For the physical therapy providers in your clinic, the ultimate goal is most likely to see all of their patients succeed with rehabilitation. While you share this goal, you have additional objectives regarding practice profitability as well.
If your clinic is in need of more revenue, there are plenty of avenues to consider to bring in money. Here are some tips you can think over to help boost your physical therapy clinic’s revenue:
Use existing technology
You or may not be aware of the technologies available to your practice that can improve your bottom line. Rosemarie Nelson, principal with the Medical Group Management Association (MGMA) Health Care Consulting Group, told Physicians Practice that these options are often overlooked but can make a real impact. Instead of relying on paper records, you can switch to an electronic health care records (EHR) system, which saves both time and money, as it can signal to the front desk staff which patients still need to make payments or who has outstanding test results.
Patient portals are another useful technology you can employ in your clinic. This gives your patients direct access to your clinic if they have questions, want to pay a bill online or need to schedule an appointment. Patient portals make your clinic more accessible, which improves patient relations and your bottom line.
Focus on patient retention
While it’s important to get new patients, you should also focus on patient retention. In some ways, it’s easier to keep current patients than it is to get new ones. Therefore, you should have plans in place to keep patients coming back for therapy. Some ways to achieve this include sending weekly or monthly newsletters with pertinent information, holding informative seminars to teach patients something new regarding physical therapy and certain conditions, and providing special offers to long-term or current patients.
Nelson also suggested to Physicians Practice that clinic owners walk through and evaluate their practice to determine what they can do make the space more patient-friendly. Instead of saying, “this is how we’ve always done it,” objectively look at the waiting room and check-in and -out processes to see where you can make improvements to leave patients happier.
Follow up with insurance companies
Another consideration to keep is mind is to find out how often you’re following up with insurance companies after they are billed. If possible, you may want to reach out weekly until an invoice is settled, instead of waiting a month after the bill is past due to make contact. Ensuring that the insurance companies are paying their portion of your patient’s bills helps your practice stay out of the red.
Analyze your marketing plans
Whether they are targeted at finding new patients or keeping current ones, you might want to examine your marketing plans and see what needs to be updated. If you don’t currently engage in any online marketing, now is the time to branch out. Create pages on social media sites helps your clinic to become more accessible. Also think about options like email blasts and revamping your practice’s website if it’s not up to par.
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.