What Do Successful Practice Owners Have in Common?

So many struggling  physical therapy practice owners focus all of their attention just on the critical tasks that must be done and, often times, little else.   Things like compliance, providing a support team, ensuring the clinic is equipped and functional, getting patients documented, and paying the team and the suppliers consume all of the owners time and attention.  

This means that some areas of the business, such as financial control, performance reporting, marketing, sales management and having a plan for growth, get little or no attention.  The result is a gentle, persistent decline in the practice size, turnover, profitability and value.

Click to read more about the 15 things successful practices owners have in common.  

KEY HABITS FOR SUCCESS IN 2017

What are the habits that a physical therapist needs to accelerate their progress towards success? Working with some of the most successful clinic owners in the country, and by identifying what they want to achieve, Erika Trimble has identified what the 10 key successful habits are for clinic owners who want to live their professional dreams.

To read more, click here: Success Habits of Business Owners in 2017

Happy business in the new year.

How to Prepare for a Happy Business New Year

Prepare for a Happy Business in the New Year

In this current competitive atmosphere, what are the five things you should do to prepare your business for the New Year? Complacency undermines the success of your practice, follow these steps to avoid slowing down your business and to prevent your competition from profiting from your inaction.

Click here, Erika Trimble explains what five things you can do to avoid slowing down your practice’s growth and driving your patients to the competition.

Your graph will go up when you use bestPTbilling software

Why isn’t your practice still growing?

Have you wondered why your physical practice seems to have stayed roughly the same size for the past few years?  With only modest fluctuations, you have about the same number of clinician days, active patients, and the same turn over now as you did before.   And yet, it wasn’t that long ago, it seemed as though your practice was growing effortless, year over year.
 
It’s much easier to grow when there are fewer practices competing in your area.  There are more clinics now and the competition is likely going to become more intense in the years to come.  Despite this, there are practices that continue to see low attrition and strong growth.  How do they do it?
Modern Manual Therapy

Q&A: Am I Just a Mechanic?

physical therapy billing serices

Q&A: Am I Just a Mechanic?

Modern Manual Therapy’s Website has a post on it that asks if the Physical Therapist is just a mechanic that turns off the check engine light.  Here’s an excerpt from their website…

“We all can make patients better rapidly. In fact, a majority of patients walking into your clinic will be mentally and physically ready to change. However, if you can’t get your patients to buy in, or keep up with their homework, are you just a mechanic who turns the check engine light off?” 

Click the photo below to go to their website to see the answer on video.

Modern Manual Therapy

 

3 Steps to Losing a Referring Physician

A physician usually has a very good reason when they stop referring patients. A recent survey found that most physicians do NOT fully read their therapist reports. Communication, clarity, and customer feedback are critical components when it comes to maintaining your relationship with referring physicians. Erika hopes to help you avoid this possibility all together by discussing the three reasons why your reports aren’t being read:

3 STeps to Losing a Referring Physician

new members for our pt billing software

Welcome New Members to the bestPT Team in September

Thirteen New Members joined bestPT in September 2016.
Each new member benefits from and contributes to our network strength.
Let’s welcome bestPT’s newest members!

  1. Tyler Gutshall of Bassett Physical Therapy, Stanleytown, VA.
  2. Beth Rubin and Nichol Suarez of Big Sky Pediatric Therapy, Austin, TX.
  3. Amanda Davis of Bounce Physical Therapy, Liverpool, NY.
  4. Joey Schoenherr, Laura Wahla, Judy Micallef, and Valentina Calmac of Comprehensive Hand & Rehabilitation, Waterford, MI.
  5. Michael Dilella and Brinda Rathod of Homebase Physical Therapy Morristown, NJ.
  6. Laura Wiegan of Midlothian Village Physical Therapy, Midlothian, VA.
  7. Arshad Hussain of PT Max Pain Management Clinic Philadelphia, PA.
  8. Sobeida Curiel of Two Trees Physical Therapy & Wellness, Ventura, CA.

 

what-strategies-and-tactics-are-working/

What Strategies and Tactics are Working For Innovative Practice Owners

Being a practice owner is a difficult and lonely task.  It’s difficult to know what your competition is doing, and even if you were to ask, they’ll generally only offer guarded responses or exaggerate their successes.   Erika Trimble, renowned business coach, offers a list of what strategies and tactics are being used by the most successful and innovative practice owners, and which ones are working for physical therapists.

Read more here:

The Movers and Shakers in the Physical Therapy World: What Strategies and Tactics are Working

Top 10 PT CPT codes

Physical Therapy CPT Code Analysis for 2015

Top 10 PT CPT codesThe U.S spends more on Healthcare than other countries. Does spending more per capita result in better outcomes?

We currently work off (FFS) Fee for service plans. The problem with this method of reimbursement, providers are not be held accountable.

What’s next in the future of Healthcare? Introducing Pay-for-Performance.

  • New commercial payer contracts with alternative payment methods based on performance to be in place by 2020.
  • CMS moving to ‘value-based’ or ‘quality based’ reimbursement
  • Medicare to have 55% of fee-for-service payments shifted to quality based payments by the end of 2016 through pay for performance (P4P)

Based on the new rules, your practice may experience a change in coding to meet new performance guidelines.  Will the trends in 2017 change where we see an increase in re-evals (97002) or Self Care Management Training (97035)? As the CMS and the private payers work on their ‘New’ pay structures it’s a good idea to monitor your yearly trends and monitor outcomes early.

225 different CPT codes were reported in 2015 for Physical Therapist, yet, the top 10 CPT codes constitute 90% of all reporting. While we noticed a slight reduction in use for 97110 and 97140, other codes e.g. 97530 slightly increased. The increase of the use of 97530 is due to a better understanding of how to use and when to use this code.

Top 10 physical therapy CPT codes

These are the top 10 PT CPT codes

The 10 most paying CPT codes generated over 96% of all pay in 2015!

Compare the top 10 CPT codes for Physical Therapists.

bestPTbilling.com top 10 PT CPT codes

We see high similarity to previous years trend with some reduction for 97110 and some increase for 97530.

CPT 97110 was reported in most of the visits (28.9%) and generates the most of the pay (33.9%) – pay to claims ratio 117%. CPT 97113 was reported only in 0.2% of the visits, yet generated 0.7% of the pay – pay to claims ratio 326%. On the other hand, CPT G0283 was reported in 2.9% of the visits, yet generated only 0.9% of the pay – pay to claims ratio 29%

Top 10 CPT codes for PTs.

The average CPT collections per unit was $22.51 in 2015, which is 3% less than 2013 average pay.

Paid per unit CPT codes

Most of the CPT pay in 2015 is lower than previous years by almost 3%, the few exceptions are lead by 97113 Aquatic Exercises which is almost 9% higher.

CPT code reimbursement change from 2014 to 2015.

Dollar value of PT CPT codes.

Pay per unit for the top 10 CPT codes for physical therapists.

Physical Therapy is one of the hardest and less appreciated professions and we do see only the most dedicated providers surviving. This is why we do our utmost to get the money you deserve – so that you can stay open and keep on helping people.

 

 

business success comes with bestPT

How to Develop a Purposeful and Conscious Business

How to Develop a Purposeful and Conscious Business

by Steve Messineo

Owner YourBizSuccessCoach.com | Professional Lead Generator & Coach | Connect w/me for Free

In the video you see here, I discuss the importance of developing a purposeful and conscious business in order to achieve greater success in it. Check it out now or continue reading below.

If you want to grow your Practice successfully, you should have a purpose behind your business. Every owner should have a clear expression of its purpose. So, at first, ask yourself why it exists.

Most owners’ primary goal is to run profitable businesses. Unfortunately, the desire for greater profits comes at the expense of the major stakeholders of the business itself.

Stakeholders include customers, employees, investors, suppliers, the community, and the environment. When profits become the primary objective and owners neglect to consider the effect this has on the business stakeholders, then the it will ultimately fail.

Conscious owners take all of the stakeholders into consideration in everything they do. They create win-win scenarios for each of the stakeholders, and as a result, all of the stakeholders have a greater interest in supporting the business.

So make sure that you surround yourself with people who are in tune with the purpose that you have for your business and in tune with the way you want to do it. If you take care of the needs of your stakeholders, they will come around to support you for the growth of your business.

This ultimately increases the businesses’ profits. The effect running a conscious business has on the bottom line is far greater than running a business with little to no consideration for its stakeholders.

This is proven in the book “Conscious Capitalism” by John Mackey, the founder of Whole Foods Market. It is a book I highly recommend for all practice owners.

One of the tenants of Conscious Capitalism is that a business must have a purpose for being in existence. Additionally, that purpose must not only be supported by the owner’s own purpose, but also by the employees who work there as well.

Employees who have the same buy in to the purpose and vision of their work will generally be happier with their work, stay on board longer, and be advocates for the company through thick and thin. Ultimately, employee happiness leads to the happiness of other stakeholders, including customers, and the business thrives.

If you are interested in developing a more purposeful and conscious business and would like some ideas on how to get started, schedule a consult with me at http://yourbizsuccesscoach.com/consult.

If you would like additional business building and success tips like this on a regular basis, click the following link and I will share a special gift with you when you do: http://yourbizsuccesscoach.com/4-your-success