Decision based on desire to improve patient experience and
bottom-line revenue
PHOENIX--(BUSINESS WIRE)--#EmpowerHIT--BMS Practice Solutions, a WebPT company and the most-tenured billing and
collections company in the rehab therapy market, announced today it has
partnered with SPEAR Physical Therapy to implement BMS’s revenue cycle
management (RCM) solution across the practice’s 15 New York locations.
The partnership will enable SPEAR to streamline claim submissions,
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increase reimbursements and maximize accounts receivable collections,
ultimately improving bottom line revenues and the patient experience.
SPEAR Physical Therapy was recently named the Practice of the Year by
the APTA’s Private Practice Section for its contributions to advancing
the PT industry. This honor was due in large part to SPEAR’s commitment
to its patients, as well as its adoption of advanced technology and
cloud-based software solutions, the use of which has helped the practice
maintain a 96.7 percent patient satisfaction rating. SPEAR selected BMS
as its RCM solution not only because of the company’s track record for
success, but also because BMS’s company vision aligns with SPEAR’s
dedication to creating the best possible experience throughout the
patient journey.
Backed by WebPT — the leading rehab therapy software — BMS is one of the
most widely used physical therapy RCM solutions in the country. It
strives to help practices maintain payer compliance while streamlining
operations, thus enabling providers to spend more time with their
patients and less time on paperwork and manual data entry. BMS Practice
Solutions will help SPEAR improve the speed of collections and cash
flow, as well as provide insight into business-critical data points such
as revenue production, therapist productivity, and payments per visit
and location.
“With declining reimbursements, a shift to value-based care and the
intensified focus on patient experience, private practices are turning
to RCM partners to help them navigate the changing healthcare climate,
stay compliant and ensure timely payments,” said John Wallace, founder
of BMS and Chief Business Development Officer of Revenue Cycle
Management at WebPT. “SPEAR is one of the most well-respected private
practices in the country, and the SPEAR team has a lot to manage at
their 15 locations. We’re proud to be their partner as they continue to
grow and achieve greatness in practice.”
By improving workflow efficiencies across SPEAR’s multiple locations,
BMS Practice Solutions will help facilitate better relationships between
patients and clinicians as well as streamline the entire care process —
including billing and payment — for each patient.
“We strongly believe that the unique experience we provide is what sets
our practice apart from the rest, and we strive to maintain that
experience in every way possible, from the expert physical therapists we
hire to the technology partners we select,” said Dan Rootenberg,
president and CEO of SPEAR. “As we continue toward our goal of targeted
expansion, we’re confident BMS will help fuel our growth and enable us
to uphold our commitment to an unparalleled patient experience.”
About BMS Practice Solutions, a WebPT company
Founded in 1989 in Upland, Calif., BMS Practice Solutions is the largest
and most tenured billing and collections company in the therapy
industry. It provides state-of-the-art technology and services to
outpatient physical therapy organizations across the country. The
company, which operates six regional billing centers throughout the
U.S., processes more than 5 million claims each year. BMS was acquired
by WebPT, the leading rehab therapy software, in January 2018. Learn
more at bmspracticesolutions.com.
About SPEAR Physical Therapy
SPEAR Physical Therapy, LLC is an award-winning New York physical
therapy practice with 15 locations in Manhattan and Brooklyn. The
company has been named to the Inc. 5000 list of the nation’s fastest
growing companies four times and was named by SmartCEO magazine as a
Future50 company five times. Founded in 1999 by two athletes who wanted
to provide a superior patient experience, SPEAR has rapidly grown to a
team of more than 270 people.
Contacts
for WebPT
Beth Cochran, 602-758-0750
or
Sarah
Gray, 928-533-2400