Many therapists are beginning to add cash-based services to their practice offerings—everything from gait analysis and golf fitness programs to aquatic therapy and deep tissue massage. After all, as Brooke Andrus writes in this post, “…in the current environment of declining reimbursements from third-party payers, adding cash-pay options to your practice’s current menu of services isn’t only smart—it might just be necessary to secure your survival.”
For some, offering a few cash-pay wellness services on the side might be enough, but for others, like physical therapist Ann Wendel, it’s cash-based all the way. While this business model certainly alleviates a lot of headaches when it comes to dealing with payer contract negotiations and increasingly stringent payment regulations, operating a cash-based practice isn’t all sunshine and rainbows—which is why even cash-based practices need an excellent EMR. Here are a few of the biggest reasons cash-based practitioners should equip themselves with top-notch EMR system:
Your patients still need insurance reimbursement, even if you don’t.
Sure, you get paid immediately, but many patients who are willing to pay out of pocket for physical therapy services do so because they’re able to submit claims to their health insurance providers and receive reimbursement directly. In this post, Wendel writes, “You may find it shocking, but my documentation and billing practices are not that different from [those of a PT in a traditional practice]. The end goal…is to get paid—it’s just that in my case, it’s the patient who is waiting for reimbursement.”
To ensure your patients are able to continue benefiting from your services, you have to help them get their money back—and that requires the same attention to quality documentation and billing processes you’d need to demonstrate if you were collecting reimbursements for yourself. But you’re not going to get that level of quality with pen and paper—or with a subpar EMR. That’s because only the best EMR solutions feature the alerts and safeguards necessary to ensure you create correct and comprehensive documentation that supports your invoices, gets them paid the first time around, and helps you generate those invoices and track patient payments—all within one streamlined system. And only the right EMR securely stores all that information—along with your patients’ medical records—so you can access it anywhere, anytime while remaining fully HIPAA-compliant. Plus, a physical therapy-specific EMR provides SOAP note formats that fit your workflow, so documentation is a breeze.
An EMR does more than improve documentation.
No matter how you choose to collect payment for your services (i.e., via cash pay or through third-party insurance providers) you still have a practice to run. And there are some practice management benefits that only the right EMR can provide. These include:
An integrated scheduling feature allows you to view and edit schedules for patients, therapists, and treatment rooms. And, because your calendar is connected to your documentation, your patient records and patient appointments are linked—thus enabling you to gain valuable insight from tracking no-shows, cancellations, and lost patients.
Automatic Patient Reminders
Sending your patients automatic appointment reminders via phone, text, or email can help you maximize your office hours and reduce no-shows. Plus, you can track your results directly within the EMR.
Curious as to which referral sources are generating the most business for you—and which ones might need a bit of extra attention? Use referral reports to identify the marketing efforts that are worth your while.
Whether it’s with your own staff or other members of a patient’s healthcare team, information sharing is critical to ensuring excellent care at every level. Use your EMR to easily communicate with staff via secure instant messaging and with external providers via secure email and faxing. Plus, with the right EMR, all of your external communication will be legible and branded with your clinic logo (talk about a leg up on the professionalism front).
An integrated outcomes tracking solution allows users to collect objective data, thus empowering them to prove their value and enhance patient care. With a library of standardized, industry-accepted tests, you can set concrete performance goals and track your team’s progress toward them. That’s great for your patients—and for your bottom line.
HIPAA breaches are incredibly costly and can destroy patient trust, which is critical in a provider-patient relationship. With the right EMR, the burden of keeping PHI safe doesn’t rest solely on your shoulders, because the application is fully HIPAA compliant and stores all your data in a world-class, extremely well-guarded data center. Now, that’s a whole lot better than keeping it in a filing cabinet in your clinic—fireproof lock or not.
In case you’re wondering, Wendel uses WebPT, because she likes the portability of a web-based application, the fact that she doesn’t need to store paper charts in her basement for seven years, and the professional quality of the notes she’s able to securely send to physicians and other healthcare professionals on her patients’ care teams.
Want to learn more about the best EMR for cash-based practices? Schedule your complimentary demo of WebPT today.