy billing processes will allow you to take on more patients without requiring you to hire additional employees to handle the physical therapy billing. Additionally, while electronic physical therapy billing is faster and easier, insurance companies accept electronic billing without imposing any extra fees.
Another reason to consider physical therapy billing software is that it can eliminate the errors that cause employees to have to repeat their work. A single typo on a billing form can cost you both time and money as you have to go back and fix it or even wait as your claim is denied any must be resubmitted. Electronic physical therapy billing works in real time, meaning that you can enter your physical therapy billing information almost as quickly as you see patients. Additionally, software is updated automatically so you never have to worry about staying up to date with the latest changes in physical therapy billing procedures. Most programs that handle physical therapy billing include a feature that includes automatic updates from insurance providers, Medicare, and other payors.
Physical therapy billing software also acts as a bookkeeping program for your practice. Depending on the software you purchase, it may be able to handle payroll, ordering, and accounting. Today’s physical therapy billing must also comply with the government regulations regarding patient privacy known as HIPPA. It is important that your software protect the individually identifiable health care information of your patients, and using physical therapy billing software can actually make that process it easier. Physical therapy billing is a complex process that your employees probably spend a significant amount of time on each day. With the software available today, you can streamline your physical therapy billing by taking advantage of software that is designed specifically for the needs of physical therapy practices.
When they consider purchasing physical therapy billing software for their office, many physical therapists have concerns about how the software will work in their practice. They wonder whether they really need physical therapy billing software, and whether investing in technology is a good choice. They also worry that it will be difficult to change over from the way they’ve been doing things to their new software program, and they worry that their staff won’t be technologically savvy enough to begin using the software. They may also worry that installation will be difficult and time-consuming, or that they won’t get in the sales support they need after purchasing the software. All of these are important concerns for physical therapy practices as they consider purchasing physical therapy billing software. The good news is that software companies understand these concerns and have developed software that is designed to integrate seamlessly into your practice and be easy for you and your staff to use.
One thing to consider when purchasing physical therapy billing software is whether you are purchasing software designed specifically for physical therapy practices or simply generic medical billing software. There are a number of reasons that you will want to look for a software program that is designed specifically for physical therapists. Physical therapy billing software has specific features that are relevant to your practice, and these customized features are what will make it easy for you to use the software you’ve purchased in your practice. Physical therapy billing software should include everything you need to truly automate your practice. Features should include medical claims management, electronic billing for insurance, physical therapy billing, and even tools such as the forms that you’ll use to enroll new patients.
Another important part of choosing the right physical therapy billing software is to understand the support package that is offered with your software. Depending on the physical therapy billing software you purchase, the company may offer support after the purchase of this software. Some physical therapy billing software also comes with a representative who will personally come to your office and install the software, and teach users how to operate the software. Training is an important part of any software installation process. If you are good with technology, you may choose to conduct this training yourself, or you may want to take advantage of the company’s technical support to provide training. You should also ask about software support after installation, so that you know you have someone you can call if you ever run into trouble with the software. Along with training and support, you should also ask about upgrades to the software. Since physical therapy coding changes often due to changes in medical regulations, you will need to ensure that your software can be updated to account for these changes so that physical therapy coding remains accurate.
The advantages of physical therapy billing software are worth the time it will take to find out which software program is right for you. Using physical therapy billing software will result in improved efficiency, higher profitability for your practice, a more automated workflow, decreased collections, and a more streamlined process. Physical therapy billing software is designed to be compliant with HIPPA requirements, meaning that patient information is securely guarded so that it won’t accidentally be released. Investing in physical therapy billing software doesn’t have to be scary as long as you do your research before you buy.
Many clinic managers find that errors in billing for physical therapy treatment is one of the most frustrating tasks for a private practice owner. Despite the hassles caused by trying to determine the right physical therapy billing codes for each patient, understanding the coding and billing process are very important parts of not only helping your clinic perform well financially, but also providing the best possible service to your patients. For those who are working solely from the perspective of a working physical therapist, this is especially true. Clinicians who are managers in a private practice often have limited experience with physical therapy billing software and practices. However, there are a few basic concepts that will make understanding physical therapy billing codes a little easier.
The most difficult part of physical therapy billing codes is determining which codes are most appropriate for billing purposes. In order to get the fastest and highest reimbursement from insurance companies and Medicare/Medicaid, you must choose highly specialized codes in relation to the diagnosis for which you are treating the patient. Mistakes made in determining the best physical therapy billing codes cost practices thousands of dollars each year when third party payers deny claims that have been submitted.
Physical therapy billing codes will vary based on the diagnosis for which the patient was referred to you. When determining the correct codes for billing after service, you must charge the insurance company for the exact same condition that the patient originally came to you for. Physical therapy cpt codes for evaluation and treatment are listed in the ICD-9-CM.
This is also known as the International Classification of Diseases code manual. You can purchase a copy of these manuals through the publisher, Ingenix, or you can purchase physical therapy billing software which contains this information.
Once you determine the physical therapy billing billing codes associated with patient diagnosis, you must then determine which codes are appropriate for the physical therapy services you have performed.
The most commonly used billing codes for physical therapy private practices are determined using the CPT-4 codes, which were developed by the American Medical Association (AMA). The physical therapy billing codes for each session will be unique to the services performed during that particular visit.
Even though you have sent a bill to a third party payer, you may not always be approved for reimbursement. Most clinics choose to use physical therapy billing software to assist them with preparing and filing claims and managing physical therapy billing codes. Claim forms created using physical therapy billing software can either be printed or sent electronically. While physical therapy billing codes are assigned by the software, ensuring that your staff has a basic understanding of codes will help minimize mistakes. Submitting claims using physical therapy billing software often results in faster and more accurate reimbursement, making the physical therapy billing process far less stressful for providers and staff. You will find that you quickly recoup the costs of training and physical therapy billing software through an increase in successful, quick, and complete payments for services in your practice.
Why is it having the right physical therapy billing software could be the difference between your company surviving, and it suffering the same fate as many others have done in a weak economy?
As a business owner you’re going to be well aware of how much of an impact on your business having a reliable cash flow will be. The thing is, you’re great at your job as a physical therapist, but when it comes to actually getting the people to pay up, your admin skills may be letting you down; after all, you spent all of that time studying to do your job well, not to be running a collection agency; right?
Of course, actually knowing who owes you the money, when they’re due to pay you, and whether they are behind on payments, is going to make a huge difference to your cash flow, and the only real way to, accurately, keep a track of all of this clerical tedium is by investing in the right physical therapy billing software.
Just imagine it for a moment; you’ve spent the day treating clients, and now you have to spend most of the night making sure that the records are properly up to date. The accounts have to be balanced, so you need to know how much has been paid, and what’s still outstanding; then you discover it.
In your haste, the previous week, to get everything done so that you could enjoy that family meal, for the first time that month, you accidentally put a decimal point in the wrong place. That doesn’t sound too bad; does it? Maybe not, all you have to do is contact the client; right? Tell them that there’s been a tiny mistake, and get them to pay the difference; that shouldn’t be a problem, should it?
Possibly not, but what if that had happened on something that you’d sent to the government? Or, you’d submitted figures to an insurance company so that you could get paid by them; how pleased do you think they would be? Finding a good and simple way of doing the physical therapy billing could save you the problem of having the insurance company wanting to check every invoice you’ve ever sent through to them.
The thing is, with the right physical therapy billing software, these problems are easy to avoid, and they cost you far less than the time it will take you to recheck everything that you’ve done; believe me, when you find one mistake you start questioning everything else, and you won’t be happy until you’ve checked it all; so much for having a meal with the family next month.
Another way in which this software can save you time and money is the physical therapy billing codes that it uses. You aren’t going to find yourself struggling to work out what each code means, and whether you’ve put in the right code so as to charge the client for the right treatment; having the right physical therapy billing codes may have saved you when it came to that decimal point error, too.
One other big advantage of a standardized set of physical therapy billing codes is the fact that you can hire people who have already used the physical therapy billing software, and have them doing the invoicing without you having to train them; which is often embarrassing if you don’t actually know what you’re doing, either.
So, in a short time from now you can confidently be sending out invoices to people, and starting to get your cash flow back under control. The physical therapy billing software will tell you who’s paid, when they paid, whether you need to be dealing with insurance claims, and how much those claims should be for, as well as many other things that are going to improve the running of your business.
With the right physical therapy billing software, and physical therapy billing codes, getting the office work done will be a breeze; then you can concentrate on the thing you actually trained to do; plus that family meal may just be back on again this month.
Physical therapy billing codes (and an understanding of how they work) represent the ‘financial lifeblood’ of any physical therapy private practice. If you are facing problems with reimbursements from insurance companies, you or your office manager / physical therapy billing professional should consider some self training on physical therapy billing codes.
Without an effective physical therapy billing system you cannot assure yourself a consistent cash flow which can ruin even the most dedicated and talented physical therapists. However, you should first learn more about new and existing physical therapy billing codes and what are your options before making any radical changes in your existing billing system.
Physical therapy billing is a complex process. While the actual clinical process (treating a patient) is methodical and (to an extent) predictable, the claims process if anything but easy.
As most physical therapists, you most likely get the majority of your cash via submitting billing claims to insurance companies and/or Medicare both of which are very strict when it comes to physical therapy billing codes and incorrect keystrokes. What is more, advancements and new procedures introduced in medicine each year are accompanied by virtually continuous changes in the billing procedures and coding. Physical therapy billing thus gets more complicated each year and keeping pace with all the changes requires both highly educated staff and highly advanced physical therapy billing software.
Unless you prefer to do the billing work on your own, you can either outsource it to an external service that is specialized in physical therapy billing or hire a highly experienced person to do the billing in-house. Each of both options will enable you to collect more billing claims from insurance companies and get paid within a reasonable time period which is the key to stay in business and continue to invest in marketing, equipment, your own and your staff’s education, and other things that will make your practice even more successful. There are, however, several things you need to pay attention to no matter if you decide to hire someone to do the billing in-house or leave over the billing work to an external service that offers physical therapy billing and expertise in physical therapy billing codes.
If you decide to have someone to do the billing in-house, it is highly important to make sure that he/she is properly qualified for the job as well as to get a good physical therapy billing software. There are many software programs promising exceptional results but in reality, that is often not the case. In the first place, make sure that it is HIPAA compliant because improperly protected patient personal and health information is not only a breach of patient confidentiality but a source of tremendous legal liability. A good physical therapy billing software should be also always up-to-date with the latest physical therapy billing codes and regulations, automatically upgraded and easy to use.
You are also highly recommended to be very careful if deciding to outsource your physical therapy billing to an external service. The chosen service has to adhere to the HIPAA regulations but it also needs to be specialized in physical therapy billing because services that are not exclusively focused on physical therapy billing are typically less successful in collecting billing claims.