Preparing for the new ICD-10 codes in your practice.
Yuval Lirov, PhD, Thomas Jorno, PSC, and
Kathleen Casbarro, CPC
Many physical therapy private practices have already spent time switching from ICD-9 code sets to ICD-10 code sets, which are used to report medical diagnoses and inpatient procedures. Even though the deadline has been extended to October 2015, clinics should be financially prepared to deal with the change since American Medical News has reported that the average small practice could expect to spend $83,000 on the changeover. Most practices are challenged to understand where such costs would come from, but looking deeper into the information, therapists have realized the change to ICD-10 is more complex than first thought.
Using EMR and Key Performance Indicators to manage your practice.
By Bridgit Finley, PT, DPT, OCS
Most of us business owners became owners because we were skilled practitioners, not because we knew how to run a business. A business owner requires a skill set different from that of a physical therapist; we must shift roles from hands-on practitioner to manager. Instead of working “in” the business, we now need to work “on” the business and be able to understand financial metrics.
Achieve maximum reimbursement through managing every phase of your revenue cycle.
By Ann Burkhardt, RHIT
You are a physical therapist doing the important work of improving your clients’ ability to function at their highest possible level. But, as a physical therapist in private practice, you are also running a business. To run a successful business, it is important to develop and maintain an effective strategy to manage your accounts receivable. Accounts receivable (A/R) is the money that is owed to you for services you have provided. Think of it as the core of your business. To keep that money coming in, every phase of your revenue cycle must be managed for maximum payment.