Getting paid by Medicare and other government and commercial payers on time, in full, is clearly easier said than done. An alternate lies in a cash based practice that holds out the promise of faster and more lucrative cash flows.
Benefits of Cash Based
Cash based practices can be a relief to those overburdened with the claims process. Benefits include:
- Diversified services. Diversified offerings enable a more balanced physical therapy practice that has a steadier path to growth.
- More patient time. Spending more time with patients leads to more fulfilling work for the therapist and more patient satisfaction and loyalty.
- Lesser claims burden. No longer does the practice need to handle the stress of chasing down claims and reimbursements from insurance payers.
These are just some of the benefits of a cash-based private practice. Youll need to choose what strategy creates the most value for your practice so that you can shape your offerings around that strategy.
Pathway to Get There
But making cash based practices happen does require additional work. Here are a few of the key steps on the path to a successful cash-based practice
Attract Right Patients
Marketing the clinic is a great place to begin as not everyone is a good candidate for cash based practices. Careful targeting of prospective patients through digital channels can be a big help.
- Identify the right patient segments that can afford to pay out of pocket.
- Develop a search optimized website that helps patients find the practice online.
- Promote the clinic on social media and paid advertising channels.
- Seek patient reviews and feature them on the website and other channels like Google.
- Build patient reviews into an effective channel for patients to beat a path to your door.
- Ask for patient referrals from physicians and local organizations.
Establish Robust Operations
Ensuring efficient clinic operations including the front desk and documentation comes next.
- Schedule appointments and follow ups, collect monies on check in, and balance bill patients.
- Institute all the necessary patient forms for patients to fill out online so that paperwork becomes easier.
- Organize documentation notes with outlines for notes, such as initial evals, daily notes, and flowsheets, and integrate forms with notes.
- Add telehealth services to continue patient outreach along with patient education and assistance when they are not in the clinic.
- Assist patients with insurance reimbursements and lend a helping hand to reduce their financial load.
Take Care of Compliance
Going cash based clearly does not mean an absence of regulations, just fewer ones to deal with. Compliance would remain an important consideration.
- Comply with state level direct access laws and ethical obligations.
- Manage out of network claims participation on behalf of patients.
- Pay special attention to Medicare rules for Medicare beneficiaries.
Implement Right Platforms
Put in place the right technology (EMR, Practice Management) to keep things organized.
- Manage patient outreach campaigns and patient engagement.
- Automate administrative, clinical, and billing processes.
For a cash based physical therapy practice, a simple and efficient process goes a long way. Marketing, administration, and operations hold the key to draw in and retain new patients and build practice growth.
