How did your billing and collections do last year? If it could use some improvements, it may be time to move on from your current system and seek better billing workflows.
For 2022, your goal should be to maximize billing to avoid missed opportunities, patient inconvenience, and unnecessary expenses. Aside from using physical therapy software to achieve this, you can also implement these five suggestions to maximize your billing in the new year:
1. Pre-collect data
Is your physical therapy software a good system to collect patients’ data?
Start by collecting patient data forms online to provide more convenience to patients. This is particularly helpful during COVID-19, as it reduces the need to fill out paper forms at your front desk. Also, by collecting patient data in advance, you can verify the benefits and be ready to discuss billing with your patient on their appointment date.
Collecting data through your software will be easier with a cloud-based physical therapy software solution.
2. Talk benefits with your patient
Not all patients understand what benefits they are entitled to from their insurer. It’s your responsibility to remind them about what their insurance will cover—and what it won’t—before you start your session. That way, you can help them avoid any surprise expenses down the line. You can also provide a patient responsibility form in their paperwork.
3. Verify details and document
It’s difficult and time-consuming to go after payments from patients because their insurer suddenly decided not to cover certain services. Physical therapy software can help prevent this by collecting patient data before the visit, then verifying it before the appointment. This can ensure a smooth billing process from the first appointment.
Make sure you can verify benefits and deductible caps, coinsurance or copay and eligibility, where claims can be sent, and whether you require prior authorization. You may want to apply a 72-hour rule for verification to give them more time to discuss coverage with the patient.
4. Establish a check-in process
Make sure you can conduct over-the-counter collections before visits. You will also need to establish a check-out process that will enable your front desk to schedule follow-up appointments and collect due balances that they failed to collect when the patient checked in. It’s much easier to collect payments while the patient is still in your office.
5. Prioritize following up on rejections
When a claim is rejected, don’t wait too long before following up; otherwise, it’s likely to remain rejected. Keep track of rejected claims using physical therapy billing software and follow up on them immediately as they occur.