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...

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Understanding Your Payor Mix

  In a volatile healthcare environment of shrinking reimbursement and escalating costs of care delivery, it is important for every practice owner to be able to understand and leverage payor mix opportunity. Practice owners must continually make strategic business decisions to maximize profit. Part of the strategy must be a clear understanding of payor mix, visit and referral volume, fee schedule, and net reimbursement. In example, does your practice see a relatively high volume of Workers' Compensation? What is the percentage of network versus non-network referral volume? Is your practice performing FCEs and advanced work rehabilitation services or referring this out? When was the last time you proactively negotiated a better...

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Is Your Practice Maximizing Its Net Revenue Per Visit Potential?

The Challenge As we know, many clinicians tend to err on the conservative side of coding for services rendered and leave money on the table by under coding and undervaluing the services they provide. In this difficult reimbursement environment, it is important that clinicians understand how to appropriately identify the most appropriate codes with supporting documentation to maximize reimbursement in a legal and compliant manner. The Medkita Difference Medkita’s four hour Coding and Compliance training course is taught by highly experienced and licensed PTs that keep their finger on the pulse of the dynamic changes within the payor and reimbursement community. Participants will be instructed in which CPT codes are most appropriately documented and billed...

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Improving Efficiency to Optimize Profit

If you’re like most of us, you probably think you’re pretty efficient in most aspects of your life.  Whether it’s running a business or running a household, you may think you do a fairly good job. However, do you sometimes find yourself thinking “There’s got to be a better way!?”   Whether it be finding a way to reconcile daily receipts more easily or trying to figure out how not to scramble frantically every morning to get the kids on the bus; we’d be kidding ourselves if we thought there wasn’t something in our lives that could use a little tweaking. As we are all pressed for time and feel that we need more hours in...

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Is Your Practice Operating at Maximal Efficiency?

Efficiency, efficiency, efficiency...  That’s the key to a successful business, especially in the current economic environment.  Sure, your business can probably stay afloat despite the inefficiencies that exist in your current operations, but if you want to thrive and be even more successful, you’ll need your business to run at peak efficiency in every aspect.  When we talk about efficiency, we’re talking mainly about processes and people.  Efficiency of one without efficiency of the other equals inefficiency.  You might employ the best people in the world, but if the processes they are performing are inefficient, the results will be suboptimal. Conversely, you might have the best processes possible, but if the...

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Managing Front Desk Operations... What You Don't Know Could Hurt You!

As a previous multi-clinic private practice owner, an outpatient PT for over 28 years, and a business consultant, it has become increasingly obvious in this continuously changing healthcare environment, that the front desk staff and front desk procedures can impact a practice as much as the treatment provided.  Private practitioners often undervalue the importance of the front desk operations and are really unaware of what truly goes on at their front desk.  This four part article series is going to address the four main front desk procedures that can make or break your practice.   Before focusing on any one procedure, the first questions to ask yourself are: “Do you really understand...

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Customer Service in Outpatient Practice

The term "Customer Service" is typically related to being pleasant, creating a positive customer experience, and putting the customer first. Many outpatient practices would rate themselves very high if asked if their practice delivers good customer service. In outpatient therapy, the true measure of customer service is in creating value. If you are being true to yourself, you will measure your degree of customer service in looking at the following:     What is your visit cancellation/no show percentage? Are you scheduling new patients within 24-48 hours for initial evaluation? Does your practice offer early morning and late evening appointments? What is your policy for staff vacation time/PTO, and how are patients scheduled when the primary therapist is...

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