I’ll never forget my first car. I was 17, and I’d spent months saving up funds from my summer job. On the day of the big purchase, my mom insisted on accompanying me. I realize now that she had a hidden motive—props to my mom for her acting skills. I’d had my heart set on a sporty, black convertible with a manual transmission and more horsepower than I could handle.
In the words of the great William Shakespeare, “All the world’s a stage; and all the men and women merely players.” Whether we’re talking about the world’s stage or an actual stage, the success of every great performance hinges on each actor’s ability to fully embrace his or her role. In the case of a rehab therapy ensemble, each role is instrumental to ensuring the success of the entire practice.
Leave more money in your pocket and less worry on your mind by adding cash-based wellness programs to your clinic’s list of services.
Whether you’ve jumped on the cash-based bandwagon all the way, or you’ve just added a few cash-pay services to your in-network clinic’s care options, you may be tempted to forgo the billing best practices we’ve been discussing on the WebPT Blog recently.
Navigating Medicare’s payment rules can be tricky, especially if you run a cash-based clinic. That’s why you should know these rules to collect full payment from your patients.
Billing on behalf of your clients can be time consuming. But many PTs are benefiting from a cash-based business model, which lessens your obligations to CMS.
As requirements for third-party reimbursement increase and payments decrease, more and more physical therapists are going the way of cash-based business models—or at least offering select cash-pay services. As a result, we’ve received quite a few questions over the years about the ins and outs of running a cash-based physical therapy practice. Luckily, cash-pay experts Ann Wendel, PT, and Jarod Carter, DPT, have both contributed blog posts on the subject. (Check out Wendel’s article’s here and Carter’s here.)
Here’s PTs’ recipe for success in the future, as told by the biggest leaders in private practice.