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SOURCE: EMR News
A medical practice relies on reimbursements from insurance, Medicaid, Medicare and Workers’ Compensation for everything from staff paychecks to facility expansion. Early implementer of electronic medical record (EMR) systems and physical therapist, Nitin Chhoda, shares the recently discovered ways on how EMRs can be used to obtain quicker payments and contract with the best payers.
Denville, NJ (PRWEB) January 01, 2013
“Physical therapists quickly learn that some payers reimburse better than others,” said Chhoda. “Some payers place limits and caps on patient benefits and there’s an increasing trend to question every charge. An EMR provides detailed and latest documentation to prevent denials and can help clinicians determine the best payers.”
Currently, therapists receive reimbursements from a variety of primary payers and practitioners. Now they can also utilize the analytic capabilities of their EMR system by tracking reimbursements from all of those organizations. The information provides a blueprint for contracting with payers that offer the highest compensation rates and identifying those that limit services, payments and treatment options.
In the healthcare business, it’s a common practice for insurers to sell contracts to third-party providers that then reimburse at a lower rate. It can be financially devastating, especially for small practices. Chhoda noted that clinicians can now easily track payments from third-party payers with their EMR, allowing them to negotiate with those that offer the best reimbursements. Practitioners can also utilize their EMR to compare and contrast the benefits of working with specific third-party payers over others.
The number of claims filed every day has led to the establishment of clearinghouses to facilitate the massive volume of reimbursement requests, address billing and coding errors, and resolve payment issues. With an integrated EMR, reimbursement requests are submitted electronically. They arrive at their destination almost immediately, complete with detailed documentation. Therapists don’t have to wait for claims to transit the nation through the postal service and payments can be automatically deposited in the clinic’s account.
The new ICD-10 coding goes into effect in October 2014, and Chhoda said EMRs are well able to handle the more than 100,000 new coding options that will be added. EMR billing and coding significantly reduces errors, denials and requests for additional information that lead to delays in reimbursements.
The Affordable Care Act was designed in part to cut healthcare costs and Chhoda noted that his new information on EMRs provide the means for practitioners to work within the legislation while maintaining a healthy cash flow. The capabilities of an EMR allow clinicians to identify and contract with the best payers and obtain a quicker turnaround on reimbursements for the continued financial health of their practice.
Chhoda’s office can be reached by phone at 201-535-4475. For more information, visit the website at http://www.emrnews.com.
ABOUT NITIN CHHODA
Nitin Chhoda PT, DPT is a licensed physical therapist, a certified strength and conditioning specialist and an entrepreneur. He is the author of "Physical Therapy Marketing For The New Economy" and “Marketing for Physical Therapy Clinics” and is a prolific speaker, writer and creator of products and systems to streamline medical billing and coding, electronic medical records, health care practice management and marketing to increase referrals. He has been featured in numerous industry magazines, major radio and broadcast media, and is the founder of Referral Ignition training systems and the annual Private Practice Summit. Chhoda speaks extensively throughout the U.S., Canada and Asia. He is also the creator of the Therapy Newsletter and Clinical Contact, both web-based services to help private practices improve communication with patients, delivery better quality of care and boost patient retention
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