WebPT Blog - PT billing services
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0 CommentsFeb 17, 2012| Lindsay Bayuk
As a physical therapist, what does it mean to outsource your billing? Is it worth it to have another company handle your claims? It’s a big change, so what does the on-boarding process look like?
These are all excellent questions for you to consider. Even if you think you’re satisfied with your current billing circumstance, it may be worth re-evaluating. It’s always smart to periodically invest some time in auditing your processes and business vendors/partners. You never know if better solutions are out there!
Let’s talk outsourced billing. Of course, your first question is probably about cost. What does outsourced billing cost? We’ve found that it’s usually between 6% to 12% of claims collected each month. You’ll need to consider whether or not the monthly fees are worth it for you and your clinic.
Outsourced billing my be right for your clinic if you’re seeing a high turnover in front office/billing staff. You may need to calculate your total costs for the additional employee(s) plus the cost of the billing software and clearinghouse fees. One of our partners, Software Advice, created an extensive list of considerations and cost break downs that you may want to check out.
A big factor can be the total amount of claims collected. Is your staff (would your staff) really collect the maximum amount? It’s quite possible that more seasoned, dedicated billers could collect more for you and your clinic. You work hard for every dollar you earn. You want a billing company that does the same. Ask for specific examples of how they have caught small claim errors and tracked down every possible dime for their clients. As a business owner, you know that that sort of persistence and attention to details is priceless!
When deciding on an outsourced billing service, it’s also key to consider your visibility to your claims and the collections process. It is after all, YOUR money! With any outsourced partner, make sure to ask about transparency and whether or not they touch your revenue.
Speaking of transparency, are the billing professionals in the United States or offshore? Some outsourced billing companies literally outsource your business to offshore teams. If it’s important to you, make sure to ask the actual geographic location of the team managing your patients data and claims. -
Mar 15, 2011| Heidi Jannenga PT
As we planned our integration with billing companies, WebPT wanted to give our members multiple options. The two certified billing companies that we launched integration with this month represent an in-house software solution (Kareo) or a third-party service solution (BMS). Each of these approaches has its own set of benefits and ultimately will need to be assessed on a clinic to clinic basis. Here are the pros and cons of each approach.
In-house billing - (WebPT integrated option - Kareo)
Choosing an in-house billing solution means that you will use the billing software in your clinic. With an integrated system, information entered into your documentation system, such as demographics, insurance information and CPT coding flows directly into the billing software. Without an integration, this method usually requires some duplicate entry of patient demographic and financial information for each patient visit, as well as the manual charge entry of each treatment visit.Keep in mind that an integrated, in-house system still requires that a key team member verify the information that is being transmitted. The billing clerk will have a log-in for the EMR and a separate log-in for the billing software. In the billing software, claims must be approved by the clinic's billing clerk and then sent (either electronically or through traditional means) to the payer. A benefit of using an In-house billing software is reduced fees. Most web-based billing software systems charge a flat monthly fee for the software, not a portion of the claims paid. There may also be some extra fees added on for clearinghouse fees. In-house billing software also allows for clinic control over all claims and patient information. This can mean peace of mind for clinic owners who want to personally oversee the financial trajectory of their clinics. To ensure maximized reimbursement and a quick turnaround on payment, hiiring a qualified billing clerk along with use of quality billing software are keys to completing your billing in-house successfully.
Third-party billing - (WebPT integrated option - BMS)
Outsourcing your billing to a third-party billing company means that your clinic has delegated the billing process to a specialty service provider, relieving your staff from the majority of billing administration. Since WebPT now feeds patient documentation information directly to BMS, a leading PT billing service provider, the charges and patient information will be sent automatically to BMS upon finalization. BMS will handle the entire cycle of the claim from that point on. The fee structure for third-party billing option is usually based on the total collections that are recorded per month. Rates can vary from 6 -12%, so research and comfort with the billing company is key in your choosing process. Lack of control is also a common barrier that should be assessed. While BMS combats this issue with access to a dashboard full of reports monitoring billing process real time, submission of claims is still an outsourced procedure. Other third-party options may not have such a detailed reporting mechanism to go along with their service. Verification of insurance eligibility and transmission of patient demographic information is still necessary if you use a third party billing service whether its integrated or not.Learn More about WebPT- Billing Integration Services
- Learn more about Kareo billing software at www.kareo.com and BMS billing service at www.bmsreimbursement.com.
- Attend the informational webinar "Introducing WebPT's Electronic Medical Record Integration with Certified Billing Partners" on either Thursday, March 24, 2011 or Saturday, March 26, 2011.
- Contact WebPT Sales at 866.221.1870 ext. 1or sales@webpt.com to answer your questions
