Financial Reporting and Analysis for Healthcare Providers

Physical therapy medical billing also has its own challenges that may impact the reimbursement rate. A big problem though, is the fact that medical billing codes physical therapy changes frequently so it needs to be corrected to avoid the denials of claims. Furthermore, they must document services that are billed to perfect the documentation to support billed services, for instance, to prevent insurance company fraud and overbilling. Lack of coding errors, inaccurate medical facts and claims submission delays may lead to loss of revenue, so it becomes very important to introduce the structured billing method. The other challenge is the variations in insurance policies since various providers have separate policies regarding reimbursement. Some treatments require pre-authorization from some insurers and others impose restrictions on what has to be documented. If claim falls short of these criteria, it may lead to claim rejections and increased administrative workload. Losing revenue and financial instability can be the outcome should clinics that don’t have a billing team of their own be not able to catch up with these changing policies.

Using of medical billing codes for physical therapy correctly is critical if you want to get proper reimbursement. A physical therapist has a corresponding billing code for each treatment or procedure they provide to prevent a claim from being rejected. CPT codes, ICD-10 codes and modifiers come into the picture for the very reason that they support the need of the services that are to be provided. Denials can hurt payment, complicate receiving future payments, and add additional administrative work in correcting the denied claims but by partnering with billing and coding company like Med Bill Ultra, you can prevent issues.  Additionally, the physical therapy billing codes have to be in line with the services rendered so that it can be ethical and legal. Such coding can spur insurance fraud allegations against the physician, or payment recoupments from the payers. It will make such problems avoidable for which physical therapy providers need to invest in team building of their billing provider and use advanced billing software that regularly update codes based on the industry changes. A good coding system not only decreases claim refusals but also improves the financial sustainability.