Practice Marketing Newsletter DECEMBER 2022
If you have a rockstar Patient Care Coordinator at the front desk who can control patient scheduling, then you have a very profitable practice. But if your front desk is not well trained, your practice will struggle with a high cancellation rate. 3 MANAGE FINANCES, BUILD PROFIT CENTERS, + REVISE CONTRACTS Sometimes practice owners get squeamish about money. But listen to me—it is perfectly OK to make a great living as a physical therapist! In fact, I don’t think we get paid nearly enough for all that we help people do. You need to keep your eyes on… • Inflow and outflow of cash. Invest in proper billing systems so you are in control of your finances • Build profit centers, areas of your business that are highly profitable. Example) Add additional services like massage, dry needling, EMG, etc. • Renegotiate your insurance contracts every six months. Read the full version of this article at PracticePromotions. Net/Blog to learn how I became the most highly reimbursed outpatient PT practice for United Healthcare in my area! YOU CAN LEAD YOUR PRACTICE TO SUCCESS Ultimately, there is a lot in your control. If you know how to apply these 3 key actions, you will be able to overcome many challenges from the insurance world.
How Your Practice Can Overcome Cost-Cutting Reimbursements Insurance reimbursements are declining every year. What does this mean for your business? Impending doom? Or an opportunity to take your practice to a whole new level? Here are the 3 key areas you can control to make your practice more successful and profitable. 1 KEEP YOUR PIPELINE FULL OF NEW PATIENTS You have to keep your practice space filled to the brim with patients! A big mistake many practice owners make when concerned with their finances is putting marketing activities on the chopping block. This hurts your ability to drive new business and revenue into the practice. But marketing is a business investment. Your marketing produces new and returning customers, period! Most practices don’t even get to the industry standard of 8% of gross revenue spent on marketing activities that the Small Businesses Association recommends spending on marketing. 2 MAXIMIZE YOUR EFFICIENCY To make your practice more profitable, you have to keep your practice full with patients. All. The. Time. Your therapists should rarely have a hole in their schedule, and it should be easily filled with people waiting to get on it.
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