Maximize The Financial Performance Of Your Clinic

Jan 13 | , , , , , , ,

 

Health care is facing a number of significant changes, and it will be crucial for physical therapy providers to keep up to maximize return on investment in their clinics. It’s important for your clinic to maintain a high level of financial performance to ensure the long-term viability of the facility. Here are some ways to make your physical therapy clinic more successful:

1. Optimize staffing levels
It’s crucial to consider your daily patient volume and your current employees. Do you have the right skills mix between therapists and assistants? Staffing levels should reflect the peak times of activity. In addition, it may be beneficial to implement productivity standards for your clinic, according to a white paper from RehabCare, a provider of rehabilitation services.

2. Consider differentiation
Does your clinic offer programs that help it stand out from competitors? Differentiating your clinic can improve financial performance. It may be a good idea to assess any specialty programs your clinic offers. Additionally, specialty programs may require more training for staff therapists. It’s important to consider if there is a strong need for niche programs before investing in them.

Physical-Therapist-and-Patient

Match staff members to daily appointment volumes.

3. Leverage technology
Implementing technology has been a major focus of health care reform. Health information technology systems can help physical therapy providers raise the quality of care they offer while also improving financial performance. In 2013, U.S. health care spending only increased 3.6 percent, which is the lowest rise since the Centers for Medicare and Medicaid Services began tracking spending in 1960, according to health industry resource Health IT Outcomes. Reducing costs is a major focus of health care reform, which means physical therapists need to find ways to manage costs to ensure they maintain a strong profit margin.

Health care initiatives require the use of electronic health records. While these platforms may require a significant upfront investment, there are a number of ways to see a return. Using these systems to their full capabilities helps clinics capture a strong ROI. Most EHRs offer a patient portal, which gives patients more control over their own care. This feature creates an opportunity for higher levels of patient engagement and can lead to greater efficiency, health IT company Greenway stated. Patients can schedule appointments and ask medical questions without calling the practice, which streamlines workflow for clinic employees. Not only do EHR portals give patients more self-service options, but they also allow you to send appointment reminders, which helps you cut down on no-shows. Increasing the number of completed appointments strengthens financial performance.

Boosting efficiency is an excellent way to reduce costs, and health care technology allows you to optimize efficiency. Staff members can save time on many key tasks, which enables them to provide a quality patient experience when people arrive at the clinic. EHR technology gives assistants and therapists more time to interact with patients.

4. Quality measures and outcomes
Health care systems have quality improvement programs. Physical therapists need to measure quality improvements over time and making strides toward improving outcomes is highly beneficial for generating new referrals and attracting new patients, according to RehabCare. Specific results can be incorporated into marketing campaigns, which makes a stronger case for why new patients should choose your clinic. Finding new ways to cultivate referrals is a great way to improve financial performance.

5. Assess financial metrics
It’s important to gauge how your clinic is performing in order to make improvements. Monitor monthly revenue and direct and indirect expenses. It’s crucial to optimize co-pay collection for more sustainable revenue growth.

“Billing is critical for a healthy financial organization, and accurate, up-to-date documentation can help staff members streamline the billing process.”

6. Keep up with documentation and look for areas to improve billing processes
Billing is critical for a healthy financial organization, and accurate, up-to-date documentation can help staff members streamline the billing process. The health care industry is changing all the time, which means keeping up with regulatory changes and documentation is crucial for compliance. Conducting an audit of billing processes and regular views of documentation can help you identify areas for improvements. Efficient billing practices allow you to collect the maximum reimbursement and boost financial performance.

 

This article is brought to you by PREFERRED Therapy Providers Inc. PREFERRED is the nation’s leading payor management services network. Our expertise is working with physical, occupational and speech therapy practices – from single clinics to multiple clinic locations.