The administrative processes involved with physical therapy billing and collections can be complicated. Payers often require a lot of labor intensive follow up. The sad part of the billing and collections industry is that many companies do not have the systems in place or the resources to overcome the obstacles that insurance companies create in an effort to avoid paying claims. Many billing companies (or in-house billing staff) mask these shortcomings by limiting their access to reports and keeping their providers in the dark. They do not show them what is being done to get them paid but more importantly what is not being done, leading to lost revenue. Many times, the easy money is collected and the hard money is written off at the detriment of the provider.
The goal of StrataPT is to fight endlessly for ALL money owed to our providers but also to clearly display what efforts are being put forth to get them paid. The StrataPT Clarity Panel was designed to provide our clients with a play by play view of every billing and follow up action being performed on every patient account. There are no secrets, there are no blindfolds.
Our clients LOVE that they are able to see billing actions such as when claims are billed, when they are accepted by the clearinghouse, when denials are followed up, when payments are being posted and when patient statements are being sent. In short, we keep our clients looped in on the status of your revenue at any given time.
Putting another company or a hired employee in charge of your revenue is a huge decision. You are ultimately reliant on that company/individual to collect what is owed to you. When it comes to something as important as your revenue, you should have tools that allow you to tap in and see what actions are being taken to get you paid. If you do not have these tools, there are two typical outcomes that will likely occur:
a.) Your revenue will not be collected at the level you were expecting.
b.) You will worry yourself sick wondering how much money is not being collected.
If you currently feel this way, we welcome you to remove that blindfold and reach out to chat about how StrataPT will not only put an immense amount of effort into collecting every single penny owed to you, but we will objectively display all of our actions for you to analyze in as much or as little detail as your heart desires.
Below are 5 simple questions you should know the answers to in order to have a clear picture of what your billing staff or billing company is doing to get you paid as quickly as possible.