Don’t be Fooled by a Toaster Oven when Hiring a Billing Company
When researching billing & EMR companies, make sure you use the following checklist to spare yourself from any feature limitations or invoicing surprises down the road.
Billing Service & EMR Pricing Questions:
- Are there start-up or training fees?
- Additional per user fees?
- Additional location fees?
- Is there a Long-Term Contract you can’t get out of if dissatisfied with service?
- Are there Clearinghouse fees?
- Are the hosting and storage fees included?
- Statement processing fees?
- Postage fees?
- Is the schedule included?
- Are scheduled patient reminders included?
- Is integrated inbound and outbound faxing included?
- Do you need to purchase additional hardware or software?
- Are new features and enhancements included or will they increase monthly fees?
At StrataPT, our pricing is simple and honest. Our all-inclusive software and billing service is invoiced based on a straight percentage of collections. There are no other fees. Our clients appreciate this. They understand that their invoice will be directly reflective of the amount we collect for them without taking on endless fees to inflate their invoice. As we release new software features (which we do often), our clients are able to begin using these tools to improve their efficiency without having to pay a cent more. We don’t release new tools so that we can dangle another carrot in front of our customers until they pay more.
When it comes to the pricing of a billing service, the most important point to understand, and what we hope to convey in this lighthearted video, is that the percentage rate quoted by a billing company is only as good as their service. There are many physical therapy billing companies that will quote you a rate as low as 4-5%. At face value, a low rate like this sounds very appealing. However, what they fail to mention is at that low of a rate, they are unable to provide adequate manpower and resources to follow up consistently and aggressively on all outstanding claims which leads to 10-15% of your money being uncollected or written off.
We hope you enjoy this video and gain an understanding of how StrataPT’s price point and pricing structure allows our clients to scale in size while allowing StrataPT to collect every dollar owed to them.