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 and occupational therapy. There might also be pain medication prescribed, diagnosis, suggested surgery, etc. All of these details are translated into numerical digits by a qualified medical coder, which are then sent to insurance providers and individual payers for reimbursement.
So, what can you do to help this 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 good 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. And 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 deep experience in the field of OT and PT billing to stimulate payer follow-through.
PT, SLP, and OT Billing Software
Some practices believe that more bells and whistles in your software means that it’s more effective to produce income, when that’s not the case at all. 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. Often times, 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% 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.
Billing Advantage has a basic one-time startup fee of $300 per clinician, plus a minimal percentage of your claims. That figure is far less than the funding you might be losing. Contact us to get started on revolutionizing your PT billing, SLP billing and OT billing needs!
Submit a free quote request and see how we can help your business.