How Physical Therapy Billing Software WILL Maximize Your Profits
Working in the medical industry requires a special type of accounting and billing. Physical therapy offices are no different. Thankfully there are physical therapy billing software solutions that can, at the very least, help mitigate the headache known as medical billing.
Did you know that with the right tools, you can streamline your physical therapy billing system and even maximize your profits?
Essentially, there is no easy way to do your bookkeeping in a medical setting or any setting for that matter. But you can always make the process more organized, less stressful and efficient. Take a looks at these key points on how finding the right billing software can actually maximize your physical therapy profits.
Make a Billing Plan For Your Physical Therapy Office
Does your physical therapy business have a plan? A one-year plan or even a five-year plan? Sometimes these plans include being able to purchase the latest in medical technology, or even open up a new or larger office. Whatever your plan is and what goals are included, include your billing into these goals.
Including your billing software into these goals can help maximize efficiency and get you closer to your physical therapy office goals. These goals include decreasing accounts receivable and communicating your goals with your team.
Take Advantage of Tracking and Analyze Data
Do you know where your billing stands? Using your billing software to it’s highest potential can allow you to fully understand your month-to-month and year-end bottom lines. Reports that you should run include charges/payments/adjustments, accounts receivable, top five carriers, practice activities, and finally provider and facility volume.
Running and analyzing these reports regularly can help you discover red flags more easily. It will also mitigate risk to maximize your profits.
Get Your Physical Therapy Billing Department Running Efficiently
One of the most important tasks in office profitability is to ensure the billing department is running efficiently. They use your billing software the most, after all.
When examining the day-to-day of your billing department, keep an eye out for these factors. Make sure as many claims as possible are going through electronically to get the fastest response. Examine the time it takes for billing to finalize notes. Also, review how long it takes to receive a payment.
Understandably, some of these factors can only be optimized so much, especially when it comes to collecting payment. Try to find ways to optimize what you can, such as collecting payment up front, instead of billing later.
Keep Your Team Educated
Learning special billing codes and insurance and medical jargon can be a trying task for both patients and medical staff alike. Making sure your physical therapy team members know key terms so that can communicate with patients is essential. That way, no billing issues fall through the cracks.
Then, when it comes time to input the information into your physical therapy billing software, both your team and your physical therapy billing software will be working like a well-oiled machine.
Get Your Claims Right the First Time
Get the most out of your billing software by sending clean, error-free claims the first time. This will optimize your payment process. It will also get your payments made faster, and maximize profits more efficiently by cutting out all the red tape.
Are you unsure of how efficiently you are sending out your claims and receiving payment in a timely manner? Take advantage of your billing software. Run regular reports to analyze the communication between claims and payment.
Monitor Your Cash Flow
Pay attention to your top payers and whether or not they are paying your more or less than your other payers. If they are paying you less, then it may be time to negotiate your fees. Do some extra research for their fee schedules and to ensure you know how much you should be receiving.
Also, keep an eye out for cash payments and copays. This will ensure there is no double dipping and you have a solid system of checks and balances in place.
Keep Yourself and Your Team Accountable
Your billing software will only be as good as the team members that use it. So be sure to do some self-checks regularly. Are you getting the most out of your billing software? Are you performing regular reports? Are you ensuring you are staying on top of those checks and balances to get the most efficient cash flow possible?
Performing regular self-assessments will ensure you are using your billing software properly. It will also make sure your patients are happy and your physical therapy office is as successful as it can be.
Next Steps: Reviewing Your Physical Therapy Billing Software
When working in a physical therapy office, your day-to-day can be chaotic, but don’t let your billing be the same!
With these top tips to getting the most out of your physical therapy billing software, you can ensure that you maximize profits easily. Simply staying on top of your coding and reporting. Be sure to add calendar reminders to review your billing software to make sure nothing has fallen through the cracks. Investigate the latest in medical billing industry trends. Perform regular audits on your billing software and your billing team to ensure efficiency and profitability.
Before you know it, you will be well on your way to achieving your goals, be it a one-year goal to get the latest medical equipment or a five-year goal to open up that new office.
Author: Mike Cynar
Mike Cynar brings buyers and sellers together by producing reviews and creating non biased webpages allowing users to share their experiences on various products and services. He and his staff write informative articles related to the medical field, legal, and other small business industries.