Regular health check-ups are crazy-important. After all, even if you’re only experiencing mild symptoms—like a little cough, stuffy nose, or simple sprained ankle—it’s better to know you’ve got a clean bill of health than to just assume it. And if there is an underlying issue, it’s better to catch it sooner rather than later.

Similarly, it’s important to regularly assess your practice’s health—specifically, its financial health. Even if things seem hunky-dory on the surface, there could be subtle signs of an impending crisis. And just like your own physical health, it’s crucial to detect these red flags early on. With that in mind, we’ve put together this quick, 10-question quiz to help you measure your clinic’s financial health.

 

 
The PT Patient’s Guide to Understanding Insurance - Regular BannerThe PT Patient’s Guide to Understanding Insurance - Small Banner
  • 6 Biggest Factors Impacting Your PT Clinic’s Cash Flow Image

    articleJul 23, 2018 | 8 min. read

    6 Biggest Factors Impacting Your PT Clinic’s Cash Flow

    Most of us went into physical therapy so we could make a difference in our patients’ lives. PT can be extremely fulfilling and rewarding—and for many of us, owning a practice has been a lifelong dream. Once that dream becomes a reality, however, it can be a sobering experience. Bills need to be paid and bottom lines need to be met. It’s not always easy to bring in enough money to cover cancellations and billing snafus, not …

  • 4 Keys to Keeping a Steady Cash Flow Image

    articleMay 18, 2016 | 5 min. read

    4 Keys to Keeping a Steady Cash Flow

    As a private practice clinic owner, you’re probably familiar with the cold sweat-inducing struggle to keep a steady cash flow. Claims management muck-ups, inefficient processes, staff issues, and lack of insight into your clinic’s financial health can leave you feeling like you’re riding a revenue rollercoaster. So, whether you’re trying to maximize reimbursements , combat employee theft , or optimize patient payments , these four keys to maintaining a steady cash flow will help you even out …

  • Founder Letter: 3 Ways Your Practice is Losing Money Image

    articleMay 5, 2016 | 7 min. read

    Founder Letter: 3 Ways Your Practice is Losing Money

    Much like the patients you treat, your practice can appear healthy on the outside despite significant internal issues. And when those issues are money-related, the consequences can be deadly. If your practice already is in the red, you know you’ve got some pretty serious cash flow problems. But even if you’re in the black every month, you may still be washing dollars down the drain. While there are myriad ways your practice might inadvertently be losing revenue, …

  • Why RCM is a Practice-Wide Endeavor Image

    articleJun 20, 2016 | 5 min. read

    Why RCM is a Practice-Wide Endeavor

    If you think revenue cycle management (RCM) only involves billing your patients, then Houston, we have a problem. As indicated in this Greenway Health resource, your RCM strategy should account for the manner in which your practice generates, captures, and collects revenue—and that means getting your whole crew on board with adopting optimal RCM practices. But before you can launch a successful RCM strategy, you should perform a pre-check. Here are a few questions to ask yourself …

  • The Physical Therapist's Guide to Contract Negotiation Image

    downloadSep 15, 2016

    The Physical Therapist's Guide to Contract Negotiation

    As a PT, you put your heart and soul into your work. So, it’s only fair that you get paid what you deserve. Unfortunately, payers don’t often see it that way, which means that in order to get what you want out of your private payer contracts, you’ve got to negotiate. And to do so successfully, you need to know how to play ball. Enter your email address below, and we’ll send your free guide.

  • 3 Common Rehab Therapy Credentialing Mistakes Image

    articleJul 18, 2018 | 6 min. read

    3 Common Rehab Therapy Credentialing Mistakes

    Proper credentialing is a crucial step in running a successful physical therapy clinic. If your clinic and therapists aren’t properly credentialed with insurance providers from the get-go, your bottom line might suffer. And it’s not just new clinics that are susceptible to making credentialing mistakes; in fact, any clinic that has gone through a change in ownership, rapid growth phase, or any other transition might find itself mired in credentialing headaches. But before we get to the …

  • Is It Time to Outsource? [Quiz] Image

    articleJun 28, 2016 | 1 min. read

    Is It Time to Outsource? [Quiz]

    Ah, billing: Can’t stand it, can’t practice without it. Most providers have a complicated relationship with billing—and that’s understandable. There’s a lot to manage, even if you have a team of billers handling the day-to-day tasks. And if you’re in charge of that, too, you may be feeling overwhelmed. So, is it time to outsource your billing process to a third-party vendor? Take this short quiz to find out.    

  • Founder Letter: Why Clean Claims are Everything Image

    articleJul 7, 2015 | 6 min. read

    Founder Letter: Why Clean Claims are Everything

    When you consider the many complex aspects of running a  private practice , your bottom line might be the biggest source of anxiety. And that’s for good reason; it’s your lifeblood. In an effort to improve  your metrics , you’ve likely examined your workflow, documentation practices, and staffing requirements for any possible improvements. That’s a great start, and I encourage you to stay on top of  self-evaluation  in all of these ways. But have you ever stopped …

  • articleMar 16, 2011 | 4 min. read

    5 Steps to Jump Start Your PT Private Practice Collections

    There is just no getting around the fact that reimbursement and collections is as much a part of running a successful PT private practice as is providing quality physical therapy care for your patients. Nobody goes into physical therapy as a career with the hopes of becoming a bill collector, but getting paid for services rendered is a dilemma for every business across the board and a PT private practice is no different. Collections and reimbursement is …

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