PT Losses Are Curbed Through The Right Software Solutions
Any business has hidden exigencies of operation inducing unexpected complication. Identifying these areas and curtailing them is the key to successful profitability, but it can take time. When you can work with solutions that have done the heavy footwork for you, you can preserve time and money while increasing your outward rate of expansion.
There are a number of ways to do this, but one of the most integral involves using software solutions which cost-effectively reduce losses. Consider physical therapy, or PT, in order to help get your head around this.
When it comes to physical therapy, there are different procedures for different injuries. Sometimes a patient isn’t injured at all, but has a congenital defect that can be somewhat corrected with the right therapy. Depending on the service being performed, there may or may not be an insurance component. Depending on the insurance, the patient may or may not absorb certain costs.
These things are going to differ with almost every patient a physical therapy office sees. So what many therapists will do is mark down certain procedures, services, and work in ways that differ from established modes of classification. They’ll do this thinking they’re in compliance, or that there is some “wiggle room” where it turns out there isn’t.
This aspect of losses is called incorrect coding. Because the compliance needs of this profession change on a regular basis, and differ state by state, it’s easy to accidentally code incorrectly. Even if your practice isn’t receiving an undue additional income, incorrect coding will be flagged by certain automated systems in groups like the IRS.
The last thing you want is an audit out of the blue because some therapist in your practice doesn’t understand code. But additional difficulties accrue when you’re using a bevy of differing systems to complete billing. You may have one for coding, one for mailing, and half a dozen others for certain therapy types, therapy tool categorization; etcetera.
Differing practices will have differing systems of this kind, but what most seem to have in common is that billing sometimes gets missed because it’s sent to the wrong address. This can happen due to systems which have yet to be fully updated, therapist error—any of a dozen factors. The right software can double-check and flag certain info if it looks incorrect.
When you can correctly code such services and increase the quotient of correctly-sent bills, simultaneously you’ll curb losses in categorization costs, and decrease the chances your PT practice must undergo an IRS audit.
Finding the best physical therapy billing is important to preserve your bottom line, but you want to go with the right solutions; ones which, as BMSPracticeSolutions.com puts it, “…have the expertise and the medical billing technology to identify instances where your practice may be out of compliance and quickly act to correct them before they become an issue.”
The Advantage Of Streamlined Operations
When you’re in full compliance and have consolidated billing systems to a solution known for its effectiveness, you’ll conserve the primary resources of any practice: finances and time. Modern solutions are making it so saving both of these necessary components of business is easier, more cost-effective than ever, and more statistically useful.
The right software will more than pay for itself in the additional revenue your practice is able to recoup as systems are streamlined into more effective operations. So look at your bottom line, and consider what a spike of several percentage points on a predictable basis would do for your physical therapy practice.