Welcome to the world of physical therapy, where your patients aren’t the only ones needing care - your practice does too. If you want to inject extra cash into your practice without compromising on quality, you’ve come to the right place. 

After you pay your team, rent, insurance and buy equipment, the average profit margin for your Physical Therapy clinic could be just 10% to 20%, depending on your payer mix. It could increase substantially if you specialize in workers' comp or auto claims.

If you specialize in workers' comp or auto injury physical therapy, your profit margin will depend on whether or not insurance companies are making PPO or Retroactive Deductions. They may slash your payout even if you have a contract. If you can BOOST your claims, you could double your reimbursements. On average, clinic owners see a $53 increase in reimbursements when their billing teams put the claims through BOOST and put a stop to unnecessary deductions.

Here are some other ways you could increase your profit margin.

Let’s face it: missed appointments are the uninvited guests at your profit party. But fear not! With a few tweaks, you can send those pesky no-shows packing.

• Send Timely Reminders: Don’t let your patients fall off the radar. A little nudge goes a long way. Whether it’s a friendly reminder card handed out at the front desk or an automated email pinging their inbox, keep those appointments top of mind. Many patient management systems have built-in reminder features—use them!
• Educate During Visits: A little education can be a game-changer. When patients understand the importance of sticking to their therapy schedule, they’re more likely to show up. Use their time in your office to reinforce how consistent therapy contributes to their recovery.
• Enforce a Clear Cancellation Policy: Set clear boundaries with a well-defined cancellation policy. A modest fee for late cancellations or no-shows can work wonders. Just make sure your staff and patients are aware of this policy ahead of time to avoid any misunderstandings.

The right team can make or break your practice’s profitability. Beyond just ticking off the certification boxes, focus on finding staff who fit with your practice’s vibe.

• Check Credentials: Yes, you need to ensure your candidates are properly licensed and certified. They should have completed an accredited program and passed their National Physical Therapy Exam (NPTE). Make sure their qualifications align with your state’s specific requirements.
• Assess Soft Skills and Culture Fit: Skills aren’t just about what’s on paper. Dive into their soft skills during interviews. Can they handle challenging patients? Are they familiar with billing procedures? Do they mesh well with your team’s culture? Role-playing scenarios can be a fantastic way to see how they handle real-world challenges.

Keeping your staff happy is key to reducing turnover, which in turn boosts your practice’s bottom line. Here’s how to keep your team engaged and motivated.

• Provide Comprehensive Benefits: A robust benefits package is no longer a luxury—it’s a necessity. Health insurance, a 401(k) plan, gym memberships, and mental health resources can all be part of the deal. Student loan reimbursements and continuing education opportunities are also highly attractive incentives.
• Emphasize Non-Money Perks: Not everything has to come with a price tag. Extra PTO, casual dress days, and team lunches can make your practice a place people want to stick around. Foster a positive workplace culture to keep morale high and turnover low.

Diversification isn’t just for your investments—it’s also a great strategy for your practice. Adding new services can attract more patients and boost your revenue.

• Offer Personal Training: If you’ve got the expertise, why not offer personal training? It’s a natural extension of physical therapy and can keep patients engaged in their health journey. Plus, it’s a great revenue stream.
• Add Nutritional Counseling: Help your patients achieve their health goals with nutritional advice. While PTs can provide general guidance, partnering with a state-qualified nutritionist can expand your service offerings.

Looking to get more profit out of your physical therapy practice? Keeping your schedule full, retaining top talent, and offering a diverse range of services are all crucial. But to truly maximize your revenue, you need a solution that tackles the complexities of billing and insurance.

Enter Boost My Claims. Boost tackles declining insurance reimbursements for workers' comp and auto claims head-on. You’ll get higher reimbursements without overhauling your existing systems. Boost seamlessly integrates into your current operations. You won’t have to change your billing system or EMR. You'll never have to alter your treatment practices. 

See if you qualify @ boostmyclaims.com