Posts

George Konold

Physical Therapy Software | Manage your practice better with the right tools and focus

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Physical Therapy Software | your-practice-at-a-glance

Are you feeling overwhelmed prioritizing daily tasks at your physical therapy practice? Building a dream practice requires clear goals and an effective way to balance Key Performance Indicators (KPI) without having to dig through multiple reports. KPI are agreed on, quantifiable measurements that reflect critical success factors of your practice. But you also need to understand how each KPI affects the other areas of your practice performance. So, in short, you need to be able to see the big picture at a glance and look up the necessary, detailed practice stats to solve any existing problems.

Practice growth is necessary for long-term profitability. But you cannot improve your practice performance or profitability if you don’t measure and track each KPI. On the same side of this coin, you cannot predict how your practice will perform tomorrow without knowing how it is doing today. This kind of unpredictability will rob you of much needed peace of mind.

Granted, as busy PT you don’t have time to search for or analyze multiple reports, let alone keep track of stats. To make matters worse, looking at multiple reports can prevent you from being decisive about allocating resources due to sheer information overload. The key to successful practice management consists of choosing the right KPIs and learning to effectively balance them. This will help you make progress in chosen areas simultaneously or focus only on one KPI when necessary while keeping an eye on your overall practice performance.

Without the right tools this is easier said than done, however. That’s why bestPT Physical Therapy Software provides a tool called ‘Radar’ on its home page to give you quick overview of your practice performance every time you log on. The Radar displays selected vital stats on a single chart across two time points to show you where you are right now and help you discover any trends before they turn into huge problems. You can then drill down into a particular KPI for a comprehensive sense of practice performance. If you want to get to the root of a problem, you can look up any details down to the lowest claim detail and action taken for the appropriate KPI in a detailed, interactive report. For example, you might notice that your amount for ‘Insurance Collected’ is much lower than ‘Insurance Billed,’ which might indicate a problem with the physical therapy billing claims cycle. You can then discover what is causing the payment delay by looking at the ‘Claim Status’ report.

You can access your practice Radar on your bestPT Physical Therapy Software home page and click on a specific KPI to open a single graph. For more details on this particular area of practice performance go to ‘Reports’ in the top menu and select the appropriate one from the drop down menu. Drill down into the desired details by specifying the date, provider or location.

bestPT reports also include:

  • Context Search
  • Department-wide Saved Queries for Repeat Usage
  • Configurable, Sortable, and Drillable Report Layout by Arbitrarily Customizable Criteria
  • Reconciled Error Reporting Within Standard HCFA form
  • Export to Excel
  • Reporting Across Multiple Departments/Sites

Contact your Profitability Manager to configure your practice Radar with the right KPI’s to help you achieve your goals and build your dream practice.

Eldad De-Medonsa, PhD

Physical Therapy Billing | Monthly Health Check

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physical therapy billing: kpi

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?