In-house billing has both its pros and cons. With in-house billing, there is an inherent trust that your employee has your practice’s best interests at heart and therefore will handle their job with a sense of care and responsibility. You hope that he or she is dedicated to their work and that they have a personal commitment to making your practice as good as it can be.
However, even good employees may not be as meticulous as they should be. They may be inconsistent and slow. Billing must be handled promptly and with impeccable accuracy. Not all employees are trained in this field and often have other jobs within the office. This can lead to careless mistakes.
While all of us like to think that we can trust our employees, there is also always the risk of funds being misappropriated when an employee has that much control over cash flow in the business.
In-house billing can also have heavy overhead costs. In-house billing requires an employee salary, benefits, software, equipment, references, and clearinghouse access. Not to mention the time and training needed to keep your employees up to date on all codes and regulations. These medical billing codes and regulations change constantly, and the consequences for failing to keep up could be catastrophic.
Outsourcing your billing to a physical therapy billing company also has advantages. Outsourcing may seem costly, but in the end it is cost effective in comparison to in-house billing. Letting a third party handle your billing allows you to save on overhead costs like billing staff. There is much less responsibility and hassle involved for your practice allowing you to stress less.
Outsourcing companies can provide you with a sense of reliability unlike trained employees. They specialize in this field. They have the correct technology, tools, knowledge, and experience to provide you with the service that you need. Quality outsourcing companies keep up with new rules and regulations and are therefore always prepared to handle your billing needs.
One other advantage of outsourcing your billings is that it frees your staff up to focus on a positive patient relationship. You can focus on helping your patients and gaining referrals while your billing company tactfully handles financial communication.
Physical Therapy Billing
Physical therapy specifically deals with disabilities, rehabilitation, mobility, and physical remediation. It is important to know that guidelines pertaining to physical therapy coding specify rules for the duration of therapy sessions. It is required by law that all services are done by the physician or under his/her supervision.
Regulations state that for medical providers to be compensated, the patient must be treated in a medical facility. The diagnosis, therapy frequency, location, type of rehabilitation, and the amount of copay are all important factors in determining compensation.
Effective claims processing is key. Claim submission must be timely and accurate. Bill management is also an important responsibility that must be attended to with meticulous detail. Practices that don’t manage billing properly risk losing money.
For these reasons hiring a professional medical billing company is highly favorable.
Medical Business Management Can Help!
Look no further for an outsourced billing company with trust, integrity, and expertise. Select a company with a proven track record that operates with accountability and reliability. Medical Business Management has been in the industry over 25 years, with most of our clients sticking by our side for over a decade.
Contact us if you want to know more about how we can serve as the physical therapy billing company that meets all of the criteria – and then some.