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8 Reliable Ways to Reduce Patient No-Shows and Cancellations
What’s worse than having a stubborn patient? For a practice, it’s having no patient at all.
No-shows and cancellations are the bane of medical practices. They leave you unable to meet your daily target, cause undue stress and chaos, kill minutes of your time and consequently, the profit you could have earned making those minutes useful. Research shows that practices typically lose an average of 1 to 2 patients a day due to no-shows and cancellations. This can add up to almost $100,000 in annual profits lost! Even if a single no-show a day seems negligible, it definitely won’t be that way in the long run and on your bottom line.
Thankfully there are a number of simple ways you can effectively decrease no-shows and cancellations in your practice, and get paid even when they happen:
1. Always set appointment reminders. Make it a requirement to set appointment reminders with patients the moment they set an appointment with you. Ask your patients whether they would prefer email, text message or phone reminders, and also at what times they would prefer to receive the reminder. In most cases, it’s most effective to set these reminders after hours, when patients are less preoccupied with daily tasks.
How to Deal with Patients Facing Insurance Problems & Payment Issues
It’s inevitable for practices to come across patients with insurance payment problems every now and again. These can range from patients simply being confused about why they have to co-pay or don’t understand their explanation of benefits statement; to irate patients who refuse to pay or withhold payment that was mistakenly sent to them by their insurance company. When these situations arise, it’s important for your staff to know how to handle them properly as their actions or inaction can affect how the entire practice will be viewed. They also directly affect how efficiently your practice will get paid and consequently, your bottom line.
So how should you deal with patients in these types of situations?
When Is the Best Time to Outsource Your Billing?
To outsource or not to outsource? That is the question that a lot of medical practitioners face when it comes to their billing. After doing billing in-house for years, some practices may find shifting to outsourced medical billing services as more of a risk, as it turns majority of the control on collections over to the billing services provider. But outsourcing can be extremely beneficial, if it is done within the right circumstances.
So when is the best time to outsource your billing service? Below are some of the scenarios where outsourcing has proven to be the better alternative:
Make Sure You Avoid These Common Errors when Filing a Claim
It’s a fact that a large part of a practice’s revenue comes from successfully processed claims. And it’s also a fact that even one small error in the processing of these claims can mean immediate rejection or denial, and the loss of revenue.
These facts are the reason why it is absolutely critical that claims be filed free of errors. In an office that handles numerous claims daily however, it can be difficult to keep track of every single detail in each claim. Knowing the most common errors committed when filing a claim can remedy this. By taking note of the most common errors or having a checklist of these nearby when filing, you can make sure to avoid most, if not all rejections or denials.
It’s a fact that a large part of a practice’s revenue comes from successfully processed claims. And it’s also a fact that even one small error in the processing of these claims can mean immediate rejection or denial, and the loss of revenue.
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.
5 Common Causes of Claim Denials and Delays
It’s now the middle of the year. How are your revenue cycles doing so far?
If you’re shrugging your shoulders or letting out a loaded sigh, chances are your revenue cycles aren’t flowing as smoothly as they should be, and we know the biggest reason why: claim denials and delays.
As much as you’d like to keep your cash moving, there always seems to be a snag when it comes to claims. For some unfortunate physical therapists, waiting for reimbursements can even take up to five months! That’s more of a sinkhole than a cycle, and you need to get out of there fast.
The first step to getting out of that revenue rut is to recognize the biggest causes of claim denials and delays. Only by knowing and understanding these causes can you avoid them and consequently make sure that your revenue cycles keep turning in the right pace.
How Our Clients Feel About Us
(5.0)
Park medical billing service is an excellent choice for the billing service for health care professionals. I have been practicing in 23 years is sub specialty of healthcare industry and had a share of billing services, some good, some terrible.
Park medical billing has been great in providing full service, including pre-cirt./ collections / follow ups / providing complete reports / all up to dated in technology regarding to the billing and follow ups.
Further, they are very honest, certainly know what they are doing .I have been very happy and gracious to their service since I had to change the service about 3 years ago.
My previous billing company was NASDAQ listed company, big and did not perform well on what they had to do…I was thrashed into the old billing company by the way of mergers, which was a horrible experience. Certainly, any healthcare provider using Park medical billing service would not be disappointed.
Hyun Chung, MD, Owner
NY Vein, PC
(5.0)
We hired Park Medical back in March of this year, and from the moment they came in to do a demo we were impressed. Our last biller did not meet expectations at all, but Chol and Monica came in to meet with us and were both professional and personable. Everything they promised, they have delivered.
Seven months later, we are still very impressed. Sheila, our account manager, has been absolutely exceptional. Their customer service is top tier—they increased our revenue, bill in a timely manner, and answer every question no matter how big or small. They even provide support in ways we didn’t think to ask for.
If you’re looking for a billing company, stop your search here. Park Medical will transform your billing process for the better!
Scott Gander, MSPT, Owner
ProTouch Physical Therapy
(5.0)
Very organized and systemic medical billing company. Rapid respond for any issues and minimalize all billing issues. Highly recommended.
Joseph Park, DPT, Owner
Prime Rehab Center Physical Therapy
(5.0)
My company has had a great experience utilizing Park Medical for our billing service. Their software is easy to use and allows you to drill down to find any information you may be looking for.
I would recommend them if any company is looking for an excellent billing company with great rates.
Albert Tasker, CFO
Eagle Physical Therapy & Rehabilitation
(5.0)
My company has been using Park Medical Billing for approximately 1.5 years and I am very pleased with their services! They are available via phone or email whenever the need arises and are prompt with their posting.
Through their help in submitting claims in a timely manner, we have been able to increase our monthly collection rate. I recommend Park Medical Billing for all your billing needs.
Michelle Tawil, DPT, Owner
Tawil Physical Therapy
(5.0)
I have to say that I’m extremely satisfied with Park’s Medical Billing Company’s professionalism, competency, and personal attention to pressing matters. In thirty years of practicing, I’ve utilized a few different management and billing companies; I can unequivocally say that Park’s team is the best fit for my practice.
Not only are they meticulous in their handling of my finances, their vast knowledge with billing software, which I have to admit is difficult and confusing, has been of tremendous benefit to my practice.
On top of that, I must have had the same question multiple times regarding the billing software, and Mr. Park patiently explained and re-explained in person without any condescension. They are definitely worth every penny!
Hyok Yop Lee. MD
Hyok Yop Lee Allergy PC
(5.0)
We have been with Park Medical billing for 4 years and are very happy. They are easy to get in contact with and will fight for every dollar owed to you in your practice.
Eric Stivers, DPT, Owner
Mile High Physical Therapy PC
(5.0)
Chol and his team (shout out to Kristiana, Monica, and Kristen) have been more accommodating than I can express in our billing transition. He has patiently walked us through the process and been available for our many questions and with full explanations since the beginning.
Everyone in his office is friendly and professional, and more importantly, they mean business about helping our business make money. I am amazed at the detail with which his system is able to parse billing and collections in order to help us get an accurate handle on our facilities’ finances. We feel like we acquired another team member in Park Medical Billing
Chretien Cochran, CEO
Covington Physical Therapy Center
(5.0)
It has been a pleasure working with Chol and his team. They are timely and productive. They work with me to make the process as streamlined as possible.
Joel Giffin, PT, Owner
Flex Physical Therapy
(5.0)
Chol and staff have been nothing short of excellent since they took over our billing services. They process claims quickly, follow up on unpaid claims and use their scrubbing software to ensure that claims are correct and have modifiers if needed so we get paid faster.
Since hiring Park Medical Billing my life has become much less stressful.
Dennis Laccarino, Co-Owner
Bluebell Physical Therapy
(5.0)
Park Medical is everything we were looking for and more in a billing company. They went above and beyond our expectations.
Alex Brito, DPT, Owner
Springfield Physical Therapy
(5.0)
I am the owner of ABC Physical Therapy in Somerville NJ and I hired Park Medical in 2016 because I was having a disaster with the other billing company I had been using since Jan 2014. Since hiring Park Medical I have been able to sleep at night knowing everything is running smoothly now.
They do everything from A to Z and if I ever have a billing problem they always find a way to resolve the issue and get me back on my feet.
ABC Physical Therapy participates with almost all the insurance plans and because of this we are always messed up with authorizations or time lapses in authorizations because the insurance company issues them late to us and with Park Medical they are so SMART that they look at the issue’s then come up with a SOLUTION to fix the problem and get things running smoothly again so I can go back to work without worrying about billing problems.
I HIGHLY recommend this EXCELLENT company because they not only take care of your billing but they come up with SOLUTIONS to make things easier for you so the insurance companies do NOT drive you out of business with there diversionary tactics. I give them 5 stars. 🙂
William Medway, Owner
ABC Physical Therapy
(5.0)
Everyone at Park Medical billing is very friendly, knowledgeable and professional. They know Physical Therapy billing !!! Always able to speak with someone in the office who can take care of any billing questions you might have. Extremely happy with this company and highly recommend.
Matthew Holtzer, DPT, Owner
Holmdel Physical Therapy
(5.0)
As the owner and Clinical Director, I was extremely impressed with the level of commitment to have the staff from PMB not only listen to my concerns and questions, but to promptly and quickly respond and resolve.
The other component of their services, is their desire to share ideas and possibilities to improve my overall revenue. I would recommend the services of PMB and their staff, without ANY RESERVATIONS!!!!
Luis Hinc, Owner/Clinical Director
Fortaleza Rehab
(5.0)
We have nothing but high praise to offer for Park Medical Billing. From day one there has been a very consistent and clear line of contact between our business and PMB.
This means we can connect with our billing specialist right away, and any questions or issues we have are addressed in a very timely fashion.
We also appreciate how PMB has worked with us to customize the way we view our billing data so we can have quick and complete access to all claims and payments. PMB is highly recommended!
David Karge, PT, Director
Integrated Medical Care
(5.0)
I am writing in reference to Park Medical Billing Company. Early this year, TOPS Physical Therapy and Osteopractics, decided to change from in house billing to a billing company.
We interviewed several companies and made the decision to hire Park Medical Billing. We are very happy that we chose this company. From the beginning, Park Medical Billing Company was very informative, gave a comprehensive presentation, answered many of our questions before we had to ask them.
They are timely, follow through with commitments made and very accessible. We had to communicate quite often during our transition. The line of communication was always professional and never rushed. We are very happy with Park Medical Billing Company and I would definitely recommend them to you.
Teri Brannon, Office Manager
T.O.P.S. Physical Therapy