• Considering Private Practice? Here’s What SLPs Need to Know Image

    articleMay 14, 2015 | 5 min. read

    Considering Private Practice? Here’s What SLPs Need to Know

    As a busy SLP working in a school or hospital setting, you might have—at one time or another—felt somewhat stifled by the constraints of your work environment. You might even catch yourself dreaming about starting your own private practice—and silently yearning for the flexibility that inevitably follows suit. After all, when you’re a business owner, you’re your own boss. That means you make the final call on all patient treatment, set your own schedule, and even build …

  • Inside Job: Combating Employee Theft in Your Practice Image

    articleMay 12, 2015 | 8 min. read

    Inside Job: Combating Employee Theft in Your Practice

    I spent my youth working in retail and at restaurants—two industries rife with high turnover rates and employee theft. Still, I was always shocked when I heard that an employee had been fired for pocketing cash from the registers or stealing merchandise from the shelves. Believe it or not, theft isn’t relegated to these two industries. Private medical practices also must combat theft—and it occurs way more often than you think. According to this Physicians Practice article …

  • The 411 on UB-04: What PTs Need to Know Image

    articleApr 29, 2015 | 4 min. read

    The 411 on UB-04: What PTs Need to Know

    Developed by the Centers for Medicare and Medicaid Services (CMS) and implemented in 2007 , the UB-04 form—also known as CMS-1450—is the standard claim form providers use to bill CMS. But plenty of other government and commercial insurance carriers use it, too. As CMS explains , UB-04 can be “used by an institutional provider to bill a Medicare fiscal intermediary (FI) when a provider qualifies for a waiver from the Administrative Simplification Compliance Act (ASCA) requirement for …

  • Mad Maximizing Reimbursements: Revenue Road Image

    articleApr 23, 2015 | 3 min. read

    Mad Maximizing Reimbursements: Revenue Road

    We might not live in a post-apocalyptic world like the characters in the latest Mad Max film , but it certainly feels familiar in the world of physical therapy, where private practices fight to survive against ever-shrinking profit margins and federal legislation that threatens to erode bottom lines. Our weapon of choice in this furious battle? Increased efficiency. Here’s the strategy: Technology Processing Paper claims process in six to eight weeks, while electronic claims process in about …

  • The Dynamic Trio: EMR, RCM, and You Image

    articleApr 22, 2015 | 4 min. read

    The Dynamic Trio: EMR, RCM, and You

    If you’re currently shopping for physical therapy software, you’ve most likely seen a myriad of initialisms. But what does all that alphabet soup mean? Well, in the physical therapy industry, clinics primarily rely on two software solutions to do business: EMR, which provides documentation and scheduling. Revenue cycle management (RCM), which handles accounts receivable (AR) and payable (AP). EMR and RCM are the two initialisms you’ll see most as you shop around for your software. Sometimes, you’ll …

  • Time to Pony Up: The Secret to Collections Letters that Work [2 Free Templates] Image

    articleApr 15, 2015 | 5 min. read

    Time to Pony Up: The Secret to Collections Letters that Work [2 Free Templates]

    Thanks to mobster movies, we all fear the repercussions of unpaid debt. And while receiving a past due notice isn’t quite the same as a meathead pummeling you, both methods of money collection deliver swift blows. After all, bills often fall into the land of overdue not because we were lazy, but because we didn’t have any money . Flip it to the collector’s perspective, and people not having money to pay their bills is a big …

  • The Claim Game: How to Manage Overpayment Image

    articleApr 9, 2015 | 4 min. read

    The Claim Game: How to Manage Overpayment

    If you’ve recently discovered that a patient or insurance company overpaid you for services rendered, you might be tempted to consider it “free money.” It’s like you’re playing Medicare Monopoly, and you just pulled a Community Chest card that reads: “Insurance error in your favor. Collect claim overpayment.” However, overpayments give you an inflated appraisal of your total revenue and might even encourage embezzlement —both of which can wreak havoc on your balance sheet. Worse yet, if …

  • There’s no “I” in Team (But There are Two in Billing): Here’s Why Your People Matter Image

    articleApr 6, 2015 | 4 min. read

    There’s no “I” in Team (But There are Two in Billing): Here’s Why Your People Matter

    Your billing process is spot-on and your billing system runs like a ’66 Shelby 427 Cobra—but somehow your payment cycle is stuck in an Abbott and Costello skit with Who on first, What on second, and I Don’t Know on third. So, what’s causing such a major-league breakdown in your revenue stream? The human factor. Before your season’s over for good, it’s time to give a darn about your billing team. Here’s what to watch for when …

  • Evaluating Your Billing Process: 4 Things to Keep in Mind Image

    articleApr 2, 2015 | 6 min. read

    Evaluating Your Billing Process: 4 Things to Keep in Mind

    Cash flow—or the lack thereof—is a standard indicator of any business’s financial health. And if you have a rehab therapy private practice, your cash flow depends on a wide variety of factors—from your intake process to your payer contracts. In an ideal world, all of your patient demographics and insurance information would be 100% accurate—100% of the time—and all of your payer contracts would ensure payment within 30 days of claim submission. Then, before you can even …

  • Not Your Mom’s Family Newsletter: Creating Marketing Emails Your Patients Will Actually Read Image

    articleMar 26, 2015 | 4 min. read

    Not Your Mom’s Family Newsletter: Creating Marketing Emails Your Patients Will Actually Read

    You know that email newsletter your mom sends out each Christmas? Yeah, the one filled with crummy Microsoft Word clip art ( may it rest in peace ), a banal list of little Becky’s latest soccer triumphs, updates on your brother’s spring wedding plans (can you say allergies?), and pictures of the family dog dressed up like a bee for Halloween (cute, but no). Your patients deserve better, so I’m here to kick your newsletter game up …

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