The #1 answer many experts will give you is to see more patients. That works, but chances are you are too busy already with patient care, marketing, billing and possible side hustles to bring in more cash business.
It's best to work smarter, not
harder.
Specialize Services
- Orthopedic
PT: Can boost revenue with high patient volume and broad
referrals.
- Neurological
PT: Provides long-term patients, which is a steady revenue.
- Pelvic
Health PT: Growing in popularity. Highly specialized
so there isn't much competition.
- Sports
PT: Opportunities for private pay. Can work with athletic
teams.
- Workers' Comp & Auto Injury PT: Potential for higher reimbursements.
Optimize Insurance Reimbursement
- Code
Correctly: Many Physical Therapy clinics make the mistake billing
1 or 2 units when more services were provided. Use the 8 Minute Rule to
bill the maximum units per session. Defaulting to generic codes with lower
reimbursements or not using evaluation codes properly can also be a
problem.
- Don't
Accept PPO or Retroactive Discounts on Workers' Comp or Auto Claims: Physical Therapist clinics leave money on
the table because they accept cuts to their payments, even when a contract
is in place. It makes sense to send those claims to BOOST for processing.
Nationally, clinics get $53 more per visit on average when the claims go
through BOOST. It can partner with your billing so you don't have to
change systems or spend extra admin time.
- Maximize Reimbursements: Research payer policies, get pre-approvals and appeal denied claims consistently. You can also partner with a billing team, do monthly audits and set clear KPIs.
Reduce cancellations and No-Shows
- Appointment
Reminders: Give a reminder card before patients leave your office.
Follow up with an appointment reminder by text.
- Educate
Your Patients: Make sure you are explaining how PT is improving
their health. Patients are more likely to make appointments when they
understand the benefits to their health.
- Enforce
a Cancellation Policy: You shouldn't be the one losing money when
a patient is a no-show. It is standard practice to charge a fee for
canceling 24 or 48 hours before an appointment. Keep a patient waitlist
and book another client in that missed spot.
BOOST My Claims
The BOOST Processing Method is the solution to declining reimbursements for Workers' Compensation and MVA (motor vehicle accident) bills. Since 2014, they've successfully employed this method to enhance profits for Physical Therapy Clinic owners. It's a well-established approach that can seamlessly integrate into your current billing process. With BOOST, you can get 2x higher reimbursements and generate. To see if you qualify: boostmyclaims.com