Like all other medical professionals, physical therapists need to charge for their services. As a new practitioner, it may be hard to find a balance between wanting to help as many people as possible and also making sure your practice is stable and successful. In order to be successful in your practice, you should make sure you fully understand the physical therapy billing procedure.
What Is Physical Therapy Billing?
Physical therapy payment entails charging insurance companies for the services you offer to your patients. You interact with insurance companies regarding the treatment your patient receives and the amount of money owed to you. It is a procedure that lends itself nicely to digitalization and automation. Physical therapy pricing requires competency to support holistic and long-term rehabilitation.
What Are PT Codes?
Billing for physical therapy is based on matching the services provided to standardized codes. When billing insurance companies, you use different codes depending on your service and your patient’s diagnosis. ICD and CPT codes are two common codes that a physical therapist uses when submitting a claim to an insurance company.
ICD (The International Classification of Diseases)
You should include a diagnosis code to send an accurate bill for your therapy services. This code shows that the patient needed your level of care. The ICD code is from the most recent edition of the International Classification of Diseases (ICD-10).
Write the patient’s diagnosis next to their first diagnosis code in the service provider’s paperwork. You list this in the medical record as primarily responsible for the services provided. You should also add additional codes describing your patient’s existing conditions if there are any.
CPT (The Current Procedural Terminology)
Like ICD codes, CPT codes also provide healthcare insurance providers with standardized information about the medical procedure performed. These codes give more detail about the services you give your patients.
Physical Therapy Billing Guidelines
Several different codes are available to bill for physical therapy. ICD codes describe a patient’s condition, while CPT codes describe the treatments that a practitioner gives. On any bill you send for payment of physical therapy services, you should include both codes for detailed information. Include ICD codes for patient injuries and the CPT codes for the procedures carried out to treat those injuries.
An online physical therapy billing company can make this a simple task. With an online billing process, you won’t make mistakes that result in income losses. The codes entered are correct, making your payment process less time-consuming. All of these factors have a significant bearing on your revenue cycle. If you can cut down on your problems in your revenue cycle, the better it can be for your company’s cash flow.
Revenue Cycle Management Steps
Think of your physical therapy revenue cycle as a series of steps that you can improve. These are the fundamental steps of a successful revenue cycle:
- Pre-Authorization and Insurance Eligibility Verification
- Rendering Services and Capturing Charges
- Claims Submission
- Payment
- Data reporting
One little kink in the chain might derail and disrupt your revenue cycle. An online billing company can increase time efficiency and communication while creating a more error-free process for your practice.
Improve The Financial Health of Your Practice
Using a reliable billing system can help to ensure the process is done properly which will then produce more money for your clinic. It will help to enhance your chance of correctly processing a charge on the first try, lowering the time it takes to handle your bills. You don’t have to do the billing yourself. Trust your physical therapy billing to a professional who knows how to make your life easier.