Have you ever opened your cell phone bill and glanced at the statement total only to realize it was nowhere remotely close to the package price you were quoted? Once you drill into the line items, you realize that there are user fees, emergency fees, local taxes, and state taxes quickly diminishing the “deal” you thought you scored. There are up to 75 additional fees that a cell phone carrier can legally charge you.
This is the same manner in which many physical therapy billing & EMR companies operate. During your initial interaction, you may be quoted a low monthly fee, per day fee or a low percentage of collections. What these companies fail to share during the “sales process” are all of the add-on fees that will be tacked on to your monthly invoice. 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:
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.
In theory, you are not truly paying 4-5% but rather 4-5% PLUS the 10-15% that is uncollected, for a grand total of 20% taken from your bottom line.
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. Afterward, we hope you find that we “made a wonderfully valid point” and gain a better understanding of how StrataPT makes your practice our top priority.