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  • The Financial Metrics that Matter Most to Therapy Private Practices Image

    articleApr 27, 2017 | 6 min. read

    The Financial Metrics that Matter Most to Therapy Private Practices

    According to Pink Floyd, money is a “gas.” While the surface level interpretation of that lyric may be that money is fun and entertaining, the word “gas” seems deliberate here. After all, money is fuel. We as a society run on it, and yet, so many of us—including rehab therapy professionals—manage it poorly. The trick to better financial management is knowing what to actually manage—or more specifically, what to track, monitor, and act upon. With that in …

  • The Case for Care Cost Transparency in Your Practice Image

    articleApr 26, 2017 | 6 min. read

    The Case for Care Cost Transparency in Your Practice

    Back in the day, the notion of healthcare providers discussing the cost of treatment with insured patients was relatively unheard of. After all—aside from a nominal patient copay—insurance usually footed the bill. That’s not the case today. As Fair Health President Robin Gelburd writes in this Physicians Practice article , the insurance industry has evolved to place greater financial responsibility on patients—hello, high-deductible health plans (HDHPs). As a result, patients want to know the cost of the …

  • Combatting Health Insurance Illiteracy: How to Help Patients Understand Their Plans Image

    articleApr 24, 2017 | 5 min. read

    Combatting Health Insurance Illiteracy: How to Help Patients Understand Their Plans

    Last week, WebPT’s Brooke Andrus wrote a post explaining why patient confusion about insurance coverage can translate into problems for your clinic—everything from angry and frustrated patients to unpaid balances. According to PJ Cloud-Moulds—author of this Physicians Practice post —“there is a huge gap between reality and what the patient thinks happens with their insurance plan.” That’s why—whether it should fall on providers’ shoulders or not—many PTs, OTs, and SLPs are stepping up their educational game to …

  • 5 Must-Haves for a Successful Patient Payment Policy Image

    articleApr 20, 2017 | 5 min. read

    5 Must-Haves for a Successful Patient Payment Policy

    If you’ve spent any length of time in a rehab therapy clinic’s front office, you’ve probably witnessed—or participated in—some uncomfortable conversations concerning a patient’s inability to make a payment. While these frank discussions are never fun, if your clinic doesn’t have a written payment policy, you’re gonna have a bad time . Fortunately, you can avoid those “well, this is awkward” moments with this guide to developing a foolproof policy for collecting patient balances. 1. Contact New …

  • Down with Denials! 5 Claim Fixes to Make Sure Your PT Clinic Gets Paid Image

    webinarApr 19, 2017

    Down with Denials! 5 Claim Fixes to Make Sure Your PT Clinic Gets Paid

    One denied claim might not sound off your billing alarm bells—but in reality, it should. That’s because—as with faulty plumbing—one leak often indicates a much larger issue. And all too often, rehab therapy practices fail to act quickly enough—and soon find themselves wading in a flood of lost revenue. But there are simple, proven, and affordable ways to not only plug your billing holes, but also reinforce your whole system so you’re less likely to bust a …

  • Collection Objection: Overcoming Patient Excuses for Why They Can’t Pay Image

    articleApr 19, 2017 | 5 min. read

    Collection Objection: Overcoming Patient Excuses for Why They Can’t Pay

    If collecting patient payment at the point of service was important before, then it’s mission-critical now—especially as reimbursements continue to shrink. That’s because—as we’ve mentioned here , here , and here —only 21% of patient balances that aren’t collected at the point of service are ever recovered. That’s a lot of cash you’re leaving on the table if your patient collection strategy is not on point. So, in addition to implementing a solid payment policy, successful providers …

  • Insurance Coverage Confusion: Why Uninformed Patients Lead to Unpaid Balances Image

    articleApr 17, 2017 | 5 min. read

    Insurance Coverage Confusion: Why Uninformed Patients Lead to Unpaid Balances

    People buy lots of products without truly understanding how they work. But unlike that automatic wine corker you impulse-bought from Brookstone last month, not every purchase comes with a 20-page instruction manual—or ends up working the way we imagined it would. For many consumers, that frustration definitely applies to the health insurance selection process. And that’s especially true for those who are new to the insurance market —for example, the millions of Americans who recently gained access …

  • WebPT Staff Spotlight on Kevin Tye Image

    articleApr 14, 2017 | 5 min. read

    WebPT Staff Spotlight on Kevin Tye

    He’s a level 27 Pokémon Goer, a former child movie actor, and an old-school hip-hop karaoke star—but if you ask Kevin Tye to describe himself, he’ll just smile sheepishly and say, “Aww, I’m really not that interesting." Of course, when new friends inevitably discover that Kevin has his own IMDb page —which prominently lists his sole claim to silver-screen fame, the role of “nerdy kid” in the 1998 family feature film, “No More Baths”—they almost always ask …

  • Copays, Coinsurances, and Deductibles: What are They, and How do They Impact Healthcare Providers? Image

    articleApr 13, 2017 | 5 min. read

    Copays, Coinsurances, and Deductibles: What are They, and How do They Impact Healthcare Providers?

    Once upon a time, only Medicare was confusing. Now, even commercial insurance plans are hard to understand—which is why many patients (and providers) are asking tough questions, questions like, “Deductible vs. copay? Copay vs. coinsurance? What’s the difference?” While it may not feel like insurance education is something you should have to shoulder, doing so may be a big benefit—both for your patients and your payment collection efforts. With that in mind, here are some seriously helpful …

  • 5 Common Tax Slip-Ups in PT Private Practice Image

    articleApr 11, 2017 | 7 min. read

    5 Common Tax Slip-Ups in PT Private Practice

    This year’s Tax Day is Tuesday, April 18 . And if you’re wondering why you’ve been granted a three-day extension (usually, the deadline is April 15), then check out this article that explains it all—along with an apropos GIF of Prince John in Disney’s Robin Hood counting his “beautiful, lovely taxes.” While Prince John may be a fan of this time of year, most of us are less than excited about it—unless we’re getting a refund, that …

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