According to a US bank study, cashflow challenges contribute to 82% of the enterprises that fail. As such, it is imperative to ensure that your clinic has a steady flow of revenue. Even though the physical therapy sector is steady, it comes with unique challenges that can make it difficult for a clinic to thrive. Unfortunately, your clinic may have a steady flow of customers but still struggle with cashflow. This is due to the primary challenge physical therapy clinics face, inefficient billing processes. As a result, there are delays in receiving payments for services rendered, leading to cashflow challenges.
The best way to streamline your billing process is to enlist physical therapy billing software to your cause. Read on to find out how automating your billing process can help improve your cashflow.
- Coding Help
Arguably the primary cause of cashflow challenges for physical therapy clinics is insurance claims. And coding errors are one of the most common reasons claims are rejected. Using the wrong codes could cause insurance companies to delay or reject processing your claims.
Physical therapy EHRs with integrated billing software, like A2C Medical, are equipped to help you match the services offered with the appropriate codes. This will significantly reduce the number of delayed payments due to the improper use of physical therapy CPT codes. Revenue cycle management solutions will also scrub claims, checking for coding errors and correcting them before they’re submitted to insurance payers. And, even if a claim is still rejected, physical therapy billing software with electronic remittance that handles resubmission, can turn rejected claims around faster and with a better success rate.
- Faster Billing
The largest limitation of the manual billing process is the amount of time it takes. Billers have to handle each claim one at a time, ensuring that Medicare and each insurance company’s requirements are met. Since the process is slow and tedious, claims cannot be submitted immediately after care is offered.
Can you possibly imagine filing insurance claims immediately after patients walk out of your door? Well, this is exactly what you’ll get with physical therapy billing software. With such a streamlined and efficient process, you’ll be able to receive payments from insurance claims much sooner.
- Increased Profitability
With an efficient revenue stream, you’ll no longer have to wait days or even weeks to receive reimbursements from payers. And, by submitting error free and properly coded claims the first time, you’ll not only get paid faster, but you could be getting more from the insurance companies.
By reducing the time and effort staff have to dedicate to billing, they’ll have more time for patients and other key functions. This, along with increased morale, will increase your clinic’s billable hours and your staff’s productivity, translating to increased revenues.
- Credit Card Processing
When considering options for physical therapy billing software or vetting EHR options, make sure your options include integrated credit card processing. When your clinic accepts credit card payments, you’re not only offering a convenient online payment option for clients, your staff will thank you too. With immediate payments and comprehensive transaction reporting, you’ll see the money from self-pay clients in the bank sooner. And your team won’t have to waste time tracking down nonpayment like bounced checks.
- Robust and Custom Reporting
Sustaining your cashflow is a complicated process that requires a great deal of strategy. Physical therapy billing software should provide you with tons of reporting ability in order to give you the best picture of the holistic financial health of your clinic(s). With metrics like which codes bring in the most revenue, you can make decisions that keep your agency on the course of success.
Beyond available reports, it’s also important to find an EHR dedicated to customer service. This way, when it comes to billing and financial reports, they are able to sit down with you and build truly custom reports to suit the needs of your unique situation and goals.
- It Makes it Easier toScale
Is growth part of the plan for the future of your clinic? Many physical therapists find it difficult to scale beyond the maximum capacity of their first clinic. This is because running a physical therapy center is a rigorous undertaking. Other than the medical care you offer, there are a host of management and administrative needs that need attending to.
When organizational leaders are able to outsource and automate their billing, they are able to free their mind, energy, and resources to focus on how they will grow their clinic.
Another excellent feature of physical therapy billing software which supports expansion is a multi-use clinic function. This means it will not be necessary to use separate scheduling software for each clinic. Patients can book sessions from any of your clinics from one platform just by switching profiles. By increasing the number of patients, you can serve, your income will also increase.
Customer Satisfaction Is Key
As a service organization, your success is highly dependent on the experience your patients receive. It’s what determines whether they’ll be one-time patients or lifelong ones who recommend your clinic to family, friends, and colleagues. A reliable physical therapy EHR with integrated billing software will not only streamline processes but also improve customer satisfaction.
Do not let cashflow challenges stifle the growth of your physical therapy clinic. A2C Medical offers a comprehensive therapy-focused EMR software that will help improve your cashflow. Contact us today to learn more about our physical therapy billing software.