How Much Money Are You Missing?

I hear it all the time from Therapy Business Owners. The part of running a business that they hate more than anything is reconciling payments with treatments. Whether you run a large shop or a very small one, it’s almost impossible to keep track of all that money coming in and matching it up with your treatment charges to see how much you’re still owed.

 Even if you only have a few payers, the task can be time-consuming and confusing. Who do you call when something goes wrong? What do you ask them? How long will it be until your issue is resolved? All good questions but the answer depends on who the payor is and why the charge was denied.

I’ve seen some situations where a payor will be paying on time and then one day just quits paying without notice. Are they hoping you won’t notice until the timely filing limit has passed? Who knows! But that’s why it’s so important to stay on top of every transaction every day.

 This is especially important when you have to make payroll. For example, if you’re paying your therapist $30 per visit and you never get paid for that visit, you’re not only missing out of the cost of the treatment (~$70) but you’re also losing money by paying the therapist (~$30). That’s $100 per hour that you’re losing! You’re not a doctor’s office; your margins are thin enough as it is. 10-12 hours without payment for months at a time can sink your business. 

 Don’t waste your time weeding through EOBs and timesheets anymore. I want you to spend time on things that make money for your business like treating patients, customer service, and marketing your services to the community. Let me give you a free consultation today and hopefully let you sleep soundly again at night.