PHOENIX--(BUSINESS WIRE)--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, 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.