Focus on a Complete Solution, not Just Software
Typically, PTs begin a technology initiative by calling a list of selected vendors. Usually, their first question is, "Do you offer scheduling or documentation?" This leads to a discussion about the features and before you know it, the process becomes a scavenger hunt. To find a comprehensive solution, ask questions like, "How can you help me manage my practice?" or "What can you do to help me reduce my claim denials?" Asking these types of questions will focus the search on real practice solutions.
Identify and Leverage Growth Opportunities
Physician referrals are one of the keys to success in private practice. Here are a few steps to help make you a more attractive option to referring physicians:
• Market your niche - When marketing yourself to physicians, hone in on your area of expertise, such as sports medicine or knee rehabilitation.
• Communicate with referring physicians - Keep the lines of communication open by leveraging electronic communication. This demonstrates your responsiveness and professionalism to the physician.
• Get online - Many patients research their therapy options online on evenings and weekends. Having a website for your practice and even a patient portal gives you an edge over the competition.
Reduce Appointment No-shows and Cancellations
The ultimate solution to the no-shows problem requires a practice-wide commitment. In today's busy world, people need constant reminders. Everyone organizes their personal calendar in their own way. Some prefer a reminder letter while others respond best to phone messages and many prefer electronic reminders via text or email. A multi-channel reminder program can work wonders in lowering your no-show rate.
Deliver all Authorized Care
When a patient receives an authorization for a set number of visits and you fail to complete those visits, the patient loses out on care and you lose out on revenue. Having a comprehensive patient compliance program in place is essential to your success. A crucial component of that program is the multi-channel reminder program discussed above.
Once you have the patient there, it's important to make sure you get paid for the care you deliver. The most efficient way of keeping track of authorized visits is to use a system that can automatically track the number of remaining authorized visits and deducts each visit against the correct authorization.
Incorporate Technology at the Point of Care
In recent years, electronic medical record (EMR) systems have been proven to help physical therapy providers enhance care, rather than hinder the interaction with the patient. For example, automated documentation prompts users for measures during an evaluation so they can focus more on the patient without having to remember the next steps in the documentation process.
Having a physical therapy EMR that prompts users for specific measures at the point of care can actually help providers work faster, raise the quality of care, collect more revenue and eliminate the human errors that can easily occur during documentation.
Avoid the Payer Reimbursement Downward Trend
Politics, budget shortfalls and skyrocketing healthcare costs are all driving public and private payers to take an aim at providers. In addition to focusing your management attention and resources on ways to increase payer reimbursement, here are a couple of ways you can make improvements in your practice:
• Make co-pay collection automatic - Incorporate a system that automatically reminds front desk staff to collect patient co-pays so they don't fall through the cracks.
• Speed up Physical Therapy Documentation - Use an EMR system for documentation to help dramatically speed up the documentation process, improve accuracy, decrease the time it takes to submit claims and receive payer reimbursement.
Understand the Difference Between Billing and Revenue
Many physical therapists tend to look at billing as the "moneymaker" of the practice and build their office technology around whatever comes with the system. However, even the best billing system can only submit the claims for the work you've done. The real revenue comes from building a solid referral network, retaining patients, reducing appointment no-shows, accurately capturing and coding every treatment you provide and increasing staff productivity. All this can be accomplished with a physical therapy management solution in place.
Don't let Paper and Cumbersome Process Take over Your Practice
Many private practice owners don't realize the cost involved with paper processes. Consider all the costs associated with paper documentation - the time it takes to manually document, the human errors that result in claim denials, filing time, the floor space needed to store files and the cost of paper and files. It all adds up to a fortune! This can all be prevented with electronic documentation.
To thrive in today's challenging environment, physical therapy providers need to respond to both what payers are doing, and what they can do to drive efficiency in their practice. The challenge is you don't have many chances to get it right. Today, many practices and hospitals rely on innovative technology. There are many resources available in the market. However, going with a physical therapy EMR will be the best option for an all-encompassing practice management solution.
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