Physiatry Practices
Precision Billing for Physiatry: Streamlining Revenue,
Enhancing Care
Physiatry Practice Billing
Physiatry practices focus on diagnosing, treating, and managing conditions that affect the musculoskeletal system, brain, and nervous system. Physiatry billing faces several challenges, including the complexity of coding for a wide range of treatments, which increases the risk of errors and claim denials. Frequent updates to coding regulations and payer-specific guidelines add to the difficulty of maintaining compliance. Additionally, managing claim denials and ensuring accurate patient eligibility verification can be time-consuming and disrupt cash flow.
Outsourcing medical billing can greatly benefit a physiatry practice by enhancing billing accuracy and efficiency, leading to faster reimbursements and improved cash flow. Medical billing companies employ experts who stay updated with the latest coding regulations and payer guidelines, ensuring compliance and reducing the risk of claim denials. Additionally, outsourcing reduces the administrative burden on in-house staff, allowing the practice to focus more on patient care and less on billing complexities.
Unbeatable Service, Quality & Price
ACCURACY
0
%
TURNAROUND TIME
<
0
Hours
COLLECTION
0
%
PRICE
Starting from $
1100
/Month
CHALLENGES
Challenges in Physiatry Practice Billing
Complex Coding Requirements: Physiatry involves a wide range of treatments and procedures, requiring precise coding to avoid errors and claim denials. Keeping up with frequent updates to coding regulations adds to this complexity.
Claim Denials and Rejections: Managing claim denials and rejections can be time-consuming and disrupt cash flow. These issues often arise from incorrect coding, incomplete documentation, or eligibility problems.
Patient Eligibility Verification: Ensuring accurate patient eligibility and coverage details is crucial but can be labor-intensive and prone to errors. Incorrect or outdated insurance information can lead to claim denials and delays, affecting revenue.
OUR PROCESS
Our Physiatry Practice Billing Process Workflow
At RCM Workshop, physiatry practice billing process workflow involves several key steps to ensure accurate and timely reimbursement. It starts with patient registration and insurance verification to confirm coverage and benefits. Pre-authorization is obtained for specific procedures, followed by accurate medical coding using CPT, ICD-10, and HCPCS codes. These coded services are then entered into the billing system, and claims are submitted electronically to insurance companies. Payment posting, denial management, and patient billing are essential steps to reconcile payments, address claim denials, and manage patient balances.
At RCM Workshop, physiatry practice billing process workflow involves several key steps to ensure accurate and timely reimbursement. It starts with patient registration and insurance verification to confirm coverage and benefits. Pre-authorization is obtained for specific procedures, followed by accurate medical coding using CPT, ICD-10, and HCPCS codes. These coded services are then entered into the billing system, and claims are submitted electronically to insurance companies. Payment posting, denial management, and patient billing are essential steps to reconcile payments, address claim denials, and manage patient balances.
Additionally, accounts receivable follow-up is crucial to monitor outstanding claims and ensure timely collections. Generating reports for financial analysis helps identify trends and areas for improvement, ensuring compliance with regulations. Implementing a systematic and efficient billing workflow can significantly enhance the financial health of a physiatry practice by reducing errors, improving cash flow, and ensuring accurate reimbursement.
Scheduling & Registration
Carry out well-coordinated appointment scheduling, update insurance details, and handle inbound and outbound calls from/to patients.
Eligibility & Benefits Verification
Confirm primary and secondary insurance and benefits coverage of patients and verify their coverage, co-pays, co-insurance, and deductibles.
Prior Authorization
Initiate request for prior authorization with the payer, follow up to check its status till closure and finally update the system with Auth approval reference number.
Medical Coding
Check the accuracy of codes and modifiers according to specialty and assign corresponding and appropriate charges to the codes.
Charge Posting
Enter the charges for the services provided into the billing system including the cost of the medication and the administration fee.
Claims Edits & Submission
Audit the claims thoroughly to check for accuracy and edit if necessary and submit claims – both EDI and paper format.
Payment Posting
Carry out both auto as well as manual posting for payments received and conduct reconciliation against claims.
Denial Management
Analyze and categorize denial claim according to denial codes, $ amount and payers, and resubmit claims after correction.
AR Management
Follow-up with payers to gather status for unpaid claims, and their resolution.
Patient Collection
Sending patient statements and follow-up with patients for final and outstanding payment.
You can confidently rely on us to manage your entire billing process, or you have the flexibility to select specific DME billing services that suit your needs, ensuring a seamless operation without any interruptions.
BENEFITS
Outcomes guaranteed
We utilize top industry practices and a data-driven strategy to streamline revenue cycle processes while upholding the highest quality standards. Our goal is not just to manage your revenue but to enhance it. Our physiatry billing services are customized to align with your workflow, ensuring markedly better financial results.
WHY US?
Why partner with us
Partnering with us can significantly benefit your physiatry practice by enhancing efficiency and accuracy in billing processes. We employ experts who specialize in physiatry coding and billing, reducing errors and claim denials, leading to faster reimbursements and improved cash flow. Additionally, we stay updated with the latest regulations, ensuring compliance and minimizing legal risks. By outsourcing billing tasks, your practice can focus more on patient care, ultimately improving overall efficiency and financial outcomes.