For Physical Therapy Clinics, revenue management can be a difficult and time consuming process. Your staff is consumed with their daily tasks and have very little time to focus on dealing with rejections and denials when it comes to billing. Thankfully, there are solutions out there to help you improve your billing processes and maximize your revenue! Here are some tips on how you can focus on improving your billing processes and increasing your clinic’s bottom line!
Studies have suggested that 50% of denied and rejected claims don’t get reworked. If you are not using a revenue solution company, this may be the case for your clinic. It’s important to monitor claims and rework issues in order to keep efficiency and increase revenue. Having your staff well-trained on managing denials and rejections as well as ensuring that they are filing paperwork correctly in the first place, is key to improving your billing processes.
Submitting your claims on a daily basis is the best way to keep the ball rolling and provide quick returns to your revenue cycle. Make sure your claims are done right the first time and all information is complete and correct before submitting. If you’re finding that you have a lot of issues with denials, spend some time on identifying patterns and identify common issues. Once you complete a little detective work, adjust processes accordingly and your operations will improve!
When the option is available, be sure to send in your claims electronically and promptly. A great way to increase efficiency and help improve processes is to track how much time specific claims and patient information inputs take when submitted digitally vs. other traditional methods. There could always be room for more automation or an opportunity to pull in a new process or service in order to increase efficiency.
In 2019, there’s no real reason your company’s filing system and paperwork shouldn’t be electronic! Although some insurance companies still require filing with paper, the benefits in electronic filing outweigh the time it will take to recreate a limited few paper filings. It will likely take some time to transfer into the digital world, but the long term benefits will be well worth it for both your staff and your patients!
A big reason for denials and rejections for physical therapy clinics is submission of wrong information and lack of insurance verification. In order to improve billing processes, you should educate your staff on verification of demographic information and insurance. Having a solid verification process in place with your front desk staff will help avoid rejections due to these types of errors. Before a patient is treated, your staff should be able to verify their payment – even if they are a regular patient. If there will be multiple recurring and follow up appointments, make those requests before hand in order to receive payment on time.
Educating your front desk staff is important not only for your own clinic’s benefit but for your patients. Be sure that the staff is well-informed when it comes to insurance verification and that they are able to provide information and explanations to patients during check in.
Do you need help with improving your clinic’s billing processes? We help physical therapy clinics increase their bottom line with denial and rejection management service, daily claim submissions, A/R management and much more! Take the next step to improving your billing processes and increasing your revenue by partnering with us!