Most physical therapy business owners assume that ‘good treatment’ is enough to grow a business. It’s important for physical therapy management to realize that physical therapy coding techniques, and the physical therapy software that is used for billing purposes play a significant role in the growth of a private practice.
Being a good clinician alone will not be sufficient to achieve your financial goals in your practice. You can spend lots of money on marketing to bring in the patients, but to ensure cash flow, you need to understand numbers, conduct ‘financial audits’ and get the services of an experienced physical therapy coding team.
Every patient you treat should be billed promptly, with an accurate claims process. The faster you submit your documentation, the faster you will get paid. The overheads of a physical therapy clinic can go up to thousands of dollars a week. You can’t afford to have your invoices or insurance claims denied because of avoidable reasons like data entry, diagnosis errors, coding errors, modifier mistakes or delays in the claims process. A simple oversight or irregularity in billing or coding may cause long delays in your payments.
Your insurance claims are often processed and investigated by the insurance professionals. Even a slight error in the invoice may result in the denial of your claim.
You may take weeks to identify the error and fix physical therapy coding issues. You will get your payments after a couple of weeks but the time you have already lost cannot be compensated in anyway. Most physical therapy billing coding procedures are getting complex each day, and are also being amended frequently. To keep up with the changing billing and coding procedures, you will have to provide regular practical training to your billing staff. It is better for you to hire a professional physical therapy billing firm that is knowledgeable with physical therapy billing and documentation procedures and patient documentation. The filing of your insurance claims will be prompt and perfect and this will ensure that you get paid in a timely manner. Physical therapy coding techniques are constantly changing and all issues pertaining to medicare reimbursement and cpt codes, billing and coding and physical therapy services in an outpatient therapy clinic, especially when an insurance company is involved should be handled carefully. A good source of information for private practice and physical therapy services is the American Physical Therapy Association.
Whether it is a health insurance or Medicare or Workers’ compensation claim, some details like date of injury, authorization codes etc are very important. The payment authorization verification is also a very complicated and time consuming procedure. The medical coding process is frequently being changed as new services are introduced and old ones are removed. The coding procedure, billing protocol and requirements of the insurance company are also being modified every year. Even if you have a highly trained billing staff and a sophisticated billing and coding software, your claims will not be free from physical therapy coding errors. You can significantly reduce the coding errors by using physical therapy coding programs and physical therapy management suites like Clinical Contact and Therapy Newsletter.
Your ability to bill your patients and collect your payments on time can make or break your physical therapy business. The ever changing physical therapy billing protocols and physical therapy billing techniques change every quarter, or every year. If you do not handle this in a preemptive manner using the appropriate coding programs and documentation providers, your cash flow can be hindered severely. Physical therapy documentation programs and physical therapy billing and coding programs will help minimize denials and empower you to focus on what you do best – treat your patients rather than chase their bills and payments. You can trim down your overheads and your profits will go up.