Home Add to Favorite Contact Submit  
             29 March, 2024
 

    
Category:  Articles » Business » Sales Management

 

Cash Practice Physical Therapy - Three Ways to Bring More Cash to Your PT Practice

Popularity:
         Views: 2105
2008-04-22 05:40:43     
Article by Lance Van Arsdell

At about 12:15 p.m. today (3-11-2008) I saw PT Scott's pickup along with another vehicle parked near the door of one of his clinics. This didn't look good. I'd seen signs of a possible move out previously and today stopped to see what I could do to help. I had previously left him messages by phone too. Today it was too little too late. Scott was indeed moving out - closing his doors. His financial partner was going on with one of their three clinics without him. I doubt the split was because they were making too much money. Scott is a very good and conscientious PT. I'd personally seen him doing muscle tests with objective dynamometers. I know he tried his best. They were "in-network" with at least 25 insurance companies via a "multi-plan" agreement. I asked if I could help him at a later time as I had a cash-paying customer at 12:30 not far from his office. They were nearly done moving out but my heart goes out to him, his wife and one of his little kids who was playing on the floor. I will be of help however I can. For now he's taking a job in a skilled nursing facility.

Several years ago a large home-health care agency that I worked for closed down and couldn't pay me for my last few visits for them. A newspaper reporter called me to interview me on how it had effected me. I held no malice. The home health company had simply gotten "into bed" with too many HMO's that didn't pay their bills. At the time I was finding more of my patients were willing to pay cash anyway. Adversity brings opportunity to the prepared mind. Why wait for adversity?

What to do now to bring more cash into your practice:

1) Give every one of your patients the option of paying cash from the beginning. You can give many of them incentives them to pay up front because money today is worth more than a partial payment in 90 days. James Ko, PT a contributor to the cash practice secrets course puts the cash option as option #1 on his forms. It has a check box with text behind it that says, "I will take advantage of the $30%discount [This can be a lesser discount or other benefit but I suggest at least discounting the 6-10% that it would cost you to collect that money after the time of service.] offered for paying cash at the time of service." Remember there are many clients for which cash is the only option. I treat many of them. If you intend to treat Medicare patients you may be "non-participating" and set up your system where the client pays you directly and gets reimbursed by Medicare.

2) Respect your clients' time and their money. Advise your patients honestly like you'd advise your own family members. You can't have too much integrity. Those who can afford to pay cash frequently think they have very busy lives even if that "busyness" is going from one social to another. They frequently don't want to come in for therapy three times per week if they can be taught how to do many of the treatments at home.

3) Learn everything you can about cash practice physical therapy. Take advantage of cash practice teleseminars and internet training. These will help you develop your practice and also to will let you know if you might be interested in further training from that publisher, author or speaker. Don't spend a $1000 on a course without first checking out the free content from that author. Seek out specialized knowledge on this topic.

A free audio chapter on how to run a cash physical therapy practice is viewable for those who simply register at http://www.CashPracticeSecrets.com Other absolutely free bonuses include free email /internet training and free teleseminars. These high-value teleseminars are being held at least monthly for a limited time for free for those who have opted in by entering their email address at the above web-site and then confirming by clicking the appropriate link in an automatic email. This information has been compiled by Lance P. Van Arsdell, PT, MSPT who is the president of Cash Practice Secrets. Lance has a successful house call physical therapy practice in Mesa, AZ and authors a BLOG on prosperity for physical and occupational therapists viewable at http://www.TherapeuticWealth.com

Specialized in: Physical Therapy - Cash - Pt Practice
URL: http://www.therapeuticwealth.com
Print article      Bookmark this page
Related Articles 
The Importance Of Acquiring Effective Sales & People Management Skills (Popularity: ): Effective Sales & People Management Skills are essential for a business or sales manager to reach the goals of their organization successfully. Ryan Singlehurst Dubai offers tailor made training programs to mould successful sales managers and executives, by acquiring expert insights and exploring leadership & people management concepts. The training programs of Ryan Singlehurst are designed by examining actionable strategies for building the kind of leadership, people management and sales ...
Mesothelioma Lawyers Ask.... (Popularity: ): What is the Government doing about mesothelioma? Mesothelioma is one of the biggest killers in the UK, and statistics are set to peak over the next 10 to 15 years as the disease has a long incubation period. Swept under the carpet for years, the problem of the 'Silent Killer' (as the disease has become known) has recently received much higher public exposure with the successful conclusion of a court case ...
The Art of LeaderShaping - People First, Then Build a Strategy For Execution (Popularity: ): With growing organizations in today's troubling downturn economy, opportunity continues to present itself for progressive thinkers to act. I believe that organizations across the United States of America have the resolve to remain on task for being some of the more progressive thinkers in the world. We have come through tough times in the last ten years and more are in front of us. I am proud that the Bison ...
C-Level Relationship Selling - Take Control and Your Relationships Will Flourish (Popularity: ): In a selling situation, "How can I help you," seems to be the spoken or implied question from one person to the other. Typically your prospect or customer will say, "I have a question or a problem," or "Can you help me?" or "I need some information on ...."As an experienced sales person, you'll listen for a few seconds, and think you've got it. Then you start selling, i.e. trying ...
Sales Management 101 for a Staffing Firm (Popularity: ): So you think you are a sales executive? Let's qualify you as a candidate:1. Do you love to cold call? 2. Do you understand how to develop relationships with your recruiters? 3. Do you understand how to develop relationships inside large companies once you have them as a client? 4. Are you familiar with all the procedural processes and paper work of your clients? 5. Do you regularly attend trade fares? 6. Are you an ...


Related Business 
Quick Cash Advance (Popularity: ): Our cash advance services are tailor made for people who are looking for fast cash. Apply for cash advance UK, quick cash, payday cash, emergency cash, no faxing cash advance and online cash. Avail cash loans and wave off your cash crisis.
Online Cash Loan - Online Payday Cash Loan - Online Personal Cash Loan (Popularity: ): Cash Loans Online provides all your emergency cash needs through online cash loan, also providing online payday cash loan, online fast cash loan, emergency cash loan, instant online cash loan and short term cash loan to the UK people. It is hard to get cash instantly especially when requirement is urgent. 24hrs is too short to arrange cash. Is it? At cash-loans-online, cash loans are approved, deposited in your bank account ...
The Physical Therapy Institute (Popularity: ): We offer the highest quality of physical therapy services utilizing evidence based practice techniques and the latest technology to our patients. As a result, our patients will have the knowledge, satisfaction and trust to refer their friends and family to our practice.
Newage Business Loans (Popularity: ): Companies, which once had strong cash flows and accepted only cash for their services, are witnessing a change in the ways and mechanisms used by their clientele. Today, cash businesses are readily accepting processing of payments through credit cards. This trend has caught on more increasingly now then ever before, thereby creating cash flow gaps for these companies.
Instant fast cash (Popularity: ): Looking for fast cash? 500 fast cash brings to you following services like same day loans, fast cash bad credit, payday loans, cash advances, instant fast cash, 750 cash loans, 500 cash loans and 100 cash loans. So, apply with us and fulfill any sort of short term urgent financial need conveniently.
E.M Therapeutics (Popularity: ): E.M Therapeutics is an outpatient Physical Therapy and Rehabilitation practice with locations in Beverly Hills, and Encino. The practice was established 28 years ago and is owned and operated by Physical Therapists.
Bad Credit Cash Loan (Popularity: ): Bad credit cash loan bring the relief for your all urgent need of cash without reflective formalities. We arrange cash loans, payday loans, fast cash loans, loans for bad credit and bad credit instant cash.
Cash Advance Loans, Fast Cash Loans (Popularity: ): Are you in need for financial assistance? Immediate Cash is an online entity that extends short-term financial services to the residents of the UK. We, at Immediate Cash can enable individuals to access quick cash soon after their application submission. In order to pursue this endeavour, we, at Immediate Cash take instant decision on loans approval so that funds can be transferred to your account in fast approach.
Cash For Cars Australia (Popularity: ): If your car is a wreck or taking space in your backyard, get it removed for cash. Cash for cars offers cash for all types of cars. It doesn't matter what condition it is in, you may get cash for your car.
Loans ASAP - Bad Credit Payday Loans (Popularity: ): Loans ASAP is the ultimate destination where you can fulfil all your short term cash needs that demands quick fix. With us you can find the cash you need within hours of your application. No matter what your cash needs is, you are sure to get the cash you need through us. Applying for loans ASAP at Loans ASAP will help you get cash deposited directly into your checking account. ...