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5 Tips for PT, OT, SLP Practice Success

Posted by Daniel Ramsey on Jan 17, 2019 12:06:19 PM
Daniel Ramsey

These tips will help you, your front desk, and billing department by ensuring the most accurate information is in your system

1. Run a “No Activity” Report

Run your “No Activity” report and discharge all patients who stopped coming in for treatment before being formally discharged. Discharging all of your inactive and/or locked patients will make your patient/system reports more accurate and easier to manage. We recommend running this report every 2-4 weeks.

2. Balance Negative Account

If your billing system has accounts with negative balances, a reimbursement should be issued to either the insurance or the patient, depending on which party has overpaid. Negative balances impact the accuracy of your accounts receivable. We recommend reimbursements be done monthly to decrease the chance of having large payouts to patients and/or insurance companies that impact your bottom line.

Download the "5 Reports Your Practice Should Be Running: Daily, Weekly, Monthly"

3. Collecting on Outstanding Patient Balances

With tax season approaching, patients often use this money towards their outstanding medical bills. Check out these tips on how to increase your patient collections during tax season. 

4. Review Medicare Benefits

Remember Medicare benefits reset on January first of every year and as of 1/1/2019 the following changes have been implemented:

-Medicare has increased the deductible from $183 to $185.

-Medicare cap has increased from $2,010 to $2,040.

5. Provide HIPAA Training

Failure to comply with HIPAA guidelines can lead to fines and other consequences. We recommend that you provide your staff with a quick refresher on your company’s HIPAA policies and guidelines to maintain compliance.

 

Once these processes have been implemented you and your staff can rely on your billing software to give up to date and accurate patient and financial reports. You will also have peace of mind knowing your staff is HIPAA compliant.Contact us today to find out how Account Matters can help improve your business with our services tailored specifically for PT, OT, and SLP private practices.

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Topics: Billing

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