Cash Practice Physical Therapy - Three Ways to Bring More Cash to Your PT Practice |
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By: Lance Van Arsdell Posted: 2008-04-22 05:40:43 |
| 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 |
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