How does your physical therapy practice compare? | Performance Benchmarking
By Dr. Eldad De-Medonsa, PhD and Dr. Yuval Lirov, PhDÂ
On 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. Â For a SMART Plan, request a full-scope Radar analysis of your practice.
