Are You Leaving Money on the Table? 

This past year Stacey and I have encountered too many therapists who are concerned about the future of physical therapy private practice. Things such as waning reimbursements, compliance issues, negotiating contracts, MIPS and APM’s are consuming therapists’ time and energy.  So while we can’t solve all the problems private practice owners face, we can give you some things to think about so you can begin to make changes that will help improve your revenue. 

As business management consultants and billing experts, we consistently see just how much money practice owners leave on the table month after month and year after year.  Recognizing the existence of  low reimbursements is one thing, but to leave dollars on the table that should and could have been collected is another. 

Many practice owners are at a stalemate when trying to negotiate with insurance carriers because they don’t understand what reimbursements they actually have.  They are asking for more money but are not backing up their reasons with concrete data that will help make their case.  Most initial contracts are signed without review which will hurt when you try to renegotiate. 

Our consulting and billing businesses were built on changing the current conditions of our clients.  All of the important issues we mentioned above are out there and most require PT’s to take some ownership in doing their part to improve their practice. Our focus is on building and strengthening the infrastructure of your business and teaching you how to stop leaving $$$$$ on the table.

There are essential things you need to learn to start improving your revenue and collect the money you deserve.  First and foremost, get training for you, front desk staff, billers and therapists.  We can show you how to implement our unique Administrative Power Center (APC) in your practice.   The APC is a series of processes that when followed results in “getting paid right the first time”.  It will become the core of your business and successfully drive your revenue stream. 

Here’s how it works:

  1. The processes begin with the first phone call.  This is where the patient experience begins.  There is no stone unturned as you go from the first phone call to processing and guiding a new patient through intake, benefit checks, scheduling, registration, checking in and collecting patient money at time of service and managing referrals and authorizations.  This is all done before the patient even sees the therapist.
  2. When the patient sees the therapist, there is no doubt as to whether or not the visit will be paid.  Once the therapist sees the patient they can charge for the services they provide and do their documentation.  The therapist must learn how to charge correctly and write compliant notes.  They must also be aware of the requirements of every insurance that are a provider for.  If not, your claims may not be paid. 
  3. Once the therapist does their job, it is on to the biller, who will process the claim – always looking at what has been billed and making sure claims are appropriately coded and insurance requirements followed.  If not, it must go back to the therapist for correction.
  4. The expectation is that all claims submitted will be “paid right the first time”.  The payments received must be reviewed, posted and any claim not paid is followed up on immediately – not written off.  The posting of payments is the first line of defense against denials.
  5. Any denials must be traced back to the source.  It is there that corrections can be made to stop them from happening again.
  6. Accounts Receivable management should be easy if the core is working seamlessly.  Starting the collections process at 30 days reduces the chance of the claim getting out of control and eventually being written off.

Our APC has been successful in so many practices and is now available to all practice owners.  We have a great program right here at our facility.  Owners come in with their staff to complete our 1 or 2 day series with our incredible team of trainers including Diane McCutcheon and Stacey Fitzsimmons.

For those who can’t make it to our facility, we offer webinars which are interactive so great discussions can take place.  The webinars are done in hour increments and have been very successful in increasing staff productivity.

There are things you can do to help your practice thrive.  You need us and we can help.  Give us a call today. 

​​​Diane McCutcheon, President
​​DM Business Management Consulting Services, Inc.
Account Matters – Billing & Collection Services
4 Charlesview Road, Suite 4
Hopedale, MA 01747
P: 508-422-0231  F:  508-422-0234

How having a seamless operation can increase your bottom line.