Is Your Physical Therapy Clinic Losing Money?

Is Your Physical Therapy Clinic Losing Money?

Have you looked at your physical therapy clinic’s book lately and noticed that some revenue has been missed? Are you scratching your head wondering how to improve revenue cycles and increase your bottom line? There may be some key aspects of your clinic’s processes that are losing you money! Here is some insight into why this may be happening to your practice. 

Reasons Your Physical Therapy Clinic is Losing Money

Eligibility Verification Training 

Is your front desk staff trained properly in eligibility verification? The verification processes you have in place from check in to check out can deeply affect your revenue bottom line. Eligibility verification is essential to an effective claims process. Make sure your staff is trained properly on payment collections and the appropriate timing for those collections. 

Claim Management & Improving Processes 

Mishandling of denied or rejected claims, incorrect billing practices and mistakes in verification or paperwork filing are all pieces of the failing revenue pipeline. Knowing and following the timely filing requirements for payers is very important and something your staff should be well-educated on. 

Denials and rejections are also critical components of physical therapy clinic revenue loss. Staying on top of denials and reworking them is a great way to ensure no revenue is lost. While mistakes do happen, avoiding incorrect paperwork filing can prevent denials and rejections. Spend some time identifying which claims are being denied the most often and for what reason. Identify a pattern and improve your processes according to that. Train your front office on the improved process and how they can ensure that the necessary information is collected from each patient.  

Lack of Technology

Another reason behind why your physical therapy clinic may be losing money is your clinic’s systems and technology. Are you still using old ways of processing patients, record management and claim filing? Does it take your staff a while to access information? To improve your revenue cycle, it is sometimes necessary to make an investment of both time and dollars to improve your office’s technology. Having easy access to financial data as well as patient records is key to increasing efficiencies and productivity within your clinic. Your staff should be able to easily track and monitor the status of payments and access data about claims. Know the status of your business at all times without having to dig through files and spend days reviewing data!

Want to increase your physical therapy clinic’s revenue cycle?

Partnering with a billing company will help you focus on increasing your revenue while allowing you to spend more time on your patients and growing your business. Therapy Revenue Solutions is more than just your average billing company, we provide a personalized customer service experience that is not typical with most revenue cycle solutions.

Contact us today to learn more about our service and how we can benefit your clinic’s revenue growth!

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