Do you struggle with getting payments in on time? Is your staff overwhelmed by inefficient billing practices? For many chiropractic practices, billing is a recurring problem. The simple act of getting paid can certainly be a huge headache.
Platinum offers a simple billing solution that takes hours out of the billing process.
The regulatory and financial environments these days are tough to maneuver. Things can change quickly, but our billing team is always on top of the latest changes.
Billing correctly is very time consuming. It’s easy to make mistakes, which can add up over time and impact your revenue. Most practices lose at least 3% of insurance collections because of claims that were either rejected or delayed. If you have to pay an additional staff member to handle chiropractic billing, this one task can make a significant impact on your bottom line.
Many chiropractic practices turn to third-party IBS billing solutions to save time and money. Rather than pay an entire staff member to handle billing, you can rely on a team of professionals that make it their business to know the ins and outs of insurance billing.
Platinum offers a team of trained specialists to validate your insurance information, submit claims, track payments, follow up with insurance carriers, and even post payments to your ledgers. It’s efficient and effective, helping you increase revenue.
Platinum has historically processed more than $22 million a month in claims on behalf of our customers, and our rejection rate is only 1%. That means you get paid faster without wasting anyone’s time.
If you decide to keep your billing in house — or even if you want to just have a strong understanding of the billing process — you need to be familiar with CPT codes. These codes are created by the American Medical Association and are five alpha-mumeric character codes that describe the services you’ve provided your patients. There are three categories, but most chiropractors just use Category 1.
There are four main codes used by chiropractors:
CPT modifier codes are designed to let insurance providers know your services were modified. If you don’t include the modifier when you have slightly altered what the CPT code describes, your insurance claim will be rejected.
The two most commonly used modifier codes for chiropractors are:
For chiropractors who are just starting out in their business, the codes alone can be overwhelming. There’s no doubt that there is a lot of room for error, which is the cause of most insurance rejections.
You can’t have a streamlined billing system if your office isn’t managed well. A robust chiropractic EHR helps you manage the administrative side of your business. One key to getting your insurance claims accepted quickly — especially when it’s filed through Medicare — is keeping solid records. Make sure your SOAP notes are updated quickly, correctly, and efficiently.
Medicare’s denial rate is between 60%-100%, depending on the practice, and a lot of that comes down to documentation. It’s a shame to miss out on revenue due to something that can be so easily fixed.
Document your patient’s level of pain prior to and after treatment. Note what they were not able to physically do prior to treatment, and how those specific things have improved. Platinum makes it easy to capture SOAP notes in as little as 15 seconds, saving you hours at the end of the day and ensuring your documentation is correct.
To find out more about Platinum’s insurance billing solution for chiropractic, schedule a call! Or, live chat us at the bottom right of this screen.