Billing in a physical therapy practice is overwhelming as this practice comes with patients with different needs and claim denials. Apart from this, hiring an in-house biller can be expensive and requires a lot of time and effort. An Electronic Medical Record software can help billers, clinicians and practices to collect, track, manage, update and retrieve comprehensive electronic records of patients’ health care data to identify potential conflicts. Physical therapy practice management software also reduces the number of common human errors in paperwork.

Choosing the software built with the ability to handle the specific needs of physical therapy to help with Revenue Cycle Management will aid the outside biller. Revenue Cycle Management (RCM) identifies, collects, and manages revenue from payers based on services provided. It is important to understand the revenue cycle itself. Once you understand this, it is easier to see why you may need an outside biller to manage the process’s every step. The cycle starts with a patient making an appointment and ends with collecting payment. The stages in between are where inaccuracies can lead to missed payments– improper coding, canceled appointments, missing/incorrect information, and more.

EMR software provides comprehensive RCM – with dedicated billing specialists handling the submission of insurance claims, ensuring claims are correct, fixing errors, and getting clinics paid faster sometimes can be a far better alternative then doing billing in-house.

The core functionality of physical therapy billing software:

Generating invoices

The billing software is capable of generating new invoices in multiple formats. This software supports creating personalized hybrid templates or generating bills from pre-existing temples.

Integration with Third-Party tools

The physical therapy billing software offers tools such that you can extract payment and customer information and use it with a HIPAA approved software/ third party tools for shortened payment cycles. Integration with third-party services enables viewing bill details, managing bill delivery, monitoring the billing process, and much more.

Revenue calculation and tax reporting

The physical therapy billing software facilitates revenue calculations and tax reporting.

Notifications

The billing software generates bills and logs payment dates as well as logs when a patient is billed, which significantly helps revenue cycle management.

Multiple payment options

The billing software supports payment methods such as credit cards, checks and cash.

Here are the benefits of using the billing software for physical therapy practice:

Time Management

With RCM, your clinic doesn’t have to handle manual processing, which enables more time to dedicate to patients. RCM services can handle all the details, such as insufficient information or billing errors that can lead to late or missed payments.

Customized Billing Plan

RCM can customize your entire revenue cycle to help with prompt collections.RCM helps plan core functionality and main requirements of medical billing with the same consideration as a patient treatment plan.

Simplicity

Physical therapy billing software simplifies the billing process to avoid complexity, so the finance and administration department can use the software without weeks of training. The software caters to all billing needs of physical therapy practice and is easy to navigate.

Organization

Using all-inclusive EMR software allows you to stay organized – as opposed to trying to integrate it into existing software that may be outdated. Items such as documents and reporting work hand–in–hand with Revenue Cycle Management to provide a complete patient record that can be seen by front office staff, practitioners, and other providers when necessary. Have the answers you need at your fingertips with organized, easy-to-view data to avoid delayed payments.

Hassle-free Insurance claim processing

Physical therapy practice involves a lot of insurance claims. Claim generation can be complicated, with every patient having a different list of services to invoice. After a validation process, the medical software examines unbilled checked-in visits and classifies them so as not to miss any charges.