Insurance payments for healthcare services have been declining for a while now, which means providers in all disciplines are looking for ways to optimize their payer mix in order to maximize their revenue. If you haven’t yet calculated the cost of providing your services—and compared that number to the payments you’re receiving to ensure you’re actually making enough money to not only cover those costs, but also turn a profit—then you should.
Claim denials are the worst. Not only does remedying them require additional time and resources, but they also delay cash flow—a situation that can be difficult for practices to navigate. While you may be tempted to overlook one or two denials, these pesky problems add up quickly—and even a couple can point to a much larger issue. And that issue that could cost your clinic a lot of money. Here’s what you need to know about the true cost of a denied claim—including some denied health insurance claims statistics:
Earlier this week, WebPT President Heidi Jannenga, PT, DPT, ATC/L, and guest host Tannus Quatre, PT, MBA, hosted a webinar designed to help physical therapists learn the art of discovering—and selling—their value. While PTs have historically shied away from sales, in today’s evolving healthcare ecosystem, it’s absolutely imperative that all providers—and especially specialists such as rehab therapists—excel at positioning the benefits of their services in such a way that resonates with patients, payers, and referral sources.
There will always be a market for private practice physical therapy—but current trends in the healthcare industry do indicate a shift.
Earlier this week, WebPT’s president and co-founder, Dr. Heidi Jannenga, PT, DPT, ATC/L, teamed up with cash-based physical therapy guru Dr. Jarod Carter, PT, DPT, MTC, to host a webinar covering all things cash pay—from insurance contracting considerations and Medicare rules to self-referral marketing and service pricing.