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2021 WILL BE HARD, TOO...UNLESS
2021 Will Be Hard, Too UNPOPULAR OPINION:
For many, 2021 brings hope of putting 2020 challenges behind and looking ahead. Stabilization. Normalcy. But, for PT owners, the new year also poses its own new challenges. First, many locations are facing new waves of lockdowns while vaccine progress is unpredictable at best. In addition, CMS is cutting Medicare payments to physical therapy, which means an instant drop in collections for many practices. While 2020 was off-the-charts crazy, it’s clear that turning the calendar won’t make challenges go away instantly. What can private practices do to conquer the new year and avoid further financial pain? The short answer is to take time to plan. Ask yourself “what can I do to gain more control of my own revenue and depend less on outside factors?” 2ND WAVE PLANNING & MARKETING DURING LOCKDOWNS The best news here is that March 2020 provided a roadmap for dealing with such
global issues. The difference between clinics that suffered most and those who bounced back quickly was simply who made every effort to keep operations running at whatever percentage possible. For clinics that closed shop, didn’t use telehealth, or cut all their marketing… it took much much longer to recover. Because when patients stop hearing from you, they assume the worst. Even if you can’t operate at 100%, you need to keep operating (you’re an essential healthcare provider), add virtual options (to give patients choice and comfort)– and most importantly – communicate through marketing MORE than before (so patients know you’re open and safe).
The difference between clinics that suffered most
and those who bounced back
quickly was simply who made every effort to keep operations running
PLANNING TO OVERCOME MEDICARE LOSSES
at whatever percentage possible.
Fighting legislation would be noble, but we’re past that point. It’s time to stop stressing and decide how you’re going to make up lost income or even better–protect yourself against outside companies hurting your profit.
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