Physical therapy billing coding programs help the physical therapy business owner boost productivity significantly. When combined with a physical therapy documentation system, the result is timely billing, quick payouts from claims and an even, predictable cash flow for a physical therapy private practice.
Here are five steps that would ensure better productivity from your physical therapy billing coding software. Be sure to follow these.
1. Know your patient. This is very important, especially in private practices. You must use the data generator of the software to find out more about your patient in terms of his health history, treatment preferences and economic status. People anywhere love personalized records and hence would be elated to know that the receptionist at your clinic still recognizes why they were admitted before.
2. Marketing your resources efficiently is a big need. True, it will be a tad expensive but when you look at the long term gains, then spending a few dollars on marketing is not a bad idea. You can make cards and leaflets and pamphlets to be distributed to create awareness among people and what you’ll benefit from is the net patient increase from these publicity campaigns.
3. Make sure you utilize the research capabilities that your physical therapy billing coding program has to offer. Make sure you keep yourself updated with the latest trends in insurance and medical coding systems. If you want to maximize reimbursements, then you need to keep yourself and your physical therapy billing coding system updated with the new laws in medical billing and cpt codes. The last thing you want is for medicare and other payers to deny you for your physical therapy services due to errors in physical therapy billing coding.
4. Calculate the lifetime value of your patient and see if it tallies with your requirement. You can check out important facts using the data portals on the software with regard to the total number of appointments scheduled per year and the other referrals that they would get to your clinic and all such data and compile the net earnings per patient and arrive at the gross aggregate per annum.
5. Regular follow ups to stay current with payments is another thing that a well managed physical therapy billing coding system can help with. Many practices wait for the last minute before they contact patients for payments or insurance companies for claims. Thus, a lot of time is wasted along with revenue and thus, there are low funds generated over larger periods of time. Set up alerts on the software that will enable you to ensure timely payments to your clinic.
These are some effective techniques using which you can hope to achieve higher traffic and more revenue for your physical therapy business.