• Therapy Thermometer: How to Assess the Financial Health of your Practice Image

    articleMay 31, 2017 | 8 min. read

    Therapy Thermometer: How to Assess the Financial Health of your Practice

    Whether you’re looking to capitalize on the push for consolidation that’s currently taking place in the physical therapy industry—and you have a potential buyer or two nipping at your heels—or you simply want to make sure your clinic is running as it should be, you must get comfortable taking your practice’s financial temperature. After all, how else will those potential buyers know the quality of the business they’re purchasing? How else will you know that your practice …

  • Denial Management FAQ Image

    articleMay 26, 2017 | 22 min. read

    Denial Management FAQ

    During our denial management webinar , we discussed the difference between rejections and denials, explained how to handle both, and provided a five-step plan for stopping them in their tracks. The webinar concluded with an exhaustive Q&A, and we’ve amassed the most common questions here. Insurance Issues Claim Quandaries Compliance Qualms Documentation Dilemmas Front-Office Frustrations Insurance Issues We’ve had issues with auto insurances denying 97112 (neuromuscular re-education) for non-neuro diagnoses, even in cases when the patient’s medical …

  • In-Network, Out-of-Network, or Cash-Based: Which Model is Right for Your Practice? Image

    articleMay 19, 2017 | 7 min. read

    In-Network, Out-of-Network, or Cash-Based: Which Model is Right for Your Practice?

    Making the right decisions for your rehab therapy private practice can be challenging. Nagging questions may even keep you up all night—questions such as, “ Am I paying my employees enough ? Or, “Should I send unpaid balances to a collections agency ?” Or, with regard to in-network vs. out-of-network vs. cash-based, “Which payment model is right for my practice?” While we wish we could give you all the right answers—so you can get some rest—we can’t. …

  • 5 Biggest Cash-Based Therapy Billing Mistakes Image

    articleMay 16, 2017 | 6 min. read

    5 Biggest Cash-Based Therapy Billing Mistakes

    Whether you’ve jumped on the cash-based bandwagon all the way, or you’ve just added a few cash-pay services to your in-network clinic’s care options, you may be tempted to forgo the billing best practices we’ve been discussing on the WebPT Blog recently. After all, isn’t billing for physical therapy without insurance a piece of cake compared to playing the third-party payer game—and struggling to receive reimbursement? Maybe, but that doesn’t mean you’re totally off the hook when …

  • 10 Red Flags to Look for in Your Payer Contracts Image

    articleMay 11, 2017 | 5 min. read

    10 Red Flags to Look for in Your Payer Contracts

    There are plenty of reasons why going in-network with an insurance company is a good idea—for example, it could mean more patients and/or money for your practice. That being said, going in-network does require you to sign a contract, and—as with all contracts—you best read the fine print, because there could be something hidden in those lines of convoluted copy that you wouldn’t want to agree to. Here are 10 red flags to look for when you’re …

  • The Pros and Cons of Hiring a Collections Agency Image

    articleMay 8, 2017 | 7 min. read

    The Pros and Cons of Hiring a Collections Agency

    As reimbursements continue to decline, healthcare providers of all disciplines—including PTs, OTs, and SLPs—are feeling the pressure to step up their patient collection efforts . In a perfect world, patients would pay their bills in full and on time (as would payers), but that’s not always the case, which brings up the question: should your practice hire a medical debt collection agency to help you collect past due accounts? Or, would it be better to keep your …

  • Death to Denials: 4 Strategies for First-Pass Claim Payment Image

    articleMay 1, 2017 | 4 min. read

    Death to Denials: 4 Strategies for First-Pass Claim Payment

    Claim denials are the worst. You provide your patients with exceptional therapeutic intervention—and bill their insurance companies to recoup payment for those services—only to find out that the payer has no intention of actually doing any paying. Womp, womp. While you could—and should—implement a process to correct and rebill denied claims, wouldn’t it be even better to stop them from happening in the first place? After all, it costs providers an average of $25 to rework a …

  • The Case for Care Cost Transparency in Your Practice Image

    articleApr 26, 2017 | 6 min. read

    The Case for Care Cost Transparency in Your Practice

    Back in the day, the notion of healthcare providers discussing the cost of treatment with insured patients was relatively unheard of. After all—aside from a nominal patient copay—insurance usually footed the bill. That’s not the case today. As Fair Health President Robin Gelburd writes in this Physicians Practice article , the insurance industry has evolved to place greater financial responsibility on patients—hello, high-deductible health plans (HDHPs). As a result, patients want to know the cost of the …

  • Combatting Health Insurance Illiteracy: How to Help Patients Understand Their Plans Image

    articleApr 24, 2017 | 5 min. read

    Combatting Health Insurance Illiteracy: How to Help Patients Understand Their Plans

    Last week, WebPT’s Brooke Andrus wrote a post explaining why patient confusion about insurance coverage can translate into problems for your clinic—everything from angry and frustrated patients to unpaid balances. According to PJ Cloud-Moulds—author of this Physicians Practice post —“there is a huge gap between reality and what the patient thinks happens with their insurance plan.” That’s why—whether it should fall on providers’ shoulders or not—many PTs, OTs, and SLPs are stepping up their educational game to …

  • Collection Objection: Overcoming Patient Excuses for Why They Can’t Pay Image

    articleApr 19, 2017 | 5 min. read

    Collection Objection: Overcoming Patient Excuses for Why They Can’t Pay

    If collecting patient payment at the point of service was important before, then it’s mission-critical now—especially as reimbursements continue to shrink. That’s because—as we’ve mentioned here , here , and here —only 21% of patient balances that aren’t collected at the point of service are ever recovered. That’s a lot of cash you’re leaving on the table if your patient collection strategy is not on point. So, in addition to implementing a solid payment policy, successful providers …

  • Copays, Coinsurances, and Deductibles: What are They, and How do They Impact Healthcare Providers? Image

    articleApr 13, 2017 | 5 min. read

    Copays, Coinsurances, and Deductibles: What are They, and How do They Impact Healthcare Providers?

    Once upon a time, only Medicare was confusing. Now, even commercial insurance plans are hard to understand—which is why many patients (and providers) are asking tough questions, questions like, “Deductible vs. copay? Copay vs. coinsurance? What’s the difference?” While it may not feel like insurance education is something you should have to shoulder, doing so may be a big benefit—both for your patients and your payment collection efforts. With that in mind, here are some seriously helpful …

  • 5 Common Tax Slip-Ups in PT Private Practice Image

    articleApr 11, 2017 | 7 min. read

    5 Common Tax Slip-Ups in PT Private Practice

    This year’s Tax Day is Tuesday, April 18 . And if you’re wondering why you’ve been granted a three-day extension (usually, the deadline is April 15), then check out this article that explains it all—along with an apropos GIF of Prince John in Disney’s Robin Hood counting his “beautiful, lovely taxes.” While Prince John may be a fan of this time of year, most of us are less than excited about it—unless we’re getting a refund, that …

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