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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?

bestPT

Physical Therapy Practice Management | Monthly Health Check: Is Red bad?

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Physical Therapy practice health monitorAs part of your physical therapy software and practice management solution, every month your SPOC has a Monthly Health Check (MHC) with you. These are designed to review the Key Performance Indicators (KPI) and Metrics that most attribute to the success of your physical therapy practice. It also gives us time to review the opportunities that are present and renew our goals for your practice.

When we show these KPI in the form of a radar graph to clients we immediately hear two questions:
  1. What does all the red mean?
  2. What does all the green mean?
The answer to the first question is simple. The red area is a graphical display of the goals we have established for your physical therapy practice.

 

So, does this mean that red is bad? No.

 

Red is the center of the bulls-eye that we are trying to fill to optimize the success of your practice. The goal of all the red is to fill it with as much green as possible, then redefine your physical therapy practice goals to increase the amount of red that you see. This will continuously drive your practice forward to new levels of success.

 

The answer to the second question “What does all the green mean?” is a little more complex.

 

The green is a combination of two things. First, it takes into account the trend that your physical therapy practice has been showing over the last year in working toward your goal. This means that is you are trending toward your goal more green will be filled, if you are trending away from your goal, less. The second part of the green is the average of the last three months and how close to your goal you are. If your goal is 100 visits and for the last three months you have averaged 75 visits you will see more green to be filled. If you have averaged 30 visits then less green will be filled.

 

What do you do when there is only green and no red? This tells you that it is time to adjust your goals! You have accomplished what you have originally set out to improve by partnering with bestPT and our practice management program and service. Remember, the individual KPI and metrics can be changed independently of each other.

Watch this short video about the Practice Health Monitor:

Your SPOC can help you define new goals during the MHC to continue to enhance the success of your physical therapy practice and your bottom line.