In general, physical therapy billing companies exist to reduce the burden of the billing process from private practitioners when their businesses grow and their ability to cope with their own processes are beyond their capacity. This current trend of outsourcing has also the potential to reduce the operating costs of the business.
Physical therapy billing companies have different services they provide. These services can be as simple as claims submission to third party payers in behalf of the private practitioner to a complete service who will do the necessary follow to make sure that claims are paid in a timely manner. These full service physical therapy billing companies also the receivables and send out the statements to patients.
Physical therapy business owners should compare the services of numerous physical therapy billing companies and make sure that the one selected is a good match to what the business needs. Reliable physical therapy billing companies file insurance claims electronically, track rejected and denied claims and make the necessary corrections and resubmit and post all reimbursements. Once the primary payer has made the payment, physical therapy billing companies will exhaust all possible reimbursement avenues by sending claims to secondary and tertiary insurance carries. Only then will they send out the statements to patients should there be any balance due them that the payers did not pay for one reason or another. On top of all these, physical therapy billing companies provide financial reports or summaries in a periodic manner.
Since physical therapy billing companies offer varied services, their fees also varies. Some charge on a per claim basis while others as a percentage of the total reimbursements collected. On a claim basis, the fee might be paid even before the claim is reimbursed whereas the percentage option will mean the claim has been reimbursed. The key is to choose among physical therapy billing companies that has a fee structure that maximizes the receivables of the private practice
Physical therapy billing companies use their own computer application or software which may be web-based or hosted from their own servers. Most business owners prefer to use web-based providers because of easier access any time.
Private practitioners must set their proper expectations when choosing among several physical therapy billing companies. The bottomline is to have one that suits the needs of the practice while maximizing its receivables, hence its profits.