A Guide to Managing Patient Statements

As a therapist, have you ever found yourself overwhelmed by the complexities of managing patient statements? From tracking appointments and services rendered to ensuring accurate billing and timely payments, the process can quickly become a daunting task.

Juggling multiple patient records, calculating charges, and following up on outstanding balances can be a time-consuming and error-prone endeavor. Neglecting this crucial aspect of your practice can lead to financial losses and strained client relationships, ultimately affecting your therapy practice efficiency.

But what if there was a way to streamline patient statement management, allowing you to focus more on providing quality care? Advancements in practice management software have paved the way for a seamless and efficient approach to this critical aspect of your operations.

In this blog, let us explore how managing patient statements can be made hassle-free with TherapyPMS – An intuitive practice management software.

What are patient statements?

Patient statements are comprehensive documents that detail the services rendered, charges incurred, and payment history for each client. These statements serve as a record of the financial transactions between the therapy practice and the patient, providing transparency and accountability. They also play a crucial role in ensuring a smooth flow of revenue and maintaining financial stability within the practice.

Relevance of patient statements in therapy practice

• Accurate Billing: Patient statements ensure that all services provided are accurately billed, preventing potential revenue leakage or overcharging.
• Payment Tracking: They provide a clear overview of outstanding balances, enabling effective follow-up and timely payment collection.
• Client Communication: Well-designed patient statements foster open communication with clients, building trust and reinforcing the professional relationship.
• Financial Reporting: Comprehensive patient statements facilitate accurate financial reporting and analysis, supporting informed decision-making for the practice.
• Revenue Cycle Management: By streamlining the billing and payment processes, patient statements contribute to an efficient Revenue Cycle Management system, optimizing cash flow and profitability.

Common challenges in managing patient statements

While patient statements are essential for effective patient financial management, therapists often face numerous challenges in managing them efficiently. These challenges can significantly impact Therapy Practice Efficiency and hinder overall operations.

Manual Processes

Many practices still rely on manual methods for generating statements. This can be time-consuming and prone to errors, leading to billing inaccuracies and potential revenue losses.

Data Management

Maintaining accurate and up-to-date patient records, including appointment details, services rendered, and payment histories, can be daunting, especially with a growing client base.

Payment Tracking

Keeping track of outstanding balances is a complex process. Following up on late payments and managing payment plans can hamper therapy practice efficiency.

Compliance and Security

Ensuring compliance with regulations like HIPAA and data privacy laws is a significant challenge. Maintaining secure storage and transmission of patient financial information is also crucial.

Patient Communication

Ineffective communication regarding billing and payment expectations can lead to misunderstandings, dissatisfaction, and potential disputes with clients.

Reporting and Analysis

Generating comprehensive financial reports and analyzing revenue streams can be difficult without proper tools. This hinders effective decision-making and strategic planning.

Addressing these challenges is crucial for optimizing patient financial management and enhancing therapy practice efficiency. Implementing a robust practice management solution can streamline these processes, enabling therapists to focus more on delivering quality care.

Benefits of using TherapyPMS to manage patient statements

TherapyPMS, a comprehensive practice management software, offers a powerful and streamlined approach to managing patient statements. By leveraging this innovative software, therapists can overcome the common challenges associated with patient financial management and enhance overall practice efficiency.

Let us look at some of the key benefits below.

Automated Statement Generation

TherapyPMS automates the entire process of generating patient statements, eliminating the need for manual data entry and reducing the risk of errors. With customizable templates you can create professional-looking statements that reinforce your practice’s identity.

Centralized Patient Data

TherapyPMS acts as a centralized repository for all patient information, including appointment details, services rendered, and payment histories. This ensures accurate billing and minimizes the risk of discrepancies or missed charges.

Seamless Payment Tracking

The software provides a clear overview of outstanding balances, enabling you to track payments effectively. This helps to manage payment plans with ease, improving your practice’s cash flow.

Secure Data Management

TherapyPMS prioritizes data security and compliance with industry regulations. Patient financial information is securely stored and transmitted, ensuring confidentiality and maintaining trust with your clients.

Efficient Patient Communication

With TherapyPMS, you can streamline communication with patients regarding billing and payment expectations. Our dedicated online patient portals facilitate transparent communication, reduce misunderstandings and enhance client satisfaction.

Comprehensive Reporting and Analytics

TherapyPMS offers robust reporting and analytics capabilities, allowing you to generate detailed financial reports and gain insights into revenue streams. This data-driven approach supports informed decision-making and strategic planning for your practice.

By leveraging TherapyPMS to manage patient statements, therapists can optimize their patient financial management processes, improve practice efficiency, and focus more on delivering exceptional care to their clients.

Steps to manage patient statements in TherapyPMS

• Look for the Billing option in the left navigation and click Patient Statement under it.

• Click the Manage Statements tab in the Patient Statement module.
• Sort the data table by Invoice/ Patients/ Date Range/ Date of submission. Next, make a filter selection based on the sort field selection and click Go to generate the table. Now you will get the invoice details in the data table. You can manually edit the due date here.

• You have an action button that can perform three different options:
• Print invoice – Click this action button to view the invoice which can be printed and downloaded.

• Email invoice – Use this action button to email the selected invoice(s).

• Get paid through CC – Complete payment of the selected invoice(s). The patient should have a card on file for successful payment.

• You also have a drop-down option, using which you can:
• Update Due Date – Bulk update the due date of the selected invoices (use the checkbox to select multiple invoices).

• Show Detail(s) – Click this option to view the selected invoice(s) payment statement and the generated table will also have an option to retract the statement(s).

To conclude

Effective revenue cycle management is paramount for the financial health of any therapy practice. However, a staggering 70% of medical providers report that it takes at least one month or longer to collect from a patient. This delay in payment collection can significantly disrupt cash flow and hinder overall revenue cycle management. Addressing this challenge is crucial for maintaining a thriving practice.

By understanding the common challenges and leveraging the right practice management solution like TherapyPMS, therapists can streamline this critical process, optimize revenue streams, and focus more on delivering exceptional care to their clients.

Prioritizing patient statement management is an investment in the long-term sustainability and growth of your practice.