5 Bad Coding and Billing Habits You Need to Break– Right Now!

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You’re losing lots of money on your practice and you don’t even know it.

How could you not be aware of thousands of dollars being lost, you say? Surely that kind of money can’t just disappear without you knowing.

The answer: bad habits. Bad coding and billing habits to be exact. A lot of physical therapists fall victim to these habits without their knowledge, and it’s not totally their fault. Most of them have been misinformed or got used to a certain system that they didn’t know has long been outdated.

It’s time to break those bad habits and get your practice the profits it deserves!

Habit 1: Forgetting Assessment and Management Time

There are several components that make up your service time: patient assessment and preparation (Pre-Time), performing the procedure (Intra-Time), and lastly, documentation and discharge (Post-Time). One financially deadly habit that PTs make is forgetting to include all of these components into their assessment and management time.

4 Tips to Achieving Successfully Negotiated Payer Contracts

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Negotiation. It’s tough to do successfully, especially when it’s not something you were trained for.

As a physical therapist you’re trained to treat people and help them live better and healthier lives, not make financial negotiations. But the fact is you can’t continue to do what you’re trained to do without having to negotiate terms of payment first. This negotiation doesn’t mean simply agreeing to whatever the payer says– it’s making sure you get what your time, service and skills are truly worth– and that’s the hard part right there.

Fortunately there are ways to negotiate terms to your benefit. Following these tips and armed with the right facts and figures, successful negotiation can be achieved.

1. Analyze current payer performance and fee schedules

The first thing you need to do in order to negotiate successfully is to analyze your current payers’ performance and fee schedules. Identify the payers with whom you do the most business along with the most common CPT codes you use. Get the number of times you bill each code with each payer, and multiply each number by the proposed payment amounts. Then add up all the totals per payer and divide by the total number of codes billed. This should give you the weighted average for each payer, and a good indication of which contracts are most valuable to you.

Apart from this you could also compare the rates of individual CPT codes and approach payers who pay the least amount about increasing to at least reach the average reimbursement rate for these codes.

One Lesser-Known Way Private Practices Can Gain a Competitive Edge

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Between hospitals and the numerous other private practices just around the corner, competition can be tough for any private practice. It can be difficult to set your practice apart when many others offer the same services at the same prices. There’s always the solution of providing greater value, but with a number of other private […]

PT Billing Basics: The Coding Systems Every Physical Therapist Should Know

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In physical therapy the primary concern is treating the patient, and rightly so. But while it may not be the most important aspect of the job, getting paid should come at a very close second since it’s the only way by which a practice can continue. Getting paid however means acquiring a whole different set […]