Earlier this week, Heidi Jannenga, PT, DPT, ATC—WebPT’s Co-Founder and Chief Clinical Officer—and John Wallace, WebPT’s Chief Business Development Officer of Revenue Cycle Management, paired up to answer rehab therapists’ most burning billing questions during a live Q&A-style webinar.
Earlier this week, WebPT President and Co-Founder Dr. Heidi Jannenga, PT, DT, ATC, teamed up with WebPT Vice President of Innovation and Product Management, Russell Olsen, to discuss the ten trackable metrics that can help you turbo-boost your practice past the competition.
Last week, WebPT’s trio of billing experts—Dr. Heidi Jannenga, PT, DPT, ATC/L, WebPT President and Co-founder; John Wallace, PT, MS, WebPT Chief Business Development Officer of Revenue Cycle Management; and Dianne Jewell, PT, DPT, PhD, WebPT Director of Clinical Practice, Outcomes, and Education—hosted a live open forum on physical therapy billing.
Here are six factors that clearly affect your physical therapy clinic’s cash flow and how to positively change them.
Some folks say the best things in life are free. While that may be true in many cases, in a rehab therapy practice, the best things (like keeping the lights on, for instance) require cash money. But as any practice manager or biller knows, cash flow from paid claims isn’t always consistent.
Practice owners must know how they’re faring financially now in order to improve things for tomorrow.
These numbers that could mean the difference between growing your practice and shuttering your doors.
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?
Billing your patients and payers is the only way you make money as a provider, but billing also comes at a cost—and some clinics using an RCM service pay a higher price than others. I’m not just talking about blatantly high rates. While rates as high as 12-15% should make you run for the hills, low rates of merely 3-4% are also cause for concern. As noted in this Pulse article, low rates often indicate incomplete RCM services.