Physical therapy billing software is an application aimed to help physical therapy businesses increase reimbursements and collections. It is done by making sure that claims from third-party payers are coded properly, mistakes are eliminated, verify the insurance coverage of the patients, submit claims electronically, provide reports on approved and rejected claims. Aside from this whole gamut of functionality, the physical therapy billing software enables the automation and increase accuracy of routine tasks which otherwise might be prone to errors. Most physical therapy business owners would rather make a substantial investment on physical therapy billing software since maintaining the fluidity of the cash flow is crucial in the survival of the private practice.
There are hundreds of physical therapy billing companies claiming to have the best solutions and finding the physical therapy billing software that is the perfect fit for what is required by the clinic can be challenging. Hopefully, this buyer’s guide can be of some help.
First, as a buyer, know what kind of a buyer are you. Buyers of physical therapy billing software can be classified as:
- Inpatient care providers. This covers long-term care facilities and hospitals that are required to submit UB-04 forms for their claims. The physical therapy billing software designed for this category focus more on inpatient billing.
- Outpatient care providers. Majority of physical therapy business belong to this category where claims are submitted using the CMD-1500 forms. The physical therapy billing software best suited for this is the one with the functionality to electronically submit claims to insurance companies, Medicare and Medicaid,
- Cash-heavy outpatient care providers. The physical therapy billing software needed for this category is simpler because payment is usually done directly to the health care providers using cash or credit card.
- Integrated suite buyers. By far, this is the category which requires a more integrated physical therapy billing software with scheduling and electronic medical recordings as major considerations for the selection.
Secondly, the physical therapy billing software must positively impact both the clinicians and the administrative staff in terms of efficiency and improved collections.
Thirdly, potential issues of using the physical therapy billing software must be taken into consideration. Two of the most common issues is related to security of the data and the ease/difficulty of use. As a buyer, you are concerned how secure the physical therapy billing software system is in storing and sending patient data. This means that the system must comply with HIPAA.
Lastly, the physical therapy billing software must generate a sizable return on the investment. This means there must be a significant increase in reimbursement and collections.