• Financial Metrics—Frightening or Doable? Doable. Image

    articleAug 25, 2014 | 6 min. read

    Financial Metrics—Frightening or Doable? Doable.

    Tracking financial metrics in your practice doesn’t have to be hard, and it doesn’t have to distract from treating patients. In fact, even if you don’t have a systematic way of tracking, you’re probably already doing it informally. For example, you probably have a pretty good idea of your bank account balance, and you likely know how many patients your practice sees on a given day. You know these things because they are crucial to your survival …

  • What You Need to Know About Calculating Expenses Image

    articleAug 12, 2014 | 3 min. read

    What You Need to Know About Calculating Expenses

    We briefly talked about totaling up expenses in order to calculate your net cost per visit in a previous post , but today, let’s take a deeper dive into the expenses side of things. Admittedly, it’s not the most exciting topic, but it’s necessary nonetheless, so here we go. Below are four metrics to help you get a handle on the costs of doing business (adapted from this article ): 1. Wages divided by net revenue. Rehab …

  • The Four Cs: Essential Metrics for Monitoring the Health of Your Practice Image

    articleAug 6, 2014 | 6 min. read

    The Four Cs: Essential Metrics for Monitoring the Health of Your Practice

    This month is all about tracking your clinic’s performance. Now that you know what business metrics are and why they’re so important , it’s time to get to the good stuff—that is, the ones you should actually use. Without further ado, here are the metrics essential to monitoring the health of your practice (in no particular order): 1. Cash First and foremost, you should know how much money—on average—you make for each patient visit, after subtracting all …

  • Nine Tips for Better Collections Image

    articleJun 26, 2014 | 5 min. read

    Nine Tips for Better Collections

    We’ve talked a lot about billing this month—and while it’s all super important information, it won’t do you much good unless you know how to actually collect for what you bill. So here are nine collection tips to help you bring in what you’re worth (adapted from part one and two of this article written by Lea Anderson and this blog post from our very own Heidi Jannenga, PT, MPT, ATC/L): 1. Develop and display your payment …

  • How to Combat Shrinking Reimbursements Image

    articleJun 11, 2014 | 5 min. read

    How to Combat Shrinking Reimbursements

    It’s an unfortunate fact, but insurance reimbursements for physical therapy services aren’t what they should be, which means the profit margin for many private practice physical therapists isn’t what it should be either. But there’s no cause for alarm—yet—because there are two things you can do to ensure your business is successful despite shrinking or stagnant payments: increase the efficiency of your billing process and your clinic. WebPT writer Brooke Andrus covered the former here , so …

  • How to Rate Your Current PT Billing System Image

    articleJun 10, 2014 | 3 min. read

    How to Rate Your Current PT Billing System

    If claims go out the door and money comes back in, you assume your accounts receivable—your billing—and all of its associated systems, processes, and software are totally fine. But how do you genuinely know whether you’re doing a good job? Mastering billing is a challenging task, and it can be tricky to determine if what you’re doing is working. Here are some tips for scoring your current billing system. Audit Your Billing Whether you bill in-house or …

  • Are You Ready to Take Your Practice Out-of-Network? Image

    articleJun 5, 2014 | 4 min. read

    Are You Ready to Take Your Practice Out-of-Network?

    Not many providers enjoy jumping through insurance company hoops in order to receive payment, and yet for most, it seems to be a fact of life—or at least a fact of doing business. There is another way, though. You could take your practice out-of-network. But it’s not a decision to enter into lightly. You’ve got to be ready. Read on to find out if you are. You’ve done your research. First things first. You should know what …

  • 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 …

  • Ten Ways Physical Therapists Can Maximize Billing Image

    articleJun 2, 2014 | 7 min. read

    Ten Ways Physical Therapists Can Maximize Billing

    In a perfect world, physical therapists wouldn’t have to deal with billing. They’d simply treat, heal, and magically receive payment for their services. But we don’t live in that fantasy world, and unfortunately, the billing process is anything but magical. If you’re a PT, submitting claims comes with the territory. Luckily, there are a few things you can do to optimize your billing process to give yourself more revenue—and fewer headaches. Here are our top ten: 1. …

  • Developing a Marketing Budget for Your PT Practice Image

    articleMay 19, 2014 | 6 min. read

    Developing a Marketing Budget for Your PT Practice

    A lot of small business owners approach their marketing efforts with a great deal of hesitation. Their biggest concerns? Time and money. You may have some brilliant marketing ideas —and hopefully, a marketing plan —for your PT, OT, or SLP private practice, but it’s hard to bring them to fruition when you’re unsure about means and resources. That’s where a budget—at least for the monetary portion—comes in. And I’m not talking about plucking a number out of …

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