A revenue cycle management company can help physical therapy clinics in many ways. If your clinic is looking to increase operational efficiency and maximize revenue, a revenue service could be the right choice for you. Partnering with a billing solutions company not only helps you streamline billing processes, ensuring overall revenue growth, but can also help implement processes that maximize your staff’s productivity. In this article, we’ll walk you through the three levels of service that revenue services, like Therapy Revenue Solutions, typically provide for physical therapy clinics.
When you partner with a revenue service, a main focus for the team will be billing solutions. Monitoring claims and reworking issues is a main priority in order to maximize your clinic’s bottom line. Many times, denied and rejected claims don’t get reworked – that is not the case when you hire a revenue service. You can also expect daily claim submissions, in order to keep the ball rolling. This allows the team to stay on top of any potential issues and generate quick returns for your revenue cycle.
Accounts receivable management is another aspect of a revenue service’s billing solution. A/R is time consuming and can be difficult. A revenue service will have an account receivable management department to take care of your accounts so your staff can focus on taking care of your clients. In contrast to many other companies we work on the entire account instead of sourcing to various departments. This optimizes the process and allows our team to become familiarized with the payers and the patient accounts. You can learn more about that process here.
Focus on growing your practice while your revenue service provides Patient Statement Management and customized reports. Keeping data as simple as possible allows you to take a quick look at how things are going and focus on managing your patients and staff. These reports will allow anyone to monitor the status of patient payments. You will also have access to a dashboard that is customizable and adjustable for maximum efficiency.
Outsourcing small tasks to a revenue service can really help maximize your staff’s time and productivity! How much time in one day do you really have to spare at your clinic? In our experience, it’s not much! Financially-focused tasks are much more important to your business than insurance verifications and contract overviews. A revenue service can help your clinic with tasks such as clinician credentialing and even staff coaching for front of office and management staff. Ensuring your staff is up to date on the latest regulations needed to properly serve patients can be left up to your admin service team. Aside from saving on the time you’d normally spend on these tasks, the efficiency will increase, avoiding any unnecessary denials and rejections.
Revenue services that offering consulting as a solution often provide this to clinics who are not quite ready to completely outsource their billing department but would like to streamline processes and boost efficiencies. During the consultation, a revenue solution expert will discuss your current billing processes and workflows to help identify a more cost-effective process. Because revenue services have so much experience in the industry and have worked with a multitude of clinics to help improve their workflows, they are able to give you the information you need to know and help you implement it across your clinic. While this is not as much of a hands-on approach for getting things done, consulting services will provide you with the knowledge you need to make decisions on how to move forward.
We provide services for all aspects of revenue cycle management as well as staff coaching and training, insurance contract review, clinician and facility credentialing and comprehensive AR auditing and training.