Evaluating if Outsourcing Your PT Practice Billing is Justified
PT practice billing being outsourced makes a lot of sense because of the efficiencies and cost savings it delivers to your practice.
As much as we may wish it was not so, billing for your physical therapy practice is an important aspect of running your business and must be done right. It is not an uncomplicated part of the practice, either. A PT practice billing system must deal with much more than just creating invoices and putting the money in the bank. There are issues of government regulations, accounts receivable accountability and billing accuracy, as your billing system reflects the details of each patient's treatment.
Adding to the complexity of a PT practice billing program are the forms and requirements of collections from a variety of insurance programs. Besides the hoops you have to jump through to get paid by each patient's insurance coverage, many insurance companies make it a point to refuse or delay payments, which puts the burden of persistence on your practice to keep the pressure on until payment is made.
If it is at all possible, these pressures must be kept out of the relationship between the patient and his or her physical therapist. A physical therapist trains to help patients, not to be an expert in this myriad of billing issues. Your patients assume that payment is under control because they are covered by insurance. If the physical therapy is prescribed as a part of their recovery from an injury, they should not have to worry about billing or collections.
These issues make the decision on whether or not to outsource your PT practice billing function worth considering. Nonetheless, it is a business decision and outsourcing the function adds another layer of expense to an already costly part of the budget you have for running your practice.
What justifications are viable to nudge you in the direction of outsourcing your billing procedures? Part of the justification of the cost is that you should be able to reduce the overhead of running your office. You can cut back on the responsibilities you must put on office staff which could save on that level of overhead. It is also difficult to maintain a staff with the sufficient knowledge and wherewithal to handle the complexities of a PT practice billing program. If you are seeing mistakes being made in your billing and insurance claims are going uncollected, outsourcing the function could easily result in you realizing greater billing returns than running that function with staff.
A company that offers billing support for your PT practice can also stand behind the quality of their work. They can stay up-to-date on changes in the billing picture, including Medicare laws and how each insurance company handles their forms and procedures. The level of errors that could cost your practice money or even result in legal problems should drop to zero along with the worry about those problems that you may have had to deal with when you ran your billing practice in house.
We have already touched on one of the primary justifications for outsourcing your PT practice billing and that is that it allows you to focus on what you do best, taking care of your patients. It takes the issues of billing and collections off of you and replaces them with the peace of mind that a qualified professional is handling this important aspect of your business. That peace of mind is a tremendous value to you.
'"Since we started using WebPT, we have not had a single charge come back denied." Jeff T, PT, Clinic Owner, Utah