The 5 Best Billing Tips Every Chiropractor Needs to Know
For chiropractic practices that accept insurance, the economic success of a business depends on the timely submission of accurate claims and receipt of reimbursements. However, a chiropractic claim process can take weeks or even months for claims to be reimbursed by insurance companies. Improving the claims method and claims submission process will result in faster submissions and improved first-time approval statistics. Learn how to improve your claims process, submit claims, post payments, and track all your insurance claims efficiently. 1. Ensure Your Process for Claims Runs Smoothly One of the easiest ways to make sure your billing process for chiropractic care runs without a hitch is to keep claims processing running like a well-oiled machine. Explore systems of organization that allow you to automate processes like Genesis Chiropractic Software. 2. Look at Cloud-Based Chiropractic Software Options Cloud-based technology is the current trend for chiropractic billing software, and it’s not going anywhere any time soon. These options, like our industry-leading software, provide all-in-one solutions for billing, patient management, and more. 3. Do Not Delay in Posting Adjustments/Write-Offs You might see big numbers like $35,000 in receivables, but in reality, only $25,000 is written off. Actual receivables are displayed only when all value adjustments/write-offs have been posted. Checking amortizations and adjustments against tariffs and policies can also help you spot payment errors. 5. Outsource Your Chiropractic Medical Billing Many chiropractic practices are accustomed to handling the claims process for chiropractic insurance policies in-house. However, if you’re making more than $50,000 a year, consider outsourcing billing to a professional who can handle it for less than your hourly rate. Some billing companies charge a percentage of the collection. Hourly wages at these companies are about minimum wage! So sometimes it’s not easy. Contact us today to learn more about how Genesis Chiropractic Software’s billing services can help you achieve long-term financial success while providing superior patient care. Genesis Chiropractic Software’s chiropractic billing services include coding review, rejection management, payment notification, AR follow-up, and other services. Contact us to learn how leading practices are increasing revenue with billing services. 6. Automate Your Billing Process Complex and repetitive billing tasks that can be easily automated with chiropractic billing software strain your business. You or your billing representative can spend hours submitting claims that could otherwise be used for more patient-centric services. Chiropractic claims software allows you to access, submit, track the status of, and schedule payments for medically required documents for your insurance claims all in one place. With 24/7 access to Chiropractic’s EHR, billing software, and patient records, you can avoid a lot of billing hassles right from the start. You can leverage the chiropractic billing software to avoid coding errors and send claims with just a few clicks. An integrated clearinghouse will scrub your claims before submission You can leverage the software to avoid coding errors and send claims with just a few clicks Readily track claims that have been paid and which require follow-up. You can run regular accounts receivable reports to identify outstanding claims. Your staff can separate accounts receivables by insurance and patient balances. Overall, using chiropractic insurance accounting software reduces overhead and operational costs and increases the speed of chiropractic claims. An efficient chiropractic medical billing process and the best chiropractic billing and coding practices can help increase your practice’s revenue and streamline your operations. Automating your claims process with Genesis Chiropractic Software can make your claim and claim process fast, efficient, systematic, and accurate. Improving your chiropractic billing process by following the methods above will ensure long-term success while providing the quality care your patients expect.
How to Start a Chiropractic Business with Financing
The money required to start your own chiropractic practice may seem intimidating, but here’s how you can navigate startup costs and more. The total cost of setting up an office, hiring staff, and purchasing medical equipment can quickly add up. Plus there are additional obstacles. It’s important to remember that most lenders treat chiropractic care as alternative medicine when it comes to loan terms. So, you may not get the same rates as doctors and dentists. Here are ways to finance your chiropractic practice: Types of Chiropractor Loans Long-Term Loans: These are loans that can be paid off over many years. They can be used for large purchases like medical equipment, new construction, or to buy property. However, it’s more difficult to qualify for low interest rates for this type of loan. Short-Term Loans: If you need to borrow money for a small amount of time, this may be the right fit for you. Common expenditures here include salaries, rent, and medical or office supplies. These typically come with higher interest rates. Equipment Financing: These come with lower interest rates but at a cost. Equipment financing is when lenders use your actual chiropractic equipment as collateral in the event you default on your loan payments. Line of Credit: A low-risk form of financing with higher interest rates. Your financial institution will determine the maximum line of credit extended to your business. Payments can be made monthly or as agreed upon with your bank. What You Need to Know About Lenders Banks and credit unions: This is the go-to option for many people. Often considered traditional and trustworthy, rules and regulations for borrowing tend to be strict. This tends to be a more reliable option for established businesses as they have a higher chance of approval. Government: You may be eligible for funding from the U.S. Small Business Administration (SBA). The program means the federal government agrees to partially pay a portion of your business loans. However, this is typically applicable to businesses that have operated for two or more years. Online Lenders: If you don’t have any history owning a business, this may be an option for you. It’s relatively easy to get approval. The catch is interest rates are generally very high. Other Finance Options It can help to find a financial lender that’s experienced in working with chiropractors. This may afford you the opportunity to get the best interest rates and deals. You may have noticed a lot of finance options require you to have past experience owning or operating a chiropractic business. Other ways to combat this are to take out a personal loan. While it’s not advised, you can secure a loan against your home, car, or other investments. This option comes with the dangerous risk of losing your possessions in the event you can’t pay your loan. While it’s not difficult to qualify for funding, there are definitely obstacles that can make it a tricky road to navigate. Don’t hesitate to speak with various lenders to fully explore your options given your chiropractic experience and financial situation.
How Much Should Chiropractors Charge for Their Services?
So, how much do you charge your patients? Well, the answer isn’t always easy. We often ask ourselves: “How much are my competitors charging?”, “What’s the normal market rate for my area?”, “Are my prices reasonable?”, and “Are my prices competitive?” The reality is there’s a balancing act to be done between what you’re paying for overhead costs, employee salaries, office supplies, and what you catered for lunch last week. How Much Do Your Services Really Cost? The average overhead in typical chiropractic practice is 50%, according to a national survey. It’s expected this amount will likely increase due to increasing infrastructure and utilities costs. Here’s a simple formula to calculate your costs: Make a list of monthly fixed expenses Determine your number of patient visits per month Determine true patient reimbursement value (with insurance) Divide your overhead cost by average number of visits to get your cost per visit Divide the cost per visit by the average income per visit to get your overhead percentage. Factor Insurance and Additional Costs It’s not uncommon for chiropractors to find themselves working with patients who are either not insured or underinsured. This can make it difficult to forecast certain patient costs, so make sure your patients are up to date on their insurance paperwork to avoid this type of headache. Don’t Forget About Chiropractor’s Fees This can vary by region or state, but chiropractors fees have generally increased over the years to specifically assist underinsured patients. If that’s the case, you should consider using the Discounted Medical Planning Organization (DMPO). This makes it easier for you to see patients who may be underinsured or simply don’t realize their insurance doesn’t cover all of the chiropractic care services they need.
Beginner’s Guide to Starting a Chiropractic Business
The primary motive of chiropractic care is to improve spinal mobility. This usually means correcting posture and alleviating various types of spinal pain. Patients often choose this treatment when they are unsatisfied with conventional treatments or when they want pain relief that traditional, western medicine cannot provide. Here are some tips for launching a chiropractic clinic. Choose the Best Software/EHR For Your Needs One of the most important investments you’ll make for your new business is choosing the right software for you. The best software for your business needs will support all aspects of effectively managing your practice. Since there are multiple options to choose from on the market, you should carefully research and weigh the pros and cons of each option based on its product features, price, and reputation. EHR solutions range from on-premise options to cloud-based software. Deciding which software is the best one for your practice requires laying out all your options, researching and evaluating reputable software vendors, and making a decision based on a combination of factors. As a final piece of advice for an up and coming chiropractor is to find the software that will not only have all the functionality you need today but the one that will also provide all the functionality you need to continue expanding your practice for years to come. We recommend that you carefully consider the software with the highest risk. Make a Website for Your Business Brand Before you start building awareness of your new clinic, it’s important to spend time setting up a simple website that will refer potential patients to your new clinic. Luckily, there are plenty of free services to help you quickly set up a professional-looking website with drag-and-drop elements and easy-to-use templates. Your website should accurately communicate your clinic’s mission and what patients can expect on their first visit. A patient first visit will set their expectations for every visit that follows. Automate Your Chiropractic Practice Workflow Spend your time focusing on running your day-to-day operations, while we streamline your processes, such as billing. Genesis billing software improves your patient communication, reduces patient no-shows, automates visit documentation, and easily implements ICD-10 documentation into your chiropractic practice. Our cloud-based software also manages your inventory, receives appointment reminders, and helps you maintain compliance with its HIPAA designed records and forms. Genesis was built to streamline your company’s overall practice management, increase retention, and drive more sales and revenue through a working chiropractic practice management software system. Helps generate profits. Chiropractic Software Reviews consistently rank Genesis Software, EHR, Chiropractic SOAP Notes, Customer Service, and Chiropractic Billing Services as industry leaders. Network In the weeks leading up to the launch of a new clinic, networking within the local community is very important and can pay off in the long run. It helps promote your practice, but there is no other way than to simply join the community and spread the word about your practice. Join your local Rotary club, attend community events, set up social media pages, and interact with other local business owners to build lasting partnerships that will benefit everyone involved . Other business owners may share a lot of valuable expertise in building and maintaining a thriving business in your area. Use your network for advice, mentoring, and inspiration as you set out to build your practice from scratch Our software platform is built on a unique chiropractic workflow management architecture that was specifically designed to automate most practice management tasks, starting with insurance claims. Additionally, our advanced chiropractic workflow management system offers automated alerts and task creation, so you can stay on task and stay on budget. Genesis was created from the ground up to eliminate the need for memory management, promote teamwork within your practice, and help manage patient communication and relationships. Genesis provides new clients with an easy-to-follow discovery process to see if the systematic approach of Genesis software is right for your practice. See how our solutions can help you to achieve your practice and business growth goals by filling out the form found here.
7 Tips for Keeping Your Chiropractic Business Running Smoothly
Genesis Chiropractic Software is here to help you ensure your chiropractic business is running smoothly. Here’s what you need to know about adding marketing and business skills to your arsenal to improve your business and patient experience. 1. Be Unique, Be Different Last year, there were over 67,000 chiropractic practices in the U.S. One of the best ways to set yourself apart from your competition is to identify ways that make you special. It may be as simple as being more personable with your patients than other offices or a patient program that emphasizes information and/or additional communication. You also can provide supplemental information for chiropractic care online. 2. Give Back to Your Community Giving back to your community through volunteer work, outreach programs, or other educational opportunities can really set you apart from the rest. You can even attend or sponsor health fairs to get your name out in the community. These are great options to promote your practice and meet important people in your area. 3. Never Stop Learning A winning chiropractic practice relies on continued education to ensure you and your team are up to date on the most current treatments and technologies. You also want to stay up to date on marketing and advertising strategies to help your business grow. 4. Stay Current on New Tech Modern patients want modern technologies. In some cases, you can save more money by upgrading to new equipment due to energy efficiency, reliability, and other factors. 5. Make It Easy for Customers to Pay You Offer a variety of ways for customers to pay you. Whether it’s online through a bill pay system, cash, or via insurance, they like to have options in order to choose what’s right for them. Don’t get trapped into a situation where a patient can’t pay because you don’t accept X, Y, or Z forms of payment. 6. Social Media is Your Friend Whether it’s Facebook, Youtube, Twitter, TikTok, or Instagram, it’s important to get your practice on social media. At the minimum, it’s a free way of promoting your business and sharing thought leadership with your target audience. You may explore paid advertising as a way to win new patients. Additionally, chiropractic care treatments have become viral on TikTok in the form of “back cracking” video shorts. 7. Explore Laser Therapy Laser therapy can treat a wide variety of conditions including subacromial impingement syndrome, plantar fasciitis, arthritis, and more.
5 Things Every Chiropractor Needs to Know About Running a Successful Business
Are you looking to expand your current practice or start a chiropractic business? If so, you need to learn everything you can do to properly run a chiropractic practice. This will help you create a business book and deliver a practice that will keep your patients happy and wanting more. We at Genesis Software Chiropractic are here to help! Below is a guide on how to properly perform chiropractic practice and what you should be aware of. 1. Get Acquainted with Chiropractic Coverage No, not health insurance. That’s another matter. “Chiro coverage” in this context is the ability to have a temporary chiropractor live in your office. There are times when you have to take time out for practice. A successful chiropractic practice takes a lot of effort and time. You love your job, but you need time off to keep things honest. Making time to recharge your batteries will help you provide your patients with the best possible care. You may also need chiropractic coverage if your family has an emergency or other unforeseen circumstances. It would be nice to have this as an option. Think of it this way. With chiropractic coverage, you can make money while you’re away. Our onsite doctors ensure patients get the care they need while they tend to family or have a drink at a resort. This also helps patients maintain their routines. Even one week away from their routine, which they weren’t planning for, can throw patients out of the habit of coming in for an adjustment. 2. Get in Front of the Business Sector Believe it or not, the corporate world is one of the most profitable cash cows for chiropractic practice. Those who have access to it receive an influx of loyal patients. That is why we suggest that you do a little research to become familiar with all the different health insurance plans that cover chiropractic care. Once done, you can then join the Chamber of Commerce and attend events regularly. This allows you to expand your network. Research this network, see what providers each company uses, and then ask if you can set up a table in your office, commercial area, commercial building, etc. This table is where you can start making progress since more and more people will come to you for information. You can offer a free first appointment at your office and you can work your magic from there! You can also consider having some employees (or outsourcers) complete the sales spreadsheet. 3. Create a Plan for Scheduling Chiropractic care is all about scheduling. Expectations need to be set for patients, just like salespeople. If a patient leaves the store without making their next appointment, chances are they won’t come back. At least not for long. First, find out how to create an online customer portal. This way the patient can enter and select a date for the next appointment. This is especially important for a patient who sees you 2-3 times a week. This portal integrates with your phone’s calendar app so you can always be reminded of your appointments. The more reminders, the fewer missed appointments and the more benefits for the office. 4. Outsource Insurance Billing Not sure how insurance claims work? You’ll be relieved to know that most chiropractors don’t do insurance claims themselves. In fact, the smartest chiropractors are businessmen and women who know how to delegate small tasks. This allows them to focus on their own practice and leave other tasks to someone they trust. We recommend outsourcing your insurance claims. Get access to the best resources at less than half the price of hiring a full-time employee. Not to mention having an experienced team overseeing the office billing process. That means fewer mistakes. 5. Hire a Digital Marketing Agency Speaking of outsourcing, building an online presence requires hiring a digital marketing agency. It’s a big part of the market these days. A digital marketing agency can help you in many ways. It can help you with your website, search engine optimization (SEO), pay-per-click advertising (PPC), social media, and more. Again, outsourcing to a digital marketing agency yields higher returns than hiring a full-time employee. You’ve learned a variety of tips and tricks to grow your chiropractic practice, so be sure to take advantage of them. Start by identifying your greatest needs. Visit our site for more information on how you can run a successful chiropractic practice.
5 Must-Haves to Look for in a Chiropractic Software
In recent years, healthcare IT spending has broken records as healthcare practices learn how to navigate changes such as the ICD-10 and the Affordable Care Act. Chiropractic software is no exception. Managing today’s chiropractic clinics profitably requires intelligent and powerful tools for processes such as appointment scheduling, insurance verification, coding, and patient billing. Chiropractors don’t have time for denied bills or accounts receivable forever. Luckily, having the right chiropractic software to manage your care, from scheduling appointments to marking payments to your account, can simplify a myriad of office processes. This means chiropractors can spend less time on IT and administrative issues and more time caring for their patients. Here are five must-haves you should look for in chiropractic software. 1. It Should Have an Intuitive User Interface Chiropractic software that does not offer a friendly and intuitive user interface should be removed from the list immediately. Today, there is no excuse for needing to learn new skills to use the software. While we have to insist on chiropractic software with a wealth of training resources, we also have to insist on software that is user-friendly enough to get you started right away. 2. It Should Be Cloud-Hosted Few practices have the resources to host a server onsite. Not to mention maintaining servers and installing software upgrades. These worries go away when you choose chiropractic software hosted in the cloud. Cloud-based software is hosted in the cloud and easily accessible from your office computer or device over a broadband connection. Server issues, security patches, and upgrades are all handled by our software provider, so you can be sure you’re always using the latest and most secure software version. 3. It Should Be Designed Specifically for Chiropractors You might think that clinic management software is the right fit for running a chiropractic clinic, but that’s not always the case. Chiropractors treat a special set of conditions that general practitioners and pediatricians may not encounter. Therefore, tools must be specifically designed for chiropractors and their unique administrative, coding and billing needs. That way, you won’t waste money or time on irrelevant software features, and you’ll be sure you have the tools you need to practice. 4. It Should Make Coding Easier and More Accurate Coding requires dedication, attention to detail, and extensive knowledge. While it’s clear that you need to hire experienced and competent coding staff and invest in their practices, it would be even better if you provided them with software tools to help them correctly code insurance company filing procedures. Good coding is the key to a high “clean claim” rate, and the right chiropractic software can go a long way in achieving this. 5. It Should Produce a Fast, Positive Return on Investment If chiropractic software doesn’t provide a return on investment, what good is it? Ultimately, it’s all about software that keeps your business running smoothly, preventing problems, billing more accurately, and keeping your revenue cycle on track. Therefore you must invest in the right software to get the most out of your return. Thoroughly research your options, including the expected return on investment, before deciding on chiropractic software. How frustrating it would be to spend so much money on a chiropractic software system and find that it doesn’t make a living at all. Claim ROI information before committing to a chiropractic software solution. Genesis Chiropractic Software provides cloud-hosted chiropractic billing software. The software helps you create claims quickly for fast collection. Designed specifically for the unique needs of chiropractic billing, Genesis Chiropractic Software is both HIPAA compliant and fully ICD-10 compliant. It’s flexible, powerful, and comes with an intuitive interface and extensive training resources to help your team get the most out of the software. You can schedule a free demo here.
3 Great Ways to Market a Chiropractic Business
Every business owner understands the importance of having their name out there to attract more and more people to your practice. This is why efficient and effective marketing ideas are essential for your practice. If you are looking to attract new patients to your office and outperform your local competition, Genesis Chiropractic Software is here to help. You don’t have to struggle to find a great strategy, just follow along as we discuss a few chiropractic marketing ideas for you to put into action at your practice. Take Advantage of Online Directory Listings Do you know all the places where your practice’s name and website appear online? Your chiropractic website should appear on as many directory websites as possible with current contact information in order to increase your online visibility for potential patients. This includes your practice’s: Name Address Phone number Website URL Business hours Reviews Photos of your business When looking for a new business, most people turn to the internet to maximize their efforts. If your URL is on major listing sites, this will easily improve the traffic that comes to your website. Listing sites like Google My Business and Yelp receive millions of hits each day from people who are interested in finding a business like yours within their community. With online directory listings, you will also see what existing patients are saying about your practice. Reviews give them the opportunity to share the positive experience they had with you, your staff, and your chiropractic services, which will, of course, encourage even more business to come your way. Give Health and Wellness Lectures There are plenty of people in the world who are interested in chiropractic services but don’t know enough about it to take the next step and make their first appointment. One way to encourage them to choose you as their first chiropractor is to educate them more about the benefits of chiropractic care. First, you will need to research topics a potential patient will find most valuable. You can host events in and around your local community to equip them with the necessary information needed to make an informed decision about their health and wellness. By giving these lectures on the effectiveness of receiving care, you will raise awareness about your practice while also building your credibility within the community. The more resources you provide, the more trust you earn from the members of your community as they begin to see you as a valuable resource to them both individually and economically. Some chiropractic topics that many potential patients seem interested in include: Chronic or acute back and neck pain Chiropractic treatment during pregnancy Auto injury treatment Improvements in mobility and range of motion Increase in sports performance Improves daily energy as well as better sleep at night Give a Behind-the-Scenes Look into Your Practice With Videos Potential customers are turning to video content now more than ever as a way to learn more about businesses and their brands and this trend is something you want to take advantage of. One of the best and easiest ways to engage with prospective patients is to make videos as you work with patients so they have a good understanding of your products and services as well as the benefits of using them. How will a chiropractic adjustment go for a new patient? What are some of the instruments you use to perform your manual therapies? What stretches do you recommend for patients to do at home to relieve pain? These are all topics that many clients are interested in and will pique the interest of viewers so they want to learn more about your business Once you’ve created your videos, make sure to publish them everywhere from your website to your social media pages and even email them to your mailing list!
How Can I Protect My Best Interests After a Slip and Fall Accident?
Most people will slip and fall at some point in their life. However, not every person will be able to get up and have only a tinge of embarrassment to walk off. Some people will suffer from mild to severe injuries that may require medical care. It is possible that the accident wasn’t even their fault, but now they have to deal with physical pain and other losses as a result. Because a trip or slip and fall can happen to anyone, any time, and at any location, it is important to know what to do following the accident to protect your best interests. Is it necessary that I get medical care? What if I don’t have any pain? Even if you don’t have any pain immediately after the slip and fall accident it is possible that your body sustained injury. You may not experience any symptoms until the next day or two, as the body tells you that something is wrong. Seeing a doctor ensures that your injuries are properly documented and can be used as a vital piece of evidence if you choose to seek financial compensation for your losses. Do I have to file a report with the property I slipped and fell at? Yes, as part of handling the situation, you must notify the appropriate parties about your slip and fall accident. If you pursue a claim against the offending party but there is no record of the incident occurring on their end, it can hurt your claim. For example, if you slipped at a retail store and didn’t tell the staff and file a report, then they can claim the incident never happened since you didn’t speak up that day. When filing a report with the property owner or manager, ask for a copy so you can share this with the attorney helping your case. What is something people forget but that can be impactful in a slip and fall case? The clothes you were wearing at the time of the accident can be very influential to your slip and fall lawsuit if you so wish to take legal action. Your clothes may be assessed by a professional examiner as a relevant piece of evidence, as articles of clothing sometimes show signs that an injury was sustained. For instance, if you were wearing jeans at the time of your slip and fall and had caught your pants on a broken corner of a shelf, the tear in your jeans at that precise location can be used to support your claim. What if the property owner or their insurance company contacts me? The property owner or a representative from their insurance company may reach out to you for a statement about what happened. Of course, you may have already submitted a written report to them, so they probably know the details of what happened, but they may be trying to get you to say something that contradicts your claims so that they can weaken your side of the story. If you or someone you know has been in a slip and fall accident, contact a slip and fall law firm, like a Washington DC slip and fall law firm, today. Thanks to Cohen & Cohen, P.C. for their insight into slip and fall accidents.
Benefits of Cloud-based Software
In the past years, a lot of chiropractors believed that only large businesses should use software to automate their various tasks. However, small businesses are gradually waking up to the importance of automation. All thanks to the availability of better cloud-based software. If you are still thinking about whether you should use software to help automate your practice, consider the following benefits of small business automation: Improve customer experience Generally, the success of any practice depends mostly on patient satisfaction and experience. Nevertheless, due to time constraints and limited staff, many small practices have issues with communicating and managing the needs of their patients effectively. Of course, you don’t have to worry about this issue because you can now take advantage of the customer management system (CMS). By using customer management software, your team can communicate seamlessly and electronically with your patients irrespective of the time they are trying to use your services or products. This communication plays a pivotal role in enhancing the experience of your customers. Enhancement of the speed and efficiency of your small business By executing your business processes manually, you are going to be performing the same tasks over and over again. Resultantly, you are exposing your practice to human errors and time waste, which, in turn, leads to inefficiency. Automation software can carry out any time quickly without any errors. This will not only improve your business speed, but it will serve as a boost for your practice efficiency. Reduction of your running cost Without a doubt, some software can be expensive to acquire for the automation of your small business. However, once you have bought the software, there will be a significant reduction in your running cost. This reduction is because you may not need many employees to execute specific tasks. The software may be enough to perform the tasks of 2 or more employees. What Parts of Your Practice Process Can You Automate? You can automate most parts of your small business. Here are a few examples of business processes that you can automate with software: Email marketing Email marketing is one of the most common business processes that software can automate. Email marketing software can add the contact of each new client to the right segment, send them a welcome message, and acquire information about the clients. Sales Sales pipeline can be highly demanding; hence, managing it manually can be a daunting task. With the automation of the sales process, small business owners can improve their business in all ramifications. Some of the tasks that the sales software can do include tracking the changes in your sales funnel and identifying the best prospects. All these benefits can help you make an informed decision about your small business. Customer support Chatbots and other systems have been designed for providing quick responses to the request of your customer. In lots of cases, they may be able to solve the problems of your customers without any human input. However, you need to be careful and not rely too much on software for customer support. Other business processes that software can automate for small businesses include workflow, social media, finance, data backup, and onboarding.
