Growing your Workers' Compensation Business
In follow up to the last blog, "Understanding Your Payor Mix", this post highlights the workers' compensation/work rehabilitation business opportunity that has significant potential in many private practices, but the practice owners do not have the industry knowledge or experience to successfully leverage. In many of the practices I have worked with, I am astounded that practices give their business away! This is especially confusing in employer choice and fee for service states where reimbursement for work rehabilitation services is 100-200% higher than the traditional PT/OT visit. Even if your practice is in an employee choice or managed care state for workers' compensation (WC), there are still significant opportunities and strategies to provide the best return-to-work focused rehabilitation programs that will maximize your net revenue per visit while producing optimal clinical outcomes that will generate more referrals. In the WC industry, we have the potential to build successful and sustaining referral relationships with not just the physician, but the employer, case manager, adjuster, and attorney. These relationships provide therapy practices with the opportunity to diversify their clinical services and gain a marketing edge where most clinics that "take WC" truly do not provide treatment programs that are much different from a patient being treated under a group health or commercial plan. Are you referring out your work conditioning or work hardening referrals? Does your practice see at least 5% of a WC visit mix? If so, you most likely can boost revenue and gain market share. Medkita's Performance Improvement Advisors have extensive experience and a successful track record of helping clinicians leverage this opportunity. Contact us today to learn more about our free Workers' Compensation Opportunity Assessment for an honest appraisal of your practice's potential.