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 Systems4PT 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. Many payers weren’t yet ready to process telehealth claims during these months. In addition, most Systems4PT practices received lower reimbursements related to E*visits from Medicare and other payers.
Collections per visit in May:
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 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 indicate the ability of your EMR and billing software 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 that claims to be the most experienced or trusted. In reality, these software providers are underperforming 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% in May). Collections per visit are at or above normal levels. We’re “climbing out of the hole.”
Call us if your billing software isn’t delivering consistent, reliable collections. We’d like to discuss how to deliver these successes to your practice. You can also 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.