Physical Therapy Business

New Study Reveals Private Practice PT Owners Are Collecting 10% LESS Than What’s Possible


“It’s rewarding to watch my patients get back to do the activities they love,” 

- Every physical therapist at some point in their career.

While physical therapy will always be intrinsically rewarding, successfully billing and collecting for the services you provide to your patients is the lifeline of your practice.

It is essential for you to read, study, and master proven & evidenced strategies for world-class billing and collections.

If you know in your heart there HAS to be a “better way” to maximize billings, increase collections, and decrease your A/R…  you’re going to want to stop what you’re doing and block out a day of your time…  ONE DAY…  that’s all you’ll need to drastically enhance your cash flows. 

Hi, my name is Matt DiMauro and I’m a franchisee with FYZICAL Therapy & Balance Centers. FYZICAL, with over 200 locations, has carefully studied and analyzed billing and collection procedures across the nation to compile the best practices that have been proven and evidenced. These practices are not subjective. Data has evidenced an increased collection rate of 10%+ from the implementation of these systems, and I’m planning on sharing some of these systems with you.

I’ll share with you high-level general concepts in this letter without putting our intellectual property at risk. However, I guarantee, we are going to reveal vital information in great detail at our one-day event that will INSTANTLY turn your business into a real money-making operation, even if you’re struggling today.

One of the most common links I’ve identified among successful PT practices is how they monitor and measure collection performance. If you don’t have specific methodologies to track collection performance, chances are, you are leaving more than 10% on the table every day. This number increases substantially when you introduce outsourced billing services.

No Money, No Business

The life changing care you and your employees give in your practice day in and day out provides more self-fulfillment and personal benefits to the patient than money. However, you cannot continue running a business if you do not receive fair compensation for the services you render in a timely manner.

BUT HERE IS THE FACT: You can NOT run a PT business like you did just a few short years ago. Too many things have changed. The world has changed. Consumers have changed.  Insurance reimbursement has decreased and we’ve known these changes were coming.

You have seen our insurance reimbursement diminish over the years and there is no end in sight. It has never been more critical for you to understand and manage each step of the client’s initial contact to the final moment your reimbursement check is deposited in your bank account. Additionally, as the practice owner, it may not necessarily be you responsible for billing and collections, however, it is your responsibility to ensure your team members who fill the job roles are held accountable to highly productive billing and collections processes.

Would you agree your business is no better than your people? This is a given.

But would you also agree that your people are no better than your training? Of course. So ask yourself, how frequently are you training your personnel? How about those filling the job roles and responsibilities for billing and collections? Through effective training, a highly productive billing and collections process will:

  • Eliminate Your A/R
  • Maximize reimbursement through proper billing & collection procedures

“Billing and Collections” is also commonly known as “Revenue Cycle Measurement,” or RCM, and includes all the administrative functions and clinical functions that contribute to the capture, management, and collection of patient service revenue. Simply put, RCM includes the entire life of a patient’s account, from creation to final payment.

FYZICAL breaks RCM into 3 distinct areas of management:

  1. Billing Process
  2. Third Party Payer Collections
  3. Patient Payment at Time of Service

This may seem elementary, however, there are specific actions to be taken in order to maximize billing and collections. Within the three areas above, each contain specific steps that must be followed to maximize billing and collections.

I’ll break out the three key areas of RCM and share the specific steps that must be followed within each. For example, in the billing process, there are nine key steps that must be planned for, managed and executed upon on a daily, weekly, monthly and annual basis.

9 Key Steps to an Effective Billing Process

  1. Benefits Verification
  2. New Patient Registration
  3. Patient Payment Collection
  4. Enter Remainder of Patient Information
  5. Therapy Encounter Documentation Completed
  6. Charge Accuracy Verified by Biller
  7. Services Billed
  8. Correct Errors Revealed by Clearinghouse
  9. Rebill

IN THIS ONE DAY MEETING…  You’ll see the whys, hows, and whats of each of these steps.  AND MORE.  Again, it’s my gift to you with no cost and NOT A SHRED OF OBLIGATION.  I will reveal this amazing, new, proven, and evidenced billing & collections model at PT Revolution.

You’ll also walk away with the details behind the ‘4 Key Steps to Optimizing Patient Payment Collections’:

  1. How to Collect Patient Payments at Time of Service
  2. How to Present Patient Statements for Missed Payment
  3. How to Track Performance on Patient Payment Log and Daily Close Out
  4. Weekly Team Meeting Agendas to Review Performance

AND the ‘7 Key Steps to Successful Third Party Payer Collections’

  1. How to Work Follow-up Accounts Daily
  2. How to Work Denials Daily
  3. How to Review Master Aging Accounts Receivable Weekly
  4. How to Enlist Patient Assistance Through Collection Letter Series
  5. How to Monitor Results: Days Sales Outstanding (DSO)
  6. How to Work Accounts Designated as Project Status/Track Adjusted DSO
  7. Weekly Team Meeting Agenda’s to Review Performance

*Every PT owner who fails to follow these billing & collections
protocols stands to lose up to 10% of EASY business profits every month*

At PT Revolution, you will also learn about a new business model called PT-Rx, which is revolutionizing the way PTs do business. This business model has been proven in virtually EVERY market across the United States to enhance revenue and profitability.

COME SEE WHAT IT’S ALL ABOUT…

  • You’ll see that this model works because it increases patient care.
  • You’ll see that it will eliminate many of your management headaches
  • You’ll see that it will stuff your pockets with cash without having to grow into a huge operation

You owe it to yourself, your family, your employees, AND your patients to see what’s happening in the industry and how to position yourself for what’s coming.

Make no mistake.  Just show up and you will gain insider’s access to the “Successful Physical Therapists’ Roadmap of the Future.”  You will expand your business knowledge and skills in the PT industry to a level of competence that can only be described as inspiringly rewarding.

I know personally that every success strategy you will learn has been painstakingly proven in the field under multiple “live” business conditions.

If you believe as I do, you’ll agree there is absolutely no substitute for learning how to become a Master PT Money-Maker who actually produces results rather than just talking about them.

Reserve your spot now.  It’s going to be the most important PT event of the year.  You don’t want to miss it.  It will be a jam-packed day.

At PT Revolution, you will discover:

  • How to track collection performance
  • How to implement a daily management report tied to P&L statement to understand collection performance
  • What Percentage of Billed Charges (PBC) should you be running at?
  • How to evaluate and incentivize your receptionists, billing & collections team.
  • How to manage Authorized write offs
  • Identify and proactively catch documentation errors
  • How to get therapist employees to bill correctly and maximally
  • How to track CTP code reimbursement by payer
  • Should you bill in-house or use a billing service?
  • How to handle a denied claim?

And these are just the billing secrets… There is so much more being covered.

I know you’re skeptical.  I know you question whether this is real or not.  You may even hope it’s not true.

I want to Thank You in advance for investing a small amount of your time and attention to this BIG IDEA, and I’m looking forward to meeting you at PT Revolution. Click HERE to reserve your spot now.

LYL (Love Your Life),

Matt DiMauro

P.S.  If you miss this event, you may be kicking yourself in the seat of your pants for years to come.

Why? Because I’m giving you the opportunity to get in on something that’s sure to improve your business profits even if you want to stay small.

P.P.S.  Once in a blue moon the right opportunity shows up for the right person.  This opportunity has all the right elements to give you everything you were looking for when you first started your PT business: A better life…  more money…  and more free time.  Don’t let it slip by.

 

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