That’s right, folks, the end is nigh—the end of the year, that is. The big, fat man with the long, white beard is coming to town—and for us here at WebPT, that means helping your practice prepare for the new year. Here are a few things to put on your grown-up Christmas list to keep your jingle bell rockin’:
Wrap up Reporting
- Finalize all 2014 charges on a weekly—or even daily—basis.
- Identify incomplete documents and finish them before the end of the year.
- Regularly scan and report all EOBs (election of benefits) and copay logs—especially prior to December 24 and December 31.
Clean out Collections
- Review, identify, and address patient- and insurance-owed dead balances. If you have exhausted your collection efforts, you can write these amounts off as bad debt.
- Check with your accountant to see if your bad debt write-offs qualify as an offset for tax purposes.
Update Patient Data
- Complete all current patient eligibility checks.
- Request that your patients update their demographics forms and re-sign your clinic’s patient fee policy.
- Review each patient’s benefits and insurance expiration to avoid claim delays in January.
Learn About Dollars and Sense
- The 2015 standard Medicare Part B monthly premium ($104.90) and deductible ($147) will remain the same.
- The 2015 therapy cap—for occupational therapy, and physical and speech therapy combined—will increase from $1,920 to $1,940.
- The therapy cap exceptions process remains in effect until March 31, 2015. But it might not be all sugarplums and gingerbread cookies; if history is any indication, the most recent therapy cap extension will only allow legislators to put off real reform until next year’s eleventh hour. To learn more about therapy cap reform and how you can make your voice on this important issue heard, check out this WebPT Blog article.
Well, we’ve made our list and checked it twice—and you should, too. Don’t let the hustle and bustle of the holiday season prevent you from preparing your practice for 2015.