Managing a therapy clinic can be incredibly rewarding. Whether you specialize in speech, occupational, or physical therapy, you and your team help patients lead fuller lives. But how do you handle billing, payments, and build a robust revenue cycle? How do you make sure you have a steady flow of cash coming in? How do you build a profitable clinic so that you can open new locations or rise to new challenges? Here are 5 easy ways to start improving your revenue cycle.
Claim Submission and Denial Management
Physical therapy billing can be difficult, as you are often working with insurance companies to make sure you get paid the correct amount and get paid on-time. If you spend more of your time correcting insurance claims and chasing down payer payments than you do working on your patients, you’re going to find your clinic starts to take a hit. Our team of Denial Management Experts are there every step of the way to help ensure the claims you are submitting have little risk of being denied by insurance companies.
You wouldn’t hire a plumber when you need a mechanic to fix your car. Asking a team of physical therapists to sort through medical billing issues is similar. Our team has experts on staff that work to ensure the claims you are submitting are clean and accurate, rejected claims are re-submitted on time, and collections are maximized. With our team, you will have peace of mind that your cash flow is steady, and your collections process is complete. With Revenue Cycle Management from A2C Medical, you can be sure your healthcare revenue cycle is as strong and healthy as it can be.
Maintain Steady Cash Flow
It doesn’t take a financial guru to understand that cash flow is key to the success of your clinic. To continue doing what you love and providing excellent patient care, and even to meet new initiatives like opening another clinic, make sure you’ve got a steady flow of cash coming in.
The first way to do this we mentioned above. Minimize slowdowns in the claim management process by submitting cleaner claims and get payments processed sooner.
Another way to keep cashflow strong is to implement credit card processing. Not only will fully integrated credit card processing allow for a more convenient option for self-pay clients, but it will make collecting those payment easier. Store cards on-file for future use and stop chasing down non-payment and bounced checks. A2C Medical’s credit card processing solution is fully integrated into your EHR so you can access everything with one log-in.
Keep an Eye on Your Clinic with Reports
Reports can help you understand the to’s and fro’s of your clinic’s finances, helping you make sense of the dollars and cents of your business. Run reports to know which CPT codes are highest earning, keep tabs on the status of insurance claims, get transaction reports for all your patient credit card payments, and so much more.
Reports can also help you understand how to grow your organization or solve challenges. Say you see a lot of patient intake – great! – but the cashflow isn’t as strong as it should be. This can serve as your first jumping off point to make more educated decisions for your organization. Perhaps most of your services are dedicated to low-earning codes. Or perhaps certain kinds of patients tend to miss follow-up appointments. Run a report to figure out how to manage a more effective physical, speech, or occupational therapy clinic.
Implement Scheduling Software
But what do scheduling and revenue have to do with one another? Well, a baker has to sell more bread loaves and cakes in order to keep his business afloat. The same goes for therapists. If appointments are being missed or appointments are unorganized, the profitability of your clinic will suffer. Scheduling software can help you maintain steady intake as well as streamline your workflow.
Get the Billing Help you Need
Imagine what the future of your clinic could look like with more robust revenue cycle – this means more cash in the bank and a steady flow coming in from patients and insurance payers. What could you accomplish and how could you grow? Schedule a demo of A2C Medical to learn more about how revenue cycle management can benefit your organization.
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