Ben Fung, PT, DPT, MBA, is the cofounder and chief operating officer of UpDoc Media. He can be reached at email@example.com.
By Brian J. Gallagher, PT*
When owners are exiting their practice, it may be important to remind them that they are moving on to a new chapter of their life, so it’s vital that they get it right the first time. After I sold my practice in 2006 to two of my employees, I took it back in 2009, and sold it again in 2017 to a corporate buyer that was physical therapy backed. I learned a lot from both experiences.
Framing the practice intangibles issue.
By HealthCare Appraisers | Reviewed by Subha Nagasubramanian, PT, DPT, MS
In my experience, a majority of the physical therapists I meet express an interest in opening their own practice. Most of them seem to enjoy the autonomy that private practice brings. This is also one of the reasons that I started my own business. I read several blog posts, books, and articles on how to start one, how to run one, etc., but never even considered exit strategies. It looks like the prevailing frame of thought is that folks only thought about it when they were due to retire. Times have changed; planning with the end in mind is imperative. Whether you want to move on to dabbling in other areas after having run a successful practice or are forced to, because of uncertainty in health care reform, knowing the value of your practice is important.
Medicare therapy cap and use of the ABN.
By Rick Gawenda*
Since passage of the Bipartisan Budget Act of 2018 (HR 1892) that repealed the therapy cap for outpatient therapy services, there have been many questions about the application of the KX modifier for services that exceed either $2,010 or $3,000 physical therapy and speech therapy combined in 2018 or a separate $2,010 or $3,000 for occupational therapy. Most of the questions center around: Should I provide the Medicare beneficiary with an advance beneficiary notice of noncoverage (ABN) when they exceed either $2,010 or $3,000 in calendar year 2018?
Is your current business plan charting a path to your retirement?
By Ingrid Sparrow, PT, CMPT
You want your business to be a success, both clinically and financially. And while not every decision should be made with an eye to retirement, the reality is that there is significant overlap between succession planning and solid business functions.