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Yuval Lirov

A New Online Learning Tool On How to Automate Patient Care Plans for Physical Therapy Practice Owners

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Care Plan Automation Solution Is Now Available with BestPT Billing and EHR Software

automated care plans for physical therapistsCLEARWATER, FLORIDA (PRWEB) NOVEMBER 24, 2015

BestPT Billing and EHR Software helps their clients manage patient care plans. Their Care Plan management tool ensures that patients understand their financial commitments prior to accepting care, while practice owners standardize billing and comply with payer’s copay and coinsurance requirements.

According to Dr. Eldad De-Medonsa, bestPTs’ President and PhD in Artificial Intelligence, the effects of using automated care plans for care planning and monitoring help improve outcomes and maintain financial health of the practice. “Care plans are important because patients will not commit to care if they cannot easily understand their financial commitment. As importantly, practice owners have to stay compliant by charging, adjusting, and writing off the correct amounts. We leverage the cloud, billing experts, and Artificial Intelligence to help design the most effective practice management software,” says De-Medonsa.

Click here to view the webinar and to learn more.

About BestPT and Billing Dynamix, LLC

BestPT by Billing Dynamix is a comprehensive cloud-based Physical Therapy Practice Management system that includes intuitive EMR, industry-leading billing, scheduling, and powerful yet simple workflow management. Save documentation time and keep legible and compliant documents. Automate claims and leverage over 2.5 million coding rules spanning 2,500 practice-years of experience. Reduce administrative overhead and foster staff teamwork. BestPT is the ONLY Physical Therapy clinic solution that reduces administrative time by 70% compared to industry averages – GUARANTEED. Complete practice management consulting and a rich array of integrated products and services round out bestPT product and service packages. Register for a private Demo+, and review our industry-leading guarantee at https://bestptbilling.com/

 

 

George Konold

Physical Therapy Software Embedded Analytics

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Worms

Can of Worms

What do the numbers mean to you and your practice?

Opening your own practice means opening a whole new can of worms. That’s because there are so many elements that they don’t teach you about in school: aspects of running a business that you’re left to learn on the fly — all while attempting to provide quality care for your patients.

One of the most critical components of achieving practice success is making sense of the numbers. There are numbers everywhere, from revenue to no-shows, from patient visits to accounts receivable. When you first start to look at them, it can almost seem like you’re staring at signs in a foreign language, hoping that the context might shed some light on what they mean. Practice management software can help, but until you know what numbers are most important to your practice — and how they signify growth or, conversely, difficulties — you’re still left wading through a mess of mathematical gobbledygook.

Fortunately, there are analytics — tools to help you make sense of the data — available, and the best software solutions, such as bestPT, embed those tools into the program so that they’re easily and immediately accessible. Offering a visual presentation of the numbers, these analytics finally make it possible for you to interpret and understand the numbers that drive your practice. Examples include:

Radar chart — Visually resembling a spiderweb, the radar chart shows multiple variables on axes starting from the same point, radiating outward like spokes on a wheel. The length of the spoke is proportional to the magnitude of the data. This allows you to examine the correlation of values — say, accounts receivable and NFAs — that aren’t otherwise measured in comparable units.

RadarChart

Trend report — A trend report presents data on a traditional line graph, thereby allowing you to see the peaks and valleys of your information — and the inter-relation of different data sets — over time.

graphs

Histogram — With a histogram, you can choose three charts to show you a graphical representation of a single area of your practice over a given time period (weekly/monthly), depending on the selection. This allows you to gauge how your practice is doing comparatively for a set amount of time.

PaymentHistogram

Dashboard — A dashboard is an organized presentation of the numbers, so you can get an at-a-glance picture of where your practice stands on collections and outstanding work. bestPT, for example, can show you failed claims, AR > 120 and outstanding tasks — or “tickets” — on a single screen through its homescreen dashboard.

Dashboard

Billing Stats Report — This type of report allows you to view claims by date of service. The report can then be broken down in a number of different ways, depending on what you’re looking for (customizable by practice). The Billing Stats Report, or BSR, is very useful for digging into problems.

Ultimately, it’s up to you to determine which numbers provide the best snapshot of practice success; however, analytics are the tools that help bring that snapshot into focus.

What do the numbers mean to you and your practice?

Eldad De-Medonsa, PhD

How does your physical therapy practice compare? | Performance Benchmarking

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By Dr. Eldad De-Medonsa, PhD and Dr. Yuval Lirov, PhD 

physical-therapy-billing_performance-benchmarkingOn average, bestPT customers outperform industry profitability standards by a factor of two. In other words, the average physical therapy practice using bestPT solution generates twice as much cash-flow as her peers. The surprising aspect of this comparison is the cumulative effect of relatively small differences across several metrics that generates a dramatic improvement to the bottom line. For the comparison below, we used data stored in bestPT’s system vs. industry data resources available publicly and privately.

BestPT customers’ average number of annual visits per patient is 11.6, which is better than the physical therapy industry norm of 10.6 by nine percent. A better than average patient loyalty is often the result of superior physical therapy treatment quality and patient education.

bestPT customers’ performance

Industry norm

Ratio

Annual Patient Visits

11.6

10.6

109%

BestPT customers’ cash flow is above the industry norm. Better cash flow is usually the result of better Pay Per Visit (PPV) and better physical therapy billing performance. So bestPT customers are not only getting more money for their work – they are also getting it faster.

bestPT customers’ performance

Industry norm

Ratio

Pay Per Visit

$94.27

$89.78

105%

Average A/R > 120 days

10%

21%

48%

On top of achieving better results for their patients, bestPT customers also achieve better results for themselves, projecting more than $700,000 net additional income over the next 10 years when treating 500 physical therapy patients per annum.

bestPT customers’ performance

Industry norm

Ratio

Income per new patient

$1,094

$953

115%

Patients per annum

500

500

Income per annum

$546,766

$476,500

10 years income

$5,467,660

$4,765,000

Since all this additional income is generated after bestPT customers have already paid their expenses and physical therapy billing fees, it is pure profit – resulting in more than double the industry norm for physical therapy profitability:

bestPT customers’ performance

Industry norm

Ratio

10 years profit

$1,179,160

$476,500

247%

Profitability

22%

10%

Next steps:

  • If you are not using bestPT physical therapy software yet and want to see your own practice performance comparison, schedule your Initial Practice Evaluation here.

  • If you are already using bestPT physical therapy software and want to see your own practice performance, open a ticket to your SPOC.  For a SMART Plan, request a full-scope Radar analysis of your practice.
Eldad De-Medonsa, PhD

Increase your clinic's profitability with EHR

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Physical therapy billing_convert_paper_to_digital-documentationYou can save valuable time and improve your physical therapy clinic’s profitability by switching from paper patient documentation to digital xDocs. Use of xDocs has been proven to boost overall physical therapy billing performance in our clients’ practices.

An xDoc is simply an intuitive digital form, not unlike your own paper forms, that is integrated into bestPT’s physical therapy billing system. It makes billing easier by being easily accessible and manageable. There is no magic here, xDocs are so easy to use that you document the each patient visit and bill it with a single click, on the spot. It’s that easy! Read more