When deductibles reset, you need to be ready.
Specifically, your private practice’s billing team needs to be prepared to make the most out of the period between January and March when collections and revenue tend to dwindle and patients start ghosting you.
As practice management experts who specialize in physical therapy billing services, MEG helps our clients take special steps to expedite collections and reimbursements so your business maintains the momentum to keep your patients (and bottom line) happy!
How to Prepare for Physical Therapy’s Deductible Season
1. Do the Insurance Legwork
How many times have your patients forgotten to update their insurance providers with your front desk? New jobs or new years can mean new plans for patients, so it has to be part of your SOP to be checking for eligibility and benefits even before they set foot in your office. As a best practice, scan insurance cards every first visit of the year. This helps you get in front of any changes, plus it ensures you have accurate information for billing purposes when out-of-pocket costs are at their highest due to new deductibles.
We suggest verifying insurance carriers online before the patient appointment so any discrepancies or updates can be handled at the desk when they arrive. Another important point to remember: If you change any information, be sure to send the new paperwork to the patient.
2. Improve Your Collection Tactics
Have you tried collecting payment before you see the patient? If your patient is waiting to start their treatment, this is a good time to confirm insurance and collect payment. You can do the same via your payment software before any telehealth service as well.
Remove any friction to the process by keeping credit cards on file with the latest, accurate payment information for future transactions. This makes it easier on the patients and the practice by streamlining an uncomfortable process that can be stressful for patients. Now you’re improving the patient experience and ensuring payment at the same time.
3. Improve the Non-Clinic Experience
There are a lot of touchpoints that affect the patient experience, and they happen without a physical therapist around. We recommend improving your physical therapy website experience and clearly outlining what insurance you collect, how payment is handled and maybe even implementing a Frequently Asked Questions section around patient information. The goal is to remove any ambiguity around the experience. Plus, you can update your website to take payment online or even set up a payment plan.
Thanks to marketing automation within your EMR or CRM provider, you can even set up email marketing prompts to send communication to patients based on milestones, actions or inactions. Also, consider adding a chatbot feature to your website that helps patients start a chat with your team when they have quick questions that need answers. By creating a better digital experience, you create more opportunities to improve the patient experience and get paid faster.
Set Your Billing Up for Success by Partnering with MEG
We can help optimize and streamline all of your billing and collection processes, all year round. Plus, we are currently running a special holiday promotion to help you get even more value out of your investment.
If you sign up for MEG Billing before 12/31/2022, we offer FREE insurance reimbursement contract negotiation for new clients! Learn more when you schedule a billing assessment with our team. Let’s make this your best year yet!