The field of physical therapy clinics today is worth more than $30 billion, and this number is consistently on the rise. Not only do athletes find benefits from getting physical therapy, but people also come in to get treatment for all sorts of aches and pains and to recover from car accidents and other personal injuries.
If you run a physical therapy company, you need to be prepared to process the influx of cases that you get. This means hiring a physical therapy billing company that can take a lot of the business-end burden off your hands. Here's why hiring a billing company is the best investment you can make.
Why you need to make billing for physical therapy a top priority
Whenever you have physical therapy patients that aren't settling their entire bill in cash, you run the risk of unpaid balances adding up. When you can't liquidate these balances, you're starving your business of the cash flow it needs to survive. Physical therapy billing companies will act as your ally to collect funds from your customers and properly codify them to accept insurance payouts.
This service is foundational to the success of any physical therapy clinic. All health-related businesses have substantial overhead, so you need to be aggressive about collecting on billed services. For instance, the average family medical clinic spends almost 60% of its revenue on overhead costs. You can expect similar ranges for a physical therapy clinic since you'll also have to pay your staff and for your equipment.
Billing professionals that are diligent and professional can act as your go-between so that you can bring in more revenue.
Find out what services you need for your physical therapy company and look for the right fit
When you're ready to hire a physical therapy billing company, make sure to get a list of every service they provide. They have to be up-to-date on medical insurance codes while also following billing practice laws. These companies must also show that they have a billing system that is effective and organized.
Budget for your physical therapy billing work and ask these companies for estimates on their services. Medical billing companies generally charge a percentage of the fees that they collect. Make sure to hire a company that is versed specifically in physical therapy billing.
Always keep accurate records and review your contract with your physical therapy billing company whenever it is up for renewal.
Use these tips so that you can find the best physical therapy billing services in the industry.
To learn more, contact a resource like Midwest Medical Billing Service.