Anyone who is active in social media in the field of physical therapy knows that these are exciting times. PT’s are interacting in the public forum about practice issues affecting the current and future state of the profession. As more PT’s begin blogging, Tweeting, and connecting on LinkedIn groups, increasing opportunities exist to explore the role of communication.
To the master multitaskers, the stellar schedulers, the terrific trainers, and all the fantastic front-office faces, (wild things or not) you make our hearts sing. You make everything groo(ooooo)vy.
In celebration of the 60th Annual Administrative Professionals Day on April 25th (themed: “Admins, the pulse of the office”), the Team at WebPT would like to give a shout out to our members at the heart of every phenomenal Physical Therapy practice. Sure, staying current on industry research, attending conferences, and implementing top-notch tools (cough: WebPT) are important (really important). But without a strong pulse in the office, your Physical Therapy practice would flat line.
Stay on top of the latest rehab therapy tips, trends, and best practices.
For some of the best ideas to increase revenue in your clinic, look no further than your staff! That’s right one of the easiest ways to gather intimate data about your clinic is to ask the people who work for you. You might be thinking “If my staff sees an issue, they will bring it to my attention.” That may be true, if it’s a big enough issue, let’s hope that they say something. Given that your staff is probably pretty busy during the day, however, it may take asking them point-blank in order to jog their memory. Putting a question front and center gives it it their attention.
PEOPLE DO BUSINESS WITH PEOPLE THEY KNOW! This is universally accepted as one of the golden rules of marketing. If you want your clinic and/or company to grow, you need to develop relationships with people (especially physicians). So, the million dollar question is…how do you achieve this? Do you need to be a salesman/saleswoman?
This post was authored by WebPT Billing Specialist, Geoff Elledge. Thanks for sharing your wisdom Geoff!
There are many different ways to look at your clinic’s finances. You can look at average revenue per patient visit, insurance payer mix, average referrals from physicians and on and on.
Let’s start with a few of the basic questions you should ask:
- much does it cost you to treat an average patient?
- How much does the insurance pay you per visit?
- What is your average patient cost share per visit?
- How long does it take on average to collect?
These are some of the basic questions you have to ask before you can start to maximize your revenues versus expenses.
First of all, take a good hard look at your fixed costs and figure out how much it costs you just to see a patient. It’s boring, but if you want to run a successful business, there’s no better place to start. I know we are in the business of caring for our patients first, but it is still a business, after all!
Start by calculating your average fixed costs such as rent, utilities, equipment costs/depreciation. Then take a look at payroll, salaries, benefits, etc. Add them up on a monthly basis then divide them by the total number of hours your office is open on a monthly basis, say 160 hours per month. The resulting number is your average hourly costs of operation. If you spend 30 minutes per patient on average divide by two and you have your per patient cost per visit. Confused yet? That is just the beginning.
Steve Dischiavi, MPT, ATC, MTC, CSCS of Finish First Physical Therapy in Weston, Florida has worked with Olympic athletes and professional hockey players. In this video, he shares how he decided to move to eletronic documentation. Thanks for sharing your experience with us Steve!
Today’s post is brought to us by Tim Beury, Operations Manager with Medical Resource Association. Thanks for sharing this information Tim!
If you are a physical or occupational therapist in the United States that has been in private practice the you have surely experienced the anxiety filled hour (or two!) of working out a good plan of action to effectively increase your referrals. You are undoubtedly familiar with the work it takes to be viewed in your community as a cut above the rest or at least above your competition around the corner. If you have not experienced this phenomenon then I urge you to stop reading and pick up the phone to call me and immediately let me in on your secret!
For all of the rest of us who do experience a certain level of this “anxiety” or “stress” from trying to pay the bills month to month, I have a recomendation for you. We know that therapists are constantly reaching and striving for the ultimate in patient care and perfection at their clinics without spending hundreds of thousands of dollars. May I suggest introducing Durable Medical Supplies into your practice?
Documenting patient exercises has always been somewhat of a mess. We all know the scene; PTs and PTAs following patients around with a clipboard in hand. If your clinic uses EMR, you are probably used to taking that paper flowsheet, trying to decipher it, and inputting the data into the system. We know this process can be frustrating and cumbersome, so we set out to make paper flowsheets a thing of the past.
When I was a physical therapy student, I always knew that one day I would open up my own private practice. My initial perceptions were only about the money, deliriously thinking that in private practice I’d make big bucks while at the same time doing what I love practicing physical therapy. Selfish, I know. Well I’ve grown much wiser since then. I’ve learned that such a reality, while not entirely impossible, is not the way I’d want to live my life. The focus on only monetary values leads to pretty unsightly results.
This morning we are happy to announce that WebPT has launched a number of new enhanced features and support tools. For this latest release we received suggestions and feature requests from hundreds of our members. We’re very excited to share our updates with all of you!