• Founder Letter: 3 Processes Your PT Practice Needs to Get Paid Image

    articleMay 4, 2017 | 6 min. read

    Founder Letter: 3 Processes Your PT Practice Needs to Get Paid

    As a practicing PT, OT, or SLP, you’re a businessperson—whether or not you want to consider yourself one. After all, in order to be successful in your practice, you must understand—and apply—the principles of business, including the fundamentals of process as well as profit and loss (P&L) statements. It’s the only way you’ll be able to keep your clinic’s lights on and bring home enough money to keep doing what you love. With that in mind, here …

  • Fee for All: How to Set a Rate Schedule for Your Rehab Therapy Practice Image

    articleMay 3, 2017 | 6 min. read

    Fee for All: How to Set a Rate Schedule for Your Rehab Therapy Practice

    I’m going to be frank here: setting the right fee schedule for your clinic is important—like, really, really important. Why is it such a big deal? The answer might seem obvious, but it’s actually a bit more nuanced. When new patients step into your office, you’re not just improving their day-to-day function—you’re showing them the value of their health and well-being. By seeking out movement-based therapy, patients are making an investment in their physical welfare. So, as …

  • Death to Denials: 4 Strategies for First-Pass Claim Payment Image

    articleMay 1, 2017 | 4 min. read

    Death to Denials: 4 Strategies for First-Pass Claim Payment

    Claim denials are the worst. You provide your patients with exceptional therapeutic intervention—and bill their insurance companies to recoup payment for those services—only to find out that the payer has no intention of actually doing any paying. Womp, womp. While you could—and should—implement a process to correct and rebill denied claims, wouldn’t it be even better to stop them from happening in the first place? After all, it costs providers an average of $25 to rework a …

  • 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 …

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