Attention PTs: Medicare cuts are on the horizon…AGAIN! It’s A Vicious Game—But You Have the Power to Fight Back! The Proposed 2025 Medicare Physician Fee Schedule had some wins for the PT industry, including… • Breakthrough on PTA general supervision • Relief from burdensome plan of care requirements
Insider Circle PRACTICE MARKETING TIPS • NOVEMBER MMXXIV
ATTENTION: OVERCOME REIMBURSEMENT CUTS IN 2025
THE BEST TAX DEDUCTION for Your PT or Chiro Clinic HO HO NO! How to Overcome Holiday Cancellations
WILL YOUR CLINIC SURVIVE?
INSIDER CIRCLE NEWSLETTER
NOVEMBER MMXXIV
HOW YOUR CLINIC CAN OVERCOME REIMBURSEMENT CUTS IN 2025 THIS IS WAR
Attention PTs: Medicare cuts are on the horizon…AGAIN!
However, as a practice owner, you can’t let your practice goals be stopped by these outside factors. Keep your eyes on the finish line, not the hurdle. You have options to overcome this challenge. Here are 3 key actions you need to take in order to overcome reimbursement challenges and chart your way to making your practice way more profitable! STEP 1: MAXIMIZE YOUR EFFICIENCY. To make your practice more profitable, you have to keep your practice full of 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. 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. Hundreds of thousands of dollars are lost at the front desk if this is not tightly managed. I highly recommend Dee Bills with Front Office Guru ( www.frontofficeguru.com ) to help you train your front desk staff correctly and increase your patient arrival rate to 96% or higher.
It’s A Vicious Game—But You Have the Power to Fight Back
The Proposed 2025 Medicare Physician Fee Schedule had some wins for the PT industry, including…
Breakthrough on PTA general supervision
Relief from burdensome plan of care requirements
But once again, the CMS has proposed a cut in the conversion factor, one of the elements used in calculating final payments for various CPT codes. This time around, we’ll see a 2.8% decrease in the conversion factor in 2025. This is just part of a vicious game that has been played for the last 2 decades between HHS, Medicare, and providers. It’s led to…
Reimbursement that has not kept pace with inflation
Draconian, cost-cutting measures that strain your ability to deliver the quality of care you want and have the profitable practice you deserve.
(Open to learn Steps 2 and 3….)
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HOW YOUR CLINIC CAN OVERCOME REIMBURSEMENT CUTS IN 2025 THIS IS WAR
Build profit centers. “Profit centers” are areas of your business that have higher profitability than other services but are still a good value for your patients. To create a profit center, you may need to add additional services like massage, acupuncture, dry needling, diagnostic ultrasound, EMG, laser therapy, etc. Renegotiate insurance contracts. When was the last time that you went through all of your insurance contracts and asked for a raise? Hopefully, it was less than 6 months ago. It is a good practice to frequently renegotiate insurance contracts. Know your worth and ditch poor-paying insurance contracts. Calculate your operating costs for each patient. Understand your absolute minimum reimbursement per visit. This can help guide you in determining what insurances you should keep and who you should not renew contracts with. Sometimes it can be painful to let a big network go, but if you have to see 4 patients an hour to break even, is it even worth it? THE BOTTOM LINE: ONLY YOU CAN LEAD YOUR PRACTICE TO SUCCESS Reimbursement cuts you can’t control (like Medicare) are unfortunate. But ultimately, many things are in your control. So, don’t base your clinic’s success on anyone else’s decisions, excuses, or opinions. If you know how to apply these 3 key actions, you will be able to overcome many challenges from the insurance world. Keep your pipeline full with effective marketing, maximize your practice efficiency, and keep tight control of your finances.
STEP 2: KEEP YOUR PIPELINE FULL OF NEW PATIENTS WITH MARKETING. You have to keep your practice space filled to the brim with patients!!! This is where the most money is lost in a practice, and profitability goes down the drain! You are a service business. That means the name of the game is servicing as many people as you can with the resources you have: space and therapists. The most money you will ever lose is the money you never made because you did not have enough new patients to maximize your space. A good benchmark is > 100 patient visits per 1000sq ft of space. Therefore, in a 2000 sq. ft. practice, you should be seeing > 200 patient visits per week.
Marketing = Your Investment in Business Growth
Did you know that marketing is classified as an investment, not an expense? Marketing actually creates more dollars for every one you put into it. A big mistake many practice owners make when concerned with their reimbursement rates is putting marketing activities on the chopping block. This hurts your ability to drive new business and revenue into the practice. Tight finances are fixed by patient volume. And marketing is what produces patient volume. 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. Are you choking the life out of your potential practice growth by not marketing the way you should?
STEP 3: BUILD PROFIT CENTERS AND REVISE CONTRACTS.
Here’s to your success!
Money is the lifeblood of your business. You can’t help more patients get better if you can’t be profitable and have a thriving practice. Bear these things in mind:
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The Good News? We’re Already Equipping Your Clinic for 2025!
Marketing Investments That Double As Tax Deductions:
WEBSITE REDEVELOPMENT
If your website is more than 3 years old, it’s time for an update. Talk to your Customer Success Manager about upgrading your website design to our WebCore 2.5 platform. DONE-FOR-YOU SOCIAL MEDIA Buy back your time by adding done-for-you social media to your Practice Promotions subscription!
THE BEST TAX DEDUCTION for Your PT or Chiro Clinic
Would you rather pay Uncle Sam more from your practice‘s profit, or re-invest that revenue back into your business? The answer should be easy: spend money on marketing now, save money on taxes later, AND increase your patient volumes. Unfortunately, many practice owners miss out during this time of year and focus on saving money to pay their taxes versus
Have you planned out your practice’s tax reduction strategy? NOW is the time to start thinking about reducing your tax liability for this year. The best way to reduce the taxes that Uncle Sam takes...is to INVEST your money in something that is both tax deductible + will grow your business! Money spent on marketing is 100% tax deductible. You can write off the cost of a new website design, Google Ads, or social media services. The best part is that, while you deduct those expenses from your tax liability, they generate new patients for your practice. Most practices can expect to see 10-15 new patients or reactivations per month from their newsletter and website marketing. At $80 a patient visit, that is roughly $800 in income per new patient converted via marketing. You will probably owe a lot in taxes for this year. But by investing in your clinic marketing NOW, during the 4th quarter, you can reduce your tax liability...while investing your business?
GOOGLE ADS SERVICES
Get in front of 1000s more people in your zip code with Google Ads. Our top-selling way to boost new patients. NEW PRINT MARKETING Get new practice brochures, patient education, and collateral printed materials. PREPAY MARKETING SUBSCRIPTION Prepay next year’s advertising up front to get big discounts. DIRECT MAIL MARKETING Send out newsletter and postcard mailings for the beginning of January and capitalize on the New Year’s resolution fever.
spending money to lower their liability. Instead, they can easily grow their practice growth in the first quarter by investing in practice
Money spent on marketing is 100% tax deductible.
marketing as a tax deduction.
Investing in your marketing is not about just buying stuff. Instead, it’s about looking ahead at your business and development goals for 2025. What can you purchase today that will attract more patients to your practice and help you achieve those goals? Implementing online and print marketing tools to grow your practice is one of the best end-of-year investments you can make.
Want to See How We’re Equipping You for 2025? Visit PracticePromotions.Net/Whats-New
OVERCOME
Holiday Cancellations with MARKETING
Do holiday cancellations frustrate you every year?
This holiday season can be different. You don’t have to let Santa Claus and his insidious reindeer stop your practice growth. The #1 way to make sure your staff are busy this holiday season is to fill your staff’s pipeline with new and returning patients. That way, if someone cancels, someone new can fill their spot! Here are three practice marketing ideas to keep your staff busy this holiday season:
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TRAIN YOUR FRONT DESK
If you really want to overcome holiday cancellations, you need to train your front desk. Remember, marketing brings you leads and calls. But it’s your front desk that performs the “sales” function. They are the ones who “make the sale” and put a new patient on the calendar. So if your front desk isn’t trained...you’re in trouble. Search for the “ Practice Marketing Podcast ” wherever podcasts are found to listen to our recent episode called “Prevent Holiday Cancellations w/ Dee Bills, Front Office Guru.”
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SEND HOLIDAY EMAILS TO PAST PATIENTS
Simply by getting your practice’s name in someone’s inbox, you make an impression and remind them of the great care they received at your clinic. Remember to use a subject line that teases at the content inside the email. Questions and light humor make your emails stand out!
Whatever you do, don’t let Santa win. Not this year. Not ever.
Cost: FREE!
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MAIL HOLIDAY NEWSLETTERS OR POSTCARDS
You may think print marketing is dead...but it’s not! Up to 90% of direct mail gets opened, compared to only 20-30% of emails. Plus, the response rate for direct mail is up to nine times higher than that of email (Small BizGenius). You’re reading this, aren’t you? Cost: Varies based on list size. Visit our online store at PTMarketingStore.com to browse our holiday print products and request a quote!
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4 Quick Resources For The Month! Improve Results, Innovate, and Inspire Your Team!
VIDEO RESOURCE
PODCAST EPISODE
EPISODE 43:
OUR TOP 6 INNOVATIONS ROADMAP
Using Workshops & Webinars to Market Your Practice with Jon Clay
Using Workshops & Webinars to Market Your Practice with Jon Clay
CLIENT RESOURCE: The Top 6 Innovations Roadmap for 2025
We are working hard to innovate and keep your practice on the cutting edge of marketing. Scan to watch a video from CEO Neil Trickett, PT about new innovations coming in 2025… (including one that will help you hire!)
Do you want to attract more new patients with workshops? Here’s how…
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