Every PT private practice owner has an administrative and clinical function that contribute to the capture, management and collection of patient services revenue – The Healthcare Financial Management Association (HFMA); this applies throughout the life of each account. And because it is a cycle, any breakdown in the transfer of information directly affects financial outcomes. Government and health regulations constantly change. In order to be adaptable and cost-efficient, clinicians need to be in control of their practice revenue cycles.
The Struggle is Real
Delayed and bottlenecked collections may be an effect of one or all of the following:
- Lack of proper training
- Coding errors
- Un-managed, Mis-managed and Unfiled claims
Collect Revenue at First Touch
- New Patient Intake Forms. You can make these available online for your patients to fill out before they visit your clinic.
- Manage your calendar. Just like scheduling meeting appointments, you can make your patients choose the schedule that suits them based on your published availability. Today’s automated systems allow reminders and notifications to be sent to both you and your patients– therefore, minimize missed appointments and maximize earning opportunities for your practice.
- Verify and update your patient’s data (patient record, co-pay arrangement, eligibility, caps, billing and claims contact information, copy of insurance card, valid ID, etc.)
- Collect co-pay amount due before providing treatment services
Document. Document. Document.
Clinicians must provide detailed accounts of the string of rehabilitation/therapeutic interventions conducted on his impaired or disabled patients (ie. Correct Coding Initiative, The 8-Minute Rule, Functional Limitation Reporting, etc.).
Prepare treatment forms–ready on the clipboard. Today, electronic real-time documentation saves you a lot of compliance headache in trying to accomplish a form post-treatment or after your patient has left the clinic.
Practice Best Practices on Claims Filing and Collection
How do you know you’re practicing best practices? You can’t manage what you don’t measure. Here is a quick list of measurable, time-bound key indicators for your revenue cycle health.
- Account Receivable Aging
- First-Pass Ratio (clean claims submitted divided by clean claims paid)
- Reimbursement Production Index (Total Receivables/Total Charges)
We often ask our clients what made them start working with JetPT and their common goals are to:
- End Underbilling
- Improve Reimbursement Production
- Deliver Quality Patient Care
- Increase Patient Satisfaction