It’s never to late for your physical therapy business to provide cash-paying programs in order for your practice to receive income in real-time.
Nitin Chhoda shares how by putting up some cash-paying programs for your patients you will help them stay connected, as well as provide an alternative source of income for your practice.
The secret recipe for a successful physical therapy marketing plan of a practice sounds like something that any owner would pay a lot of money to obtain. Sadly, there is no secret recipe.
There are, however, very open and public ways that physical therapy practices have been able to increase their cash flow.
This doesn’t mean that physical therapists are charging more for services or scheduling shorter sessions and charging the same amount. Cash paying programs from an effective physical therapy marketing are ways that a practice can offset the lag that comes from billing insurance companies for most patients’ expenses.
Making Insurance Companies Pay
The best way to get the cash to your practice is to streamline and improve your claims submission process. For some practices this will mean hiring a medical billing and coding service.
For others it will mean implementing a medical EMR that integrates the clinician’s notes with the coder’s system and the biller’s system. An EMR can drastically improve the rate of accepted claims and that is big physical therapy marketing business plan for any type of service.
Changing the Way Patients Pay
Some EMR systems of business actually improve the way medical billing and physical therapy marketing happens to the point that the biller or receptionist can collect the patient portion of the payment the same day as the appointment. Getting to that point may take a bit of time and energy, but getting payment up front is well worth your time and effort.
An incorrect claim to the insurance company will be rejected. If you have done the research and figured out just what the insurance company will cover before you send the claim, you can not only improve the rate of accepted claims, but you can ensure that cash owed by the patient is paid in a timely manner.
This point cannot be made strongly enough. If you want a real cash paying program to exist as part of your physical therapy marketing practice, you must incorporate preventative and non-billable programs.
Because the challenge for physical therapy practices, as well as almost every other healthcare practice, lies in the billing of insurance companies, it can be hard to change the way you think about cash income.
These can be as simple as exercise classes for elderly patients who want to avoid injury. Each patient may pay in cash for the class, and overall, the practice earns the money that is paid.
It’s Never Too Late
But it’s never too late to start a physical therapy marketing campaign, or to encourage current clients to continue to come to your practice, even when they’ve healed from their injury.
Physical therapy marketing is similar to the way we market good health in general. Everyone wants to be healthy, and good health makes people happy.
If you start a physical therapy marketing campaign that encourages people to get healthier through physical therapy marketing and programs that your practice offers, you may be adding exactly the kind of cash paying program that your practice needs to stay ahead of the game.