The purpose of professional revenue cycle management is to free up time and money spent on billing management, letting you focus on growing your practice. Physical therapy billing can be a complex process due to the layers of registrations, form submissions, and appeals involved. Interfacing with insurance companies and accreditation organizations adds more reporting requirements to the process. The revenue cycle management we provide at PhysicalTherapyBilling.com can help streamline your billing, so you spend less time on forms and more time helping patients and earning money.
Revenue Cycle Processes
Two similarly sized physical therapy practices can have different revenue cycles due to variables such as specialization, equipment, and accreditation. They may also partner with insurance services with different reimbursement processes. Despite small differences, there are some parts of the revenue cycle that you can count on seeing in most practices. In the case of physical therapy billing, the process usually begins before care starts, with patient registration and insurance processing. Patients open a file with the clinic, providing their contact and health information, and the patient’s insurance provider is checked for available coverage.
Care is then provided, and a claim for the care is submitted to the insurance. If it meets the qualifications of the insurance company, payment will be released to the clinic. If new information comes out about the care needed, such as an updated diagnosis, it is possible that a claim may be rejected. This begins a loop in the process to appeal the rejection or resubmit the claim if eligible.
After payment is collected, the revenue cycle process continues with reporting on the outcomes. Report metrics can be used to identify bottlenecks in the process and areas for improvement. As overall efficiency is improved, the clinic can continue to grow with the enrollment of new insurance providers and patients.
Revenue Cycle Management Benefits
Making the revenue cycle run smoothly can provide value to both the physical therapy practice and the customer. An efficient revenue cycle allows patients to get the necessary treatment in a timely manner. An error-free cycle also allows the clinic to process more patients at a time. Management systems like PhysicalTherapyBilling.com can lead to improvements in:
A well-structured billing cycle can boost the clinic’s bottom line by helping to increase the volume of patients it can handle. More patients treated leads to more revenue. That revenue can be used to improve facilities, update equipment, and grow the practice by hiring new staff. Efficient billing also provides a sense of reliability to patients that can boost clinic reputation and, in turn, revenue.
Detailed reports of treatments, outcomes, follow-ups, and costs are tools that healthcare providers often rely on to verify the quality of service provided and make improvements. Including such reports in revenue cycle management can streamline the reporting feedback loop, leading to better improvements at a faster rate.
Effective revenue cycle management can render physical therapy billing more transparent for both patients and clinics. Both parties can better identify what work was done and how it’s paid for, reducing the chance of errors and claim rejections. Clinics may be better equipped to gauge when a follow-up is needed on a delayed payment and when to proceed to the next steps, limiting wasted time.
Integration With Physical Therapy Billing
For physical therapy billing, there are specialized revenue cycle managers like ours at PhysicalTherapyBilling.com. Our service is built with the needs of physical therapy clinics and their patients in mind. We provide specialized billing management to accommodate the types of forms, codes, and accreditation that private therapy practices depend on. Like the clinics themselves, our service has grown and improved with each of the dozens of clinics we assist. Discover how we can transform your billing process by visiting our site today.