Are you struggling to get fully reimbursed for the healthcare services you are providing to the patients? You should re-evaluate the physical therapy billing services to find areas for improvement. Because the financial stability of your Physical Therapy practice is highly dependent on efficient claims management as well as timely reimbursements.
As physical therapy deals with the assessment, and treatment of patients with limitations in functional mobility. It requires a unique set of skills and expertise to prepare claims with an accurate set of medical codes.
Moreover, due to the ongoing changes in the healthcare industry, the process of physical therapy billing and coding has become more complicated than ever before. Therefore, medical practitioners should pay special attention to their revenue cycle management. Because if your medical claims get frequently denied/rejected, it can result in critical financial challenges such as revenue loss, cash flow disruption, etc.
If you are constantly losing revenue due to the high rate of claim denials, then don’t worry. With the right physical therapy billing solutions, you can keep your RCM process aligned according to your financial needs.
Here are the following strategies that can help you to streamline the physical therapy billing services.
Use Precise Medical Codes
Medical coding is considered the essence of healthcare revenue collections management. Because it is the standard way to describe a particular injury, illness, treatments, medical services as well as equipment. Medical coders extract this information from clinical documentation i.e physician’s notes, medical transcriptions, etc.
No doubt medical coding is very complicated as coders have to choose the most appropriate and precise codes from coding books, containing thousands of codes.
Therefore, physical therapists should never rely on inexperienced coders. Because coding errors can delay the payments from insurance companies. And they can also result in healthcare fraud. So, in order to streamline the physical therapy billing services, you should hire certified and professional medical coders.
The most common Physical Therapy CPT Codes are including:
- 97110: Therapeutic Exercise
- 97112: Neuromuscular Re-education
- 97140: Manual Therapy
- 97150: Group Therapy
- 97530: Therapeutic Activities
- 97535: Self-Care/Home Management Training
File Error-Free Medical Claims
As maximum reimbursements mainly depend on the submission of clean medical claims. Healthcare providers should make efforts to remove the root causes of claim denials.
For example, they should automate the documentation process to increase the accuracy of patients’ personal as well as insurance information. Medical billers use this information to prepare and submit medical claims. Even a minor error in this data can lead to claims denials.
So, in order to ensure the submission of error-free medical claims, healthcare practitioners should implement EHR solutions to streamline the accurate information flow throughout the RCM process. Furthermore, you should hire well-trained registration staff to fulfill their responsibilities in an efficient manner.
Moreover, physical therapists should closely monitor the performance of their billers and coders to make sure that they are filing clean claims. By implementing advanced physical therapy billing solutions you can maximize the reimbursements in minimum time.
Hire a Reliable Physical Therapy Billing Company
Efficient management of medical claims is significant to collect maximum revenue. So, in order to achieve your financial goals, outsourcing physical therapy billing services will be the best decision for your business growth.
Outsourced coding and billing experts have extensive experience to handle the complexities related to medical billing and coding of physical therapy. They adopt the latest and best practices to ensure that all your medical claims are processed accurately without any delay. They provide modern physical therapy billing solutions to lower your AR days drastically. Which results in maximum reimbursements and improved cash flow.
In addition to this, you’ll get the following benefits:
- By outsourcing billing services, you can free up your time and resources from complicated and time-consuming administrative tasks.
- You get sufficient time to spend enhancing patients’ satisfaction.
- Medical practitioners can save a significant amount of money on operational costs associated with the in-house billing department.
- Get assistance from highly trained industry experts.
- Reduced billing and coding errors.
- Consistent claims follow-up.
- Prevent claim denials.
- Maximum reimbursements.
- Streamlines cash flow.