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Areas Where Your Practice Could be Losing Money

Does it seem like you’re working more hours on your practice yet not making more money? It may be because you’ve got several “leaks” in your practice.

These leaks are areas in your practice that unknown to you do nothing but consume your revenue. From before the actual patient visit to well after the patient leaves the clinic, medical practices can lose a lot of money because of these leaks. Could your practice be among those plagued by these leaks? Read on to find out and plug those leaks before they pull the plug on your practice.

Before the Patient Visit

Even before the actual patient visit, practices can lose a significant amount of income due to negligence in verifying insurance eligibility, which leads to claim denials and delays. According to the American Medical Association (AMA) 25% of private payer denials are directly caused by patients being ineligible for benefits.

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Common Billing Mistakes that Can Cost You Money

In the busy billing office of any physical therapy practice, mistakes are bound to happen. With so many details to take care of and information to sift through, it’s literally impossible to be totally error-free. For practices to maintain good cash flow however, it’s not about avoiding mistakes altogether; it’s about avoiding the ones that can cost you the most. Below are some of the most common of these costly errors:

1. Not filing claims in a timely manner

As we’ve pointed out before, the late submission of claims is one of the recurring reasons why claims end up denied or delayed. Many payers set a filing limit that can be as little as a month after the date of service. Go beyond this limit and the claim may be denied.

To avoid denials, it is crucial that claims be filed on time, ideally as close to the service date as possible. This greatly improves your chances of collecting and consequently keeps your cash flow

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