Going into private practice is rewarding but it can be overwhelming as well. As a practicing physical therapist and the owner at the same time, you have to balance between treating patients and making sure you get paid for the services rendered. Patient care is easy since you have the necessary experience and training. Billing issues are entirely different and it might not be cost effective for you to do it in-house and hiring one of the physical therapy billing companies might be the best way to go.
Physical therapy billing companies are highly specialized in assisting physical therapy business owners with part or all of their billing needs. They have professional billers in their employ who are highly proficient with the entire billing process and can deal with third party payers like Medicare and insurance companies. Getting any of these physical therapy billing companies will mean you get to have more time for your other tasks as a private practitioner.
No matter how small or large your physical therapy business is, there are advantages of getting the services of physical therapy billing companies. Some of these are:
- Faster reimbursement. Since physical therapy billing companies know the ins and outs of the biking process, they submit clean claims which mean no errors so insurance companies have to pay these claims. In case of rejected or denied claims, they can easily do the necessary adjustment and can appeal if warranted.
- Cost effective. Using physical therapy billing companies would mean reducing the number of personnel in your business. They usually charge affordable fees or a percentage of the paid claims.
- Keep track of claims. Physical therapy billing companies monitor all claims and keep track of the status. They notify you of any issue and they usually follow up on unpaid claims thereby increasing your reimbursement rate significantly.
- Up to date with billing and coding changes. The changing laws and regulations coupled with the health reforms can result in claims being rejected or denied because they did not conform to the new laws. It is time consuming to keep up to date with all these changes. Physical therapy billing companies, however, make it their business to know the all changes relative to billing and coding.
- Electronic submission of claims. Physical therapy billing companies have systems in place that allow them to submit claims electronically which shortens the processing time. Aside from this, denied or rejected claims are sent back electronically as well so the correction or follow up can be done immediately.
Physical therapy billing companies allow private practitioners to focus on tasks that they are good at and not to waste time on billing which are not their fortes. Hiring physical therapy billing companies does not mean losing control of the entire billing process. As the owner, you retain control and can view the status of claim. Physical therapy billing companies also have customer support available 24/7 should you have any issue or question.