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Physical therapy billing services are an invaluable resource for physical therapists. These services can help maintain detailed patient records, analyze financial data, and keep your practice updated on the latest regulations. This article will discuss the top six things a physical therapy billing service does to help physical therapists manage their finances and maximize their profits.
What Are Physical Therapy Billing Services?
Physical therapy (PT) billing services are responsible for submitting claims to insurance companies for reimbursement. These services handle payment collection from insurance companies and patients, as well as manage patient accounts. They can also reduce the time and money spent on billing, collection, and paperwork associated with billing.
Top 6 Functions of Physical Therapy Billing Services
1. Submitting Claims to Insurance Companies
This process involves gathering all the necessary information about the patient, including their name, address, and date of birth. Additional required information includes their diagnosis, the services health care providers completed, and the patient’s insurance policy number. The therapist’s billing department is responsible for selecting the appropriate CPT codes. The information is then entered into the physical therapy billing software and sent to the insurance company.
Once a claim is submitted to the insurance company for payment, the insurance company will review the claim. They then determine whether or not it is eligible for payment. Once the claim is approved, the insurance company will pay the physical therapist.
2. Verifying Insurance Coverage
This billing function helps to confirm that the patient’s insurance plan will cover the cost of physical therapy. The therapist’s office can use physical therapy billing software or contact the insurance company directly to confirm the coverage. This helps to reduce the risk of nonpayment or underpayment for services rendered. After confirming the coverage, the office can proceed with billing the patient.
Coverage verification begins with the patient providing the necessary information about their insurance plan, including the insurance company’s name, policy number, and type of coverage. Different insurance companies may require extra information as needed, including the patient’s medical history or expected treatment plan. PT billing software provides a system for maintaining accurate patient data and working with insurance companies to get paid.
3. Keeping Accurate Records
Records help confirm that the correct billing codes and billed amounts were entered. They help you track and account for payments, document services, and identify and correct any discrepancies. PT billing services help keep this billing information secure and up-to-date. Choosing a user-friendly billing platform can help make accessing patient records and insurance information easier.
4. Generating Reports
Reports help track patient payments, analyze billing trends, and identify areas for improvement. These reports are generated using data from patient records, insurance companies, billing and payment history, and financial metrics. Reports can provide information on how a physical therapy practice is performing, as well as identify areas where improvements can be made. Possible areas of improvement can include billing errors or missed payments. A PT billing service can help organize, simplify, and improve reporting.
5. Managing Patient Accounts
Physical therapy billing services are often responsible for managing patient accounts. The first step in managing patient accounts is to collect co-pays, deductibles, and any other payments due. Billing services can alert patients about payments that are due.
Handling patient accounts also includes managing accounts receivable, sending out invoices to patients, collecting payments from patients, and processing insurance claims efficiently. A PT billing service submits claims to insurance companies in a timely manner so that patients can pay their bills on time.
6. Maintaining Compliance
A physical therapy billing service can help PT practices comply with all applicable laws and regulations. This includes complying with HIPAA and other privacy laws by providing secure and protected billing solutions. A billing service helps maintain compliance by keeping billing information encrypted and safely storing confidential patient data.
Use the Right Physical Therapy Billing Service
PT billing services can help physical therapists increase their revenue by streamlining the billing process, maintaining compliance with insurance regulations, and providing timely and accurate payment solutions. By outsourcing billing to an experienced professional service, physical therapists can focus on providing quality care to their patients. Get valuable insights for your practice by working with a physical therapy billing company today.