Payers Getting the Best of Your Bottom Line?
The threat of a 10.6 percent Medicare payment reduction captured the attention of many therapy practices this past summer. Ultimately, the payment reduction was voted down, but the bill had an unanticipated impact on the industry. It prompted many practices to evaluate how they could maximize existing revenue streams and better prepare for future financial challenges.
One innovative approach that has been implemented at therapy practices focuses on analyzing electronic remittance advice (ERA) to reduce denials and underpayments. Using ERA data as opposed to data posted in the billing system or culled from the clearinghouse gives therapists greater insight into denial rates, by payer, as a means of recouping reimbursement.
ERA data analysis allows practices to gain an understanding of why a payer denied a claim so they can prevent future denials. The resulting analysis gives power back to therapists for dealing with payers, and allows them to develop the best possible processes to ensure the full reimbursement they are allowed with the lowest cost of collections.
Therapy Reimbursement Tool to Offer Benchmark Data for Rehabilitation
Chart Links will soon offer reimbursement tools and benchmark data to physical therapy, occupational therapy, speech-language pathology and audiology practices.
Payer claims data will be aggregated and analyzed from a Web-based suite of management reports and workflow tools that the therapist will use alongside any existing practice management or billing system.
By allowing therapists to identify and reduce denials and underpayments from electronic remittance advice, the solution will help to make therapy practices more profitable. It will also allow them to compare reimbursement data against regional and national averages.
Get more information about this Web-based tool for therapy reimbursement that will help manage denials and underpayments.
Read the press release about our partnership to provide these physical therapy reimbursement tools.