Apollo Practice Management software allows you to accurately enter Takebacks, Overpayments, or Underpayments and flag them for review, ensuring that your financial reports stay accurate. Proper categorization is crucial for maintaining accurate physical therapy practice management software records.
Let me quickly highlight:
Overpayment
First, ensure that the transaction line properly reflects the overpayment, whether auto-posting or manually entering it. After posting an overpayment, your balance should display a negative amount, indicating that the payment was too much. This is a common scenario in physical therapy billing software. Correctly identifying it can save time during reconciliations and future corrections.
Underpayment
After posting your insurance payment, your balance will show a positive amount, signaling that the insurance hasn’t paid the expected amount. Again, proper documentation is particularly important when using physical therapy software, as it helps track outstanding balances efficiently.
Takebacks
After posting negative amounts under “Insurance Paid,”(You put it here because that is where the payment was”originally” posted) you’ll have a balance due. Takebacks usually occur when the payer claws back previously paid money to correct an identified error. Apollo Practice Management software’s comprehensive reports makes it easier to track these corrections. It is now up to you, using the physical therapy practice management reports, to determine is the takeback is accurate.
Once these payments have been entered, it’s essential to add some form of identification to the system immediately. In Apollo, I recommend using the system 12/MI/IM Notes on the Billing Form Information page. Simply put the phrase “Overpayment,” “Underpayment,” or “Takeback” along with the relevant DOS/charge lines.
For example, if you have an overpayment on 6/1/2024 for codes 97110, 97140, enter this along with the note date, such as 7/15/2024. Also, check MI (Yes) and save the information at the bottom of the page.
In the future, you can run a File > Financial File > System 12/MI/IM report filtered by date and MI status. For instance, running this report from 7/1/2024 to 7/31/2024 with MI checked will highlight entries labeled “Overpayment,” “Takeback,” or “Underpayment,” allowing for efficient case-by-case handling.
The key takeaway is accurately categorizing payments (whether negative or positive) in the correct fields, such as “Insurance Paid” or “Insurance Writeoff.” This practice will ensure that your financial reports reflect the true state of your practice and highlight where corrections may be needed.