How the COVID Pandemic is Impacting Collections Per Visit
2020 has strained your practice like nothing you’ve ever experienced. Revenue is more precious than it’s ever been.
Revenue is made up of number of visits x payment per visit. Our recent blog quantified the nationwide recovery rate for patient visits. Today we will analyze collections per claim. The graph below shows Systems 4PT practices’ average collections per claim in 2020, vs. the same months’ 2017 through 2019 average.
March collections per visit were 4% lower than average. April was more severely impacted as collections per visit were 11% lower than average. During these months, many payers weren’t yet ready to process telehealth claims. In addition, most Sysetms4PT practices received lower reimbursements related to E*visits from Medicare and other payers.
May collections per visit:
As telehealth represented a significant percentage of treatments, no one knew what to expect with reimbursements. Systems4PT practices are thrilled that their actual May collections per visit were 4% higher than their 2017-2019 average. The catch up of Medicare’s telehealth payments that arrived in late May added to this success. May collections per claim tell the story:
Telehealth payments are under control
Telehealth is paying very reliably
Is your practice experiencing the same, urgently needed success?
It’s important that you run your May 2020 collections per claim and compare them with last year’s actual.
This is an objective, tangible way to grade your EMR/billing software’s performance
Your May collections per claim are an indicator of your EMR & billing software’s ability to support your practice during the COVID crisis.
Are you working with a C+ billing partner who presents lots of webinars? Or are you working with an A+ billing partner who gets your claims paid?
Systems4PT’s approach to telehealth is unique:
Your job is to focus on the patient
You sign the telehealth claim
It’s our job to add the necessary codes and modifiers and then get the telehealth claim paid
Our industry is saturated with billing software who claim that they are the most experienced, or they are the most trusted. When in reality: They are under performing during a crisis.
You should not accept sub-par collections.
Practices are enjoying full, reliable telehealth reimbursements.
Practices are improving
The nationwide June treatment rate is now 62% of normal (vs. 39% of normal in May). And collections per visit are at or above normal levels. We’re “climbing out of the hole”.
If your billing software isn’t delivering consistent, reliable collections, give us a call. We’d like to talk about delivering these successes to your practice. Or watch the billing video below. You’ll see exactly how Systems 4PT delivers 9.6% higher collections per claim than our customers’ prior approach to billing.
Click Here to Watch our Billing Video