We’ve heard it time and again—change is the only constant in life. And yet, it never ceases to take us by surprise. We’re creatures of habit, and for most of us, change doesn’t come easy. It often takes a major shakeup—say, a global pandemic—to remind us that the status quo can’t go on forever, especially when it comes to running a business in a fast-shifting market.
In the billing world, commercial payers have a lot of power. They set their own billing rules and guidelines; they choose how much they’ll pay providers; and they are under no obligation to unify their billing processes with other payers. When it comes to in-network billing, sometimes the game feels a little rigged. So, what happens when rehab therapists decide they don’t want to play ball? What options do they have? Well, it turns out they have a few. Enter the world of out-of-network billing.
In the last few years—and especially in the last several months—interest in cash-based and mobile practices has surged. To get the inside scoop on what makes these models so lucrative from a business and care perspective, we asked Dr. Eric Ullman, PT, DPT, the owner of ReThrive Wellness, to share his experience in opening a cash-based, concierge mobile physical therapy business.
It is extremely important for clinics to thoroughly research their medical malpractice and professional liability coverage options. As you consider your options, you should take note of different types of coverages, their limits, what is included in those limits (as opposed to what is considered “in addition to” the limits), and, of course, price.
Opening a new physical therapy practice is a great way to supercharge your career; it sends you down a path where you can learn more skills, influence the lives of more patients, and increase your personal wealth. But opening a new clinic is no easy task—especially when it comes to saving up the capital necessary to, at bare minimum, get the clinic up and running.
2020 has heralded wave upon wave of change for rehab therapy practice owners, but one thing remains a constant: the need to keep existing patients actively engaged and bring new patients through the door. Whether you’re in the early stages of reopening your clinic or looking to ramp up business, putting together a marketing plan that’ll get you to the next step is absolutely essential.
Back in March, the future seemed hazy—to put it mildly. COVID-19 cases were spreading throughout the US, many states went on economic lockdown, and a huge number of small businesses suddenly found themselves without enough revenue to stay open—let alone pay their employees.
CMS has thrown down the gauntlet for PTs and OTs. It yet again challenged us, clear as day, to fight for our Medicare payments and prove our worth as healthcare providers. Sure, CMS isn’t looking for a literal round of fisticuffs—but its planned payment reduction will inflict harm just the same.
As a physical therapy professional, you’ve acquired years of education and training. You’ve kept up with continuing education and are active within your professional community.
Attracting patients to your rehab therapy clinic can be challenging—even on a good day. During a pandemic, it can seem downright impossible—especially if you’re operating on a tight budget (and these days, who isn’t?). But despite all of the challenges 2020 has brought our way, the fact is, there are still patients out there who need rehab therapy services.
Physical therapy inservices are always enjoyable. If you’re in the audience, you get to learn new skills, bond with coworkers, and collaborate as a team to provide better patient care. But, when you’re the one on the hook to actually present an inservice, it can be a little stressful!