Over the last several weeks, I’ve constantly heard people say, “I can’t wait until things go back to normal.” To me, this begs the question: Why do we want to go back to the way things were? If you’re a practice owner, was your business running perfectly prior to this unprecedented crisis?
It may sound a little weird, but I kind of feel bad for the dinosaurs. They were just sitting around—hunting, fighting, escaping Jurassic-themed parks, and generally minding their own business—when an enormous asteroid careened out of the sky, slammed into the Earth, and ended everything they knew in one big blaze of fire.
Collecting and tracking your clinic’s metrics is one of the most important things you can do to nurture the long-term success of your business. But, it’s one thing to collect and track all your metrics; knowing what to do with them is a whole other ball game—and you absolutely cannot afford to let them sit in a corner and gather dust.
No one wants to deal with denials, but unfortunately, they happen—and, in some cases, for some PT practices, they happen a lot.
If you contract with third-party payers, then you’re most likely already familiar with the term [cue ominous thunder sounds] “prior authorization (a.k.a. preauthorization)”. And if you’re not yet, just wait. This Verywell article—written for patients—explains that when an insurance company requires prior authorization, healthcare providers must obtain approval from said insurance company before providing patient services, treatment, or equipment.
In our 2019 State of Rehab Therapy survey, 80% of respondents cited payer requirements as the top reason their organizations require physician referrals as a condition of treatment (even in states with unrestricted direct access).
If you’re not benchmarking, setting goals, and monitoring your PT practice’s progression toward those goals, you’re flying blind.
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.
You probably didn’t start a career in the rehab therapy industry to battle with competitors or play business war games—and if you chose to work in a pre-existing practice, you really didn’t have to worry about any of that. But once you open your own clinic, overcoming competition is the name of the game—and there’s a whole new set of rules to follow if you want to run a successful practice.