OT, SLP and PT Billing
PT billing, OT billing and SLP billing each require a practiced hand to navigate the appropriate financial currents. The revenue cycle may appear simple in its offset, but these and other specialties can actually prove quite difficult to manage. Because failure to manage them can result in thousands of dollars lost each quarter, it’s good to know a few tools and tips. Continue reading for helpful hints concerning your billing management.
How Does PT, SLP and OT Billing Work?
Whether OT billing, SLP billing or PT billing, it all starts with a patient visit. Subsequent visits are almost a certainty when it comes to physical therapy and occupational therapy. There might also be pain medication prescribed, diagnosis, suggested surgery, and more. All of these details must be accurately documented to ensure reimbursement from insurance providers and individual payers.
So, what can you do to help the billing process go smoothly? Attempt to accomplish four things:
- Have more than one person in your “billing department.” It’s crucial to have a little bit of overlap for important details, documents, regulations, and due dates.
- Get the whole team involved. Help them enjoy getting the job done, and make sure they get breaks
- Strive to be short-listed by insurance companies, so that they want to pay you right away with little hassle.
- Have a positive cash flow every day from patients who want to pay their co-pay, coinsurance and deductibles at the time of service.
These ideas are not impossible, but they can be a challenge. Plus, it’s sometimes difficult to keep up with federal, state, and payer-specific documentation and procedure. Lack of HIPAA compliance especially can result in severe fees and penalties.
Billing Advantage can help! While other medical billing agencies may only have a general knowledge of services or terminology, the Billing Advantage agents have experience in the field of OT and PT billing to stimulate payer follow-through.
PT, SLP, and OT Billing Software
Some practices believe that the more bells and whistles a software has, the effective it will be when it comes to producing income. That is simply not the case. While PT, SLP, and OT billing software can handle many valuable processes, such as organization, patient scheduling and filing, it really only needs to keep track of dates, documents, and regulations for billing services. Oftentimes, the simpler program ends up being easier to train staff in and keep a practice’s billing management on track.
Billing Advantage utilizes Kareo, which safely and securely does exactly what is needed with billing, not to mention that you have 24/7 access to Kareo, as well as our expert support. We can even train your staff on how to use the software.
How Much Does PT, SLP, and OT Billing Service Cost?
It’s believed that a typical practice may only collect 40 percent of what they could and should be collecting. Don’t let that statistic be true for your clinic. Billing Advantage can alleviate the headache, training and time involved in the billing process to deliver maximum reimbursement. Contact us to get started on revolutionizing your PT billing, SLP billing and OT billing needs!