Physical therapy billing companies can contribute to the financial success of a private practice. The services of physical therapy billing companies do not only just involve billing and submitting claims for reimbursement to third party payers. They also involve dealing with the payers, appealing the claims which have been denied wrongfully, correcting the error in denied claims so they can be resubmitted and making sure that physical therapy billing coding is HIPAA compliant. In short, physical therapy billing companies deal with the accounts receivable of the private practice to make sure that services that have been rendered gets paid.
The current health care reforms have impacted the billing and coding of the entire medical industry. The upcoming ICD-10 codes represent a huge challenge to physical therapy billing coding because of its extensiveness but at the same time, the specificity will improve the quality of documentation which in turn will have a positive effect on the financial aspect of private practices who are using the services of physical therapy billing companies since the latter have prepared for this eventuality.
Using electronic health recording system will greatly enhance the physical therapy billing process and with the services of physical therapy billing companies, private practices will have greater possibility of meeting the requirements for ‘Meaningful Use’ and will qualified for its incentives.
In-house staff that handles other administrative tasks may not be as effective in the billing aspect as the specialists of the physical therapy billing companies. Moreover, the health reforms brought complexities and new requirements that demands a skill set that in-house staff does not have the time to learn.
Physical therapy billing companies have the capability to track, control and analyze all processes involving billing and reimbursement. Thus, they are able to optimize revenue. They know all possible ways of getting paid and put these to good use. Furthermore, their sophisticated systems enable them to meet the challenges pose by the health reforms.
Physical therapy billing companies are constantly upgrading their skill sets to keep with healthcare reforms. As they strive to streamline the billing processes, physical therapy billing companies aim to provide private practitioners with the right processes from selecting the right EHR, increase collection of data and patient intake up to claims management and the appeals process. The efficient implementation of all these processes will bring about a positive change in the revenues of private practices even with the health reforms.