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2021 WILL BE HARD, TOO... UNLESS
We asked 3 practice owners with a proven history of growth for their best advice in dealing with medicare reductions. Their answers boil down to this – focus on YOUR net profitability. There are a lot of factors that go into net profit, but the good news is that you have control over most of them (unlike Medicare). The 4 examples our experts agreed most on were: 1) Patient Retention. Working to Retain your patients through their entire plan of care raises your bottom line quickly. Use marketing materials & systems to keep patients excited about the end result, engaged with their therapist, and remembering why it is so important to complete their plan. 2) Schedule/Arrival Rate. Train your team to boost arrival rate: “Make sure your whole team is trained up– not just on the Medicare changes but also
on how to maximize your schedule so you aren’t bleeding visits somewhere else.” -Dee Bills, PT, Owner, Front Office Guru 3) Customer Lifetime Value. What add- on services can you use to increase the value of each patient? “Consider adding a non-insurance revenue stream to protect against future reimbursement cuts.” -Jamey Schrier, Former Practice Owner Another way to improve customer lifetime value is past patient marketing. It is 10 times cheaper to acquire a return patient than a new one, so past patient marketing can fill your schedule at a reduced cost-per-appointment. 4) And Your Payer Mix. If you’re Medicare- heavy, it’s time to shift your marketing to attract better insurances. What insurance companies give you the best reimbursement and least headaches?
Feature those on your website prominently, find those patients in your past patient list and market more to them, or even network with local businesses who offer those plans to their employees. Medicare cuts are no small challenge, but you can compensate any Medicare cuts to physical therapy simply by focusing on these areas you do control.
Allison Pentony Marketing & PR Specialist
Want a full review of clinics who braved the pandemic? Read their stories & strategies by visiting PracticePromotions.net/COVID
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