Physical therapy cash practices are becoming very popular these days. Whether you are a
physical or occupational therapist, with insurance companies (including medicare) decreasing reimbursement, denying claims, and delaying payments it's getting harder and harder to be financially successful for many therapists. Even if you are experienced with insurance billing and collections, you are probably writing off more accounts receivable monies than you would like. Being able to collect cash from patients--and patient portions such as co-pays and deductibles--is
critical to succeeding over the next 20 years. If you don't already have "cash-based" programs you had better start if you want to survive let alone grow
into the future.
So how does a physical therapy private practice begin...
1) Collecting cash from patients better?
2) Cash-based services and programs?
But even a more important question is, "How do I get patients to WANT to pay cash?"
It is not easy nor is it common sense, especially if you have been primarily an insurance-based practice like most physical therapists across the country. Many practices are closing their doors as we speak. You are probably seeing a significant drop in cash flow and revenue since last year.
There is hope!
IndeFree Association, a nationally recognized group, is offering an affordable continuing education course exactly on this topic. A
step-by-step course where you can learn how to improve your cash flow, and revenue, by implementing a cash-based system into your practice. You can spend hundreds of hours browsing the internet, reading books, getting advice, or trying to figure it out--and spend thousands of dollars--or you can come and learn the easy way, the faster way. It's up to you.
See what others are saying about this amazing course.
We get emails and calls every day from practices that are suffering due to the climate changes that are going on in our industry. If you are one of those practices, here are some
tips and strategies to begin turning it around. Remember, there are some who are NOT suffering and are growing more successful every day, and you can be one of them.
1) Lower expenses. For example, if you are paying rent on a 2,000 ft2 space you should be generating $80,000 in revenue ($40,000 for every 1000 ft2). This is if you are offering outpatient/orthopedic physical therapy services. This same formula does NOT apply to pediatric or neurologic therapy services. If you are not generating within the figures just mentioned, you should either move into a smaller space (because you are throwing away money) or sublease part of your space to someone else. If you invite an orthopedist, neurologist, or physiatrist, not only can you earn some money for your space but generate some more new business as well. At the course, we will show you the best way to do this.
2) Reduce payroll. For example, look at your employees and see if they are being productive. Usually most practices are not fully utilizing their employees. If their job descriptions are not clearly defined you are probably losing money. At the course, we'll teach you how to get organized and get your team helping to grow your business. If you need help now, call us at (800) 801-4511 or contact us via email today.
Once you have completed the above two steps, you can now begin developing a strong front desk and "first contact" procedure to better collect cash from patients.
This is necessary PRIOR to offering cash-based services or programs because you can do everything right but blow it at the point of first contact!
Don't wait and don't try to figure it out on your own. Get the tools and learn the right way--right now! Enroll today.