• 4 Major RCM Killers (and How to Fend Them Off) Image

    articleMay 17, 2017 | 6 min. read

    4 Major RCM Killers (and How to Fend Them Off)

    As the old adage goes, your best offense is a good defense—and no one knows that better than the folks responsible for revenue cycle management (RCM). When it comes to rehab therapy billing, getting dinged with claim denials might seem inevitable. But, taking steps to avoid the following four RCM killers will help you shield your practice from taking a critical hit. 1. Ineffective (or Non-Existent) Payment Policy Money talks , and when we’re talking money, there’s …

  • 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 …

  • Coding Faux Pas: 5 Common Rehab Therapy Billing Mistakes Image

    articleMay 9, 2017 | 7 min. read

    Coding Faux Pas: 5 Common Rehab Therapy Billing Mistakes

    As the old saying goes, “To err is human.” But when human error stands between you and timely reimbursements, it’s difficult to remain philosophical. From missing GP modifiers to miscalculated coding units, here are five common billing mistakes that keep rehab therapists from getting paid. 1. Omitted Modifiers Modifiers: Easily applied; even more easily overlooked. Therapy modifiers—including GP, GO, and GN—specify to the payer what kind of therapy service was provided (e.g., physical, occupational, or speech therapy). …

  • 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 …

  • Founder Letter: 3 Processes Your PT Practice Needs to Get Paid Image

    articleMay 4, 2017 | 6 min. read

    Founder Letter: 3 Processes Your PT Practice Needs to Get Paid

    As a practicing PT, OT, or SLP, you’re a businessperson—whether or not you want to consider yourself one. After all, in order to be successful in your practice, you must understand—and apply—the principles of business, including the fundamentals of process as well as profit and loss (P&L) statements. It’s the only way you’ll be able to keep your clinic’s lights on and bring home enough money to keep doing what you love. With that in mind, here …

  • Fee for All: How to Set a Rate Schedule for Your Rehab Therapy Practice Image

    articleMay 3, 2017 | 6 min. read

    Fee for All: How to Set a Rate Schedule for Your Rehab Therapy Practice

    I’m going to be frank here: setting the right fee schedule for your clinic is important—like, really, really important. Why is it such a big deal? The answer might seem obvious, but it’s actually a bit more nuanced. When new patients step into your office, you’re not just improving their day-to-day function—you’re showing them the value of their health and well-being. By seeking out movement-based therapy, patients are making an investment in their physical welfare. So, as …

  • 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 Financial Metrics that Matter Most to Therapy Private Practices Image

    articleApr 27, 2017 | 6 min. read

    The Financial Metrics that Matter Most to Therapy Private Practices

    According to Pink Floyd, money is a “gas.” While the surface level interpretation of that lyric may be that money is fun and entertaining, the word “gas” seems deliberate here. After all, money is fuel. We as a society run on it, and yet, so many of us—including rehab therapy professionals—manage it poorly. The trick to better financial management is knowing what to actually manage—or more specifically, what to track, monitor, and act upon. With that in …

  • 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 …

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