Therapy billing is one of the most important topics of discussion and debate among therapy professionals today. It is also one of the most important aspects of healthcare in general, as a wide range of new regulatory considerations such as HIPPA are forcing all types of therapy practices to revisit their billing processes. Psychologists, psychiatrists, social workers, licensed professional counselors, physical therapists, occupational therapists, speech therapists, substance abuse counselors, massage therapists, chiropractors, dietitians, marriage and family therapists are all under increased pressure and scrutiny with regards to their billing.
Incorrect therapy billing often results in the loss of thousands of dollars each month to private practitioners. These losses can be so significant that it is not uncommon for a therapist to be reimbursed less than 40% of the actual services charges, and sometimes, not at all! Obviously those types of losses present major hurdles to sustaining a therapy practice.
Many therapists want to concentrate on rendering the services and prefer assigning the billing task to an employee or a billing company. Being successful in private practice can hinge on having the right person with the right tools. An informed person, who knows the best billing techniques and billing secrets, can successfully perform the task of therapy billing and improve the bottom line almost immediately.
How employees using billing software score in therapy billing
Many therapists are always on the lookout for good therapy billing software. They generally select software referenced by colleagues who work in the same profession. The accuracy of therapy billing mainly depends on the person’s understanding of the concept of both the software and billing best practices. A person has to know the right codes and terminologies used in the billing software to truly enjoy all of its features.
The task of therapy billing is complex due to the nature of services, the codes used in different practices, and the many rules promulgated by the various insurance carriers. For example, some services have time-based codes, which mean that if the duration of the service changes, the rate of the service has to change accordingly. A person needs to be aware of such technicalities when preparing the bill.
Many billing tasks are automated in well designed billing software. The billing software has different forms that need to be presented for claims with insurance companies. An employee who is knowledgeable about the procedures and codes related to medical services can successfully handle the therapy billing task and expedite the often daunting task of correctly filling out insurance and other forms.
However, it is necessary that employees are aware of the limitations of the different medical insurance policies. If not, the insurance carrier will reject the claim right away. It is also the job of the employee handling therapy billing to interview the patient when he/she is admitted and make him/her aware of the financial responsibilities that need to be addressed.
Outsourcing therapy billing to third party service providers
Many therapy professionals prefer outsourcing therapy billing to a billing service provider, and with good reason. The service provider handles both billing and collections. The billing service provider also provides the right coding, which ensures that there are no losses to a therapist due to wrong codes. Besides handling the billing, the service provider also communicates with the patient and insurance provider regarding claims. Some of the benefits of these services include:
- Accelerated payments
- Improvement in collections
- Practice management and financial reporting at every stage
- Round the clock access to patient data and related financial information
- Billing handled by professionals
With the Automated Medical Assistant, you have the same powerful tool that we use ourselves with our outsourced billing service. Regardless of how much of the billing process you wish to keep internal, this unique online therapy billing solution is affordable, powerful and proven. Register today and find out for yourself how easily you can do your own billing.