Physical therapy billing coding errors can sabotage the cash flow for any private practice irregardless of the clinical skills of the practitioners and the marketing strategies employed by the private practice owner. Since the goal of any private practice is to successfully collect payment for the services they offer, these mistakes can be a costly issue for physical therapy business owners. While therapists are trained to be great at treating patients, many do not have the skills it takes to handle physical therapy billing coding issues. Since timely reimbursement from insurance payees is the lifeblood of your physical therapy business, it’s important to understand the complexities and changes associated with physical therapy coding.
The good news is, physical therapy coding does not have to be complicated or time consuming.
A good understanding of physical therapy billing coding practices can mean the difference between just getting by and generating a profit that fuels growth in your practice. Using the right physical therapy billing coding procedures means a steady cash flow and happier patients. The system has no room for error, because the insurance reviewers are experienced at detecting physical therapy coding errors that can save them money- and cost you big time.
Regardless of the level of skill or experience present in your practice, physical therapy billing coding can be confusing at best. The best way to solve this problem will vary based on your specific practice. There are large physical therapy billing coding firms that can handle billing patients and working with insurance companies. The upside to these firms is that they are often on the cutting edge of changes in physical therapy coding rules, and ensuring that claims are correct is a big part of their job.
Physical therapy billing coding can be facilitated with software designed specifically for the industry.
Not only can the software manage physical therapy billing coding, it can help schedule appointments, manage records, and provide forms needed for patient intake or follow up. A few of the versions on the market can even help you market your practice to patients. No matter which software you choose to help manage physical therapy billing coding, this change can make a big difference in the survival and growth of your private practice.
Physical therapy coding can be done by a professional who is a staff member in your clinic, either in-house or someone who works from home. There are an increasing number of individual contractors who offer this service, sparing you the expense of hiring physical therapy coding personnel as full time members of your business. Just remember that you often get what you pay for, so it is worth your time to interview several to find one with significant physical therapy billing coding experience.
Preventing physical therapy billing coding errors can not only save you the headache of dealing with insurance companies, it is also the best way to ensure a steady flow of cash into your practice. No matter how you choose to handle physical therapy coding, ensure that you are comfortable with your billing procedures. Many therapists spend more than seven percent of their revenues to handle physical therapy billing coding, but if you have the right system in place, this can be money well spent.