Boost Billing Effectiveness and Efficiency
Monitoring your practice’s performance while providing exceptional patient care is clearly vital for your clinic. As a physical therapy provider, are you looking to raise your billing effectiveness and efficiency? Practice Pro will help you take a proactive approach to billing and raise profitability while giving you more time to focus on patient care.
Stay Updated With Our Real-time Billing Dashboard
Measure and Manage Your Billing Metrics and KPIs
Here are some of the key metrics that we will use to manage your revenue cycle management process. When you work with us, you will see the metrics improve month on month through our real-time billing dashboard.Percentage of A/R Older than 60 Days
This metric highlights the effectiveness and efficiency of your billing operations in getting paid as quickly as possible. A significant sum of money over 60 days could signify charge lag issues, increase in rejections from the claim scrubber and first pass denials from the payer, bad write-off/adjustment protocols, or poor collections processes in general.
Days in A/R
Days in Accounts Receivable (A/R) measures how long it takes for a service to be paid. Knowing your days in A/R is vital for understanding your budget and determining when you may have the funds to pay for operating expenses. This metric should be reviewed every month to make sure you are not experiencing any blockage in money being paid.
Collections Per Visit
Knowing the amount that you collect on an average visit is a good way to calibrate your practice against industry standards and other physical therapy practices in your area. You will be able to determine which appointments are most profitable, allowing you to accept more of these appointment types.
Contractual Variance
Contractual Variance is the amount you are receiving below the amount you contracted with your payers. This can be affected by how your biller submits the claim, among other reasons. Improper submission of a claim could still lead to payment, but there is a chance that it could be underpaid.
First Pass Resolution Rate (FPRR)
Your first pass resolution rate (FPRR) is the percentage of claims that are paid after being submitted a single time. This metric informs you how effective your revenue cycle management (RCM) process is. If your practice struggles with a low FPRR, focusing on insurance verification, billing, and coding will help create a more effective RCM.
Gross Collection Rate (GCR)
A high gross collection rate (GCR) indicates your fees are close to the payer?s rates, and how well your practice is doing at collections. However, a higher rate does not necessarily mean your practice makes more money. Every practice will have a different GCR because each sets a unique fee schedule.
Stay Updated With Our Real-time Billing Dashboard
Measure and Manage Your Billing Metrics and KPIs
Here are some of the key metrics that we will use to manage your revenue cycle management process. When you work with us, you will see the metrics improve month on month through our real-time billing dashboard.Percentage of A/R Older than 60 Days
This metric highlights the effectiveness and efficiency of your billing operations in getting paid as quickly as possible. A significant sum of money over 60 days could signify charge lag issues, increase in rejections from the claim scrubber and first pass denials from the payer, bad write-off/adjustment protocols, or poor collections processes in general.
Days in A/R
Days in Accounts Receivable (A/R) measures how long it takes for a service to be paid. Knowing your days in A/R is vital for understanding your budget and determining when you may have the funds to pay for operating expenses. This metric should be reviewed every month to make sure you are not experiencing any blockage in money being paid.
Collections Per Visit
Knowing the amount that you collect on an average visit is a good way to calibrate your practice against industry standards and other physical therapy practices in your area. You will be able to determine which appointments are most profitable, allowing you to accept more of these appointment types.
Contractual Variance
Contractual Variance is the amount you are receiving below the amount you contracted with your payers. This can be affected by how your biller submits the claim, among other reasons. Improper submission of a claim could still lead to payment, but there is a chance that it could be underpaid.
First Pass Resolution Rate (FPRR)
Your first pass resolution rate (FPRR) is the percentage of claims that are paid after being submitted a single time. This metric informs you how effective your revenue cycle management (RCM) process is. If your practice struggles with a low FPRR, focusing on insurance verification, billing, and coding will help create a more effective RCM.
Gross Collection Rate (GCR)
A high gross collection rate (GCR) indicates your fees are close to the payer?s rates, and how well your practice is doing at collections. However, a higher rate does not necessarily mean your practice makes more money. Every practice will have a different GCR because each sets a unique fee schedule.
What Billing Services Do We Offer?
Here are some physical therapy billing numbers we’re particularly proud of.
Average DSO (Days)
%
Increase Collections Per Claim
%
Clean Claim Rate
Access Full Transparency
The difference between our physical therapy billing services and other billing providers is that all the work is done directly within your Practice Pro Physical Therapy EMR system. All work is documented, tracked and made available for your review in real-time. In addition to our robust package of financial reports, our billing services come with custom productivity reports, delivered directly by your billing account manager.
Weekly Billing Reports
Every week you will be provided with a breakdown of how billing went for the previous week. It will include how many claims were billed, how many accounts needed attention by the clinic and who the tasks were assigned to.
Monthly Billing Reports
Access reports that include a breakdown of how the month went which includes total charges, total collected, total adjustedand charges pending responses from the provider.
Start making more money.
Discover the Difference
See how Practice Pros billing services are different from others.
- Access to a billing specialist who will have a full billing team at your disposal.
- Practice Pro takes on the responsibility to audit, bill, and collect every claim that goes out the door.
- Avoid frustration with easy access to accounts.
- Billing specialist allocates all ERAs and posts the EOBs received by your clinic.
- Every claim is scrutinized to ensure that it is accurate and compliant.
- Our billing specialist strives to detect problems and roadblocks before they happen.
- Were with your claims every step of the way.
Uncover the Right Billing Cycle with Practice Pro
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