If you want to optimize your revenue and operations in 2024, have you considered investing in more efficient physical therapy credentialing and contract management?
A successful PT practice has intentional physical therapy credentialing and contracting processes in place to ensure it delivers high-quality services and still receives fair compensation. Learn more about how MEG Business can help you streamline these tasks to keep your private practice running efficiently.
Benefits of Physical Therapy Credentialing and Contracting
What do credentials and contracts have to do with your physical therapy practice?
- PT practice credentialing refers to independently verifying any qualifications and background information for the professionals at your physical therapy practice.
- Contract management involves establishing agreements between your PT practice and payors to ensure you get the right payment for any services you provide.
Credentialing Underscores Qualifications To Give Your PT Practice an Edge
Credentialing helps PT practices ensure that their physical therapists and other experts meet certain standards for quality and professionalism. Effective credentialing also minimizes the risk of substandard care and helps PT practices comply with regulatory requirements.
The credentialing process typically involves verifying the following:
- Educational credentials
- Training
- Professional experience or work history
- Licenses
- Medical board certification
- Liability
- Malpractice
Regardless of the size of your PT practice, you want to execute the credentialing process as thoroughly as possible for the following benefits:
- Assure your patients of the merit of experts in your practice
- Prevent money drain due to denied or delayed reimbursements
- Reduce the likelihood of medical errors
- Minimize lawsuits or legal liability
Credentialing applications also help your insurance company and payors evaluate the experts in your physical therapy practice’s eligibility before allowing them to participate in networks.
Effective Contracting Ensures Your Practice Gets Its Due So That It Can Grow
Contracting or contract management involves negotiating and establishing agreements between PT practices and their insurance companies or payors. It defines the services and rates, among other details.
Effective contracting ensures your practice receives fair payment for rendered services to give you value for money and manage your costs effectively. Once you complete this contracting process, you can more confidently get back to treating patients and submitting the claims to a payor.
Contracting also improves patient access to care by allowing your PT practice to negotiate contracts that incentivize insurers to cover a wider range of services. Your patients will have more affordable care when they need it, and your practice can do more for each of them.
Ultimately, contracting benefits both your PT practice and payers, as it helps to establish sustainable payment arrangements alongside the high-quality care you give your patients.
Outsourcing Physical Therapy Credentialing and Contracting is a Great Idea for a PT Practice That Needs a Boost
Any passionate physical therapist wants their practice to deliver premium patient care. Inefficient credentialing and contract management prevent this. While they might seem like minor aspects when setting up your PT practice, credentialing and contracting are pivotal in billing insurance companies and generating cash flows to run your business.
However, since these processes take a physical therapy practice’s time and effort, why not consider outsourcing? Outsourcing PT practice credentialing and contracting also ensures the following:
- Stricter compliance
- Better return on investment
- Increased turnaround
- Fewer errors
Professional Physical Therapy Credentialing and Contract Management at Your Service | MEG Business
Experts like MEG Business handle your contracting and credentialing service from beginning to end to relieve the strain on your PT practice. The physical therapy credentialing service includes everything from group contracting and Medicare enrollment to adding providers to current contracts.
Why not let us handle things while you build up your physical therapy practice? Contact MEG Business at (727) 268-8500 for your PT practice credentialing and contracting options. You can also learn more about how to leverage these types of resources through MEG Academy.
