The right billing software can cut your team’s administrative burden and help your practice realize more revenue—faster.
If you’re looking for a new billing system and aren’t sure where to start, this is the right place to start. Here’s how to choose billing software and get all the important questions answered during your next demo!
Important PT Billing Software Features
Picking the ‘just right’ billing software for your practice is one of the most important decisions you’ll need to make as your practice grows.
Understanding the most valuable features you’ll need helps you perform due diligence when researching options. So keep these billing needs in mind:
- Medical Coding Automation. If done manually, medical coding is a tedious, repetitive, error-prone chore. Automating this process can be a big win for your practice. With built-in code sets and automated billing rules, you can dramatically reduce human error.
Comprehensive Record-keeping. Complete and accurate documentation is a foundational billing requirement in the healthcare space. To prevent missing or contradictory data, choose a billing system that lives in the same ecosystem as your electronic health records (EHR) software.
- Claims Processing and Monitoring. Your billing solutions should simplify the claim creation process to prevent errors and secure faster reimbursements. Real-time claim tracking dashboards and automated alerts for denied claims can keep you updated when you need to take action.
Remittance Management. Handing remittances involves tracking the receipt, processing, and posting of insurance payments. Technology can automate the process of posting payments to patients’ accounts and avoiding manual errors and delays.
Managing Payer Guidelines. Each payer may have distinct rules or guidelines that you need to follow, or risk losing out on earned income. Your billing software should include rules that support adherence to payer-specific guidelines. Since these rules change often, your system needs to be configurable to help you collect payments without a hitch.
Patient Payments. Although the days of sending a check in the mail aren’t entirely gone, most patients today appreciate flexible, digital payment options. You’ll want to meet them where they are with online insurance verification, eStatements, modern payment processing options, and integration with patient engagement tools.
Reporting and Analytics Tools. The best billing solutions don’t just handle day-to-day tasks. Instead, they help you visualize financial trends and prevent costly billing issues at the source. Your best bet is choosing a solution with dashboards designed to help you track key metrics with tailored analysis and financial reporting options.
How to Choose Billing Software (That You Won't Outgrow)
Let’s say a potential billing system has all the features you need today. Will it meet your future business needs? Here are some factors to consider in a long-term partnership with your clinical and billing software solutions:
Automation and Efficiency
Simply put, automation handles tasks and minimizes human input. It’s not a new idea.
For example, before the advent of the first automated clearinghouse (ACH) back in ’72, the average Joe would have to go to the bank or to an ATM to deposit paychecks. And some still do! But for most of us, the ease and speed of automated direct deposits is a no-brainer.
In a healthcare billing software system, automation takes care of repetitive tasks and makes it easier to stay on top of vast amounts of billing information. Software can be used to generate patient statements after a visit, submit claims in scheduled batches, track and post payments, and more.
Automation and efficiency go hand in hand. The more tasks you automate, the more your team is free to handle critical tasks that require human attention.
Integrating Your Software Solutions
Medical claims rely on essential patient data, like personal contact details, diagnoses, and treatment codes—the same data points used by your EHR and practice management systems.
Manually inputting and updating the same details throughout a patchwork of disconnected systems is time-consuming, and errors will inevitably creep in.
In fact, inefficient data utilization were linked to lost or leaked revenue by 90% of surveyed healthcare leaders in a 2023 report.
So look for billing software that doesn’t create another silo! Using a comprehensive clinical, billing, and patient engagement platform keeps your entire organization in sync.
Data Security
One no-compromise feature to look for in your billing software is robust data security. Your practice depends on it.
Following Health Insurance Portability and Accountability Act (HIPAA) mandates means protecting private health information (PHI). If you accept electronic payments (and who doesn’t these days?), you must also adhere to Payment Card Industry (PCI) compliance standards to ensure payment data stays secure.
To get the protection you need, look for billing software that prioritizes security. With healthcare breaches on the rise—and more than 116 million people impacted in breaches reported to the Department of Health and Human Services (HHS) in a single year—data protection needs to be on your priority list.
System Maturity and Scalability
Imagine what would happen if you moved your PT clinics every few years. You’d have the expense of moving everything—treadmills, bikes, tables, and desks—and you’d run the risk of losing revenue during the transition.
It’s important to choose your next location with a plan for its future state. And you should apply that same mindset when selecting your billing software, too.
Instead of going with the newest upstart or the best introductory deal, look for a vendor that’s well-established in your field, and trusted by the best. What’s one of the best indicators that you’ve found a partner who’ll stick by your side for the long haul? A long history of satisfied and successful clients. Experienced software providers know the industry and can help you navigate change and propel growth.
Get The Most Out of Discovery Calls and Demos
Some quick research on Google should help you create a short list of vendors. The next step is to set up discovery calls and solution demos.
It’s an exciting phase of the process, but not one to take lightly. Gather as much intel as possible with questions like:
- Does the software support electronic claims submission to payers?
- Can the billing software automate denial management processes?
- How does the software make it easier to manage patient scheduling and appointment reminders?
- How does it track patient visits and treatment plans?
- What specialized templates or tools support accurate documentation?
- What types of financial and operational reports can the software generate?
- How does the software help protect patient and financial data?
- What kind of training is provided during the implementation and onboarding process?
- Can they provide case studies or examples of how the software has improved financial performance for other practices?
- Can they provide references from physical therapy practices like yours?
Explore a few vendors before you make a decision. While you may have an immediate problem to solve, think about where you want your practice to be in five years—or ten, or twenty!
Which solution provider is most equipped to grow with you and support your journey? That’s one of the most important questions to ask. And the answer will help you choose the best one for your specific goals.
Selecting Your Billing Software Partner
Billing is inevitable. You need it to get paid.
If you rely on manual processes or subpar software, you’re likely to run into roadblocks and frustrations.
Knowing what to look for in billing software and how the right solutions can power your growth gives you an edge when the time is right.
Not all vendors are created equal. And very few meet the precise needs of the physical therapy industry. Instead of a force-fit solution that doesn’t meet all your requirements, your best option will be one that supports your long-term growth.