Physical Therapy Billing | Monthly Health Check
By Thomas Champine
Just like there are Key Performance Indicators (KPI) for your patients to improve, we have defined the KPIs for your practice. Your physical therapy practice’s financial health is reviewed and assessed at every Monthly Health Check (MHC) that you have with your SPOC. Charges, Collections, Visits, No Shows, No Future Appointments and percentage of A/R over 120 days are just a few of the KPIs that are measured, assessed and reviewed by your SPOC with you during the MHC to insure the financial health of your practice.
Has this situation ever happened to you?
You have a patient who comes in once or twice to work with you. You have given them exercises and suggestions on ways to make their pain go away. The patient then becomes non-compliant with their appointments. They don’t reschedule anything. Then, out of the blue, six months later the patient comes to you and asks you “Why am I not getting better?”
Now, let’s take a step back and change the key players
It is the end of the month and you feel exhausted. You have been at work 60+ hours a week and feel like you couldn’t see any more patients then you have. You go and review your physical therapy practice’s financials and something is not right. There just isn’t the amount of money that you expected. You look back at the last six months and panic slightly when you realize that yournumbers have been steadily dropping for the last three months. Why is your practice struggling?
The answer to this question is the same as the answer you would give your patients. We never regularly reviewed our solution to see if it was being effective for you to reach your goals. How do we do this when we are talking about your practice’s financial health?
The Monthly Health Check
Just like there are Key Performance Indicators (KPI) for your patients to improve, we have defined the KPIs for your practice to improve. Your physical therapy practice’s financial health is reviewed and assessed at every Monthly Health Check (MHC) that you have with your SPOC. Charges, Collections, Visits, No Shows, No Future Appointments and % of A/R over 120 days are just a few of the KPI that are measured, assessed and reviewed by your PMC with you during the MHC to insure the financial health of your practice.
As your physical therapy software and practice management solution, we pride ourselves on our ability to improve your practice’s financial health, to relieve your practice’s financial pains and create a better quality of life for you and your practice. We can not do this without you. Just like the patient above, without your input and feedback, we can not assess what is working well and what problems you might have. When is your next MHC?
