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.

 

 
New Year, New Codes: How to Bill for PT and OT Evaluations in 2017 - Regular BannerNew Year, New Codes: How to Bill for PT and OT Evaluations in 2017 - Small Banner
  • 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 …

  • 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, …

  • Creating the Perfect PT Billing Workflow Image

    articleJul 14, 2015 | 7 min. read

    Creating the Perfect PT Billing Workflow

    In an ideal world, patients would know their benefits like the back of their hands, we’d have a global payer list, and every claim would be accepted on the first try. But the world is not a perfect place, and there’s only so much you can control. Still, you can do your darndest to get close to the perfect billing workflow. Perfect—or near-perfect—billing begins way before you even create the claim. So, let’s start at the very …

  • Choosing the Right Billing Method for Your Practice: In-House, Outsourced, or Offshore? Image

    articleJun 4, 2014 | 6 min. read

    Choosing the Right Billing Method for Your Practice: In-House, Outsourced, or Offshore?

    For many physical therapists, billing is kind of like weeding a garden. It’s a chore that—though tedious and generally unenjoyable—is absolutely necessary. Because just as your pansies and geraniums will suffer if you let weeds overrun them, your practice will suffer if you let outstanding balances and backed-up appeals overrun your billing department. However, while most people would find it fairly easy to hire someone to pull their dandelions, many practitioners are reluctant to turn over their …

  • 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 …

  • 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 …

  • 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.

  • What to Look for in a PT Biller Image

    articleJul 28, 2015 | 4 min. read

    What to Look for in a PT Biller

    In the words of American rock legend Tom Petty, “Good love is hard to find.” While I agree wholeheartedly with Mr. Petty’s wisdom, I think some rehab therapy practice owners might say good employees are even harder to find. And that certainly applies in the billing department. After all, your clinic’s billing operation is crucial to its financial well-being. One bad hire could mean the difference between your clinic achieving private practice rockstardom and hitting rock bottom. …

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