How physical therapists can thrive in tomorrow’s market.
By Brett Roberts, PT, DPT
“Your economic security does not lie in your job; it lies in your own power to produce—to think, to learn, to create, to adapt…”1 —Stephen Covey
Our profession is in need of a change in focus. Specifically, the focus of our professional training, which has been too clinically based, much to our unintended detriment. Unless we recreate our profession to include understanding of the economics of health care and best business practices, we run the risk of becoming obsolete in the ever-changing health care market. As patient responsibility for health care decisions increases, our ability to accurately discuss our value in that system will provide us with the economic security that Covey mentions.
Bringing new energy to compliance programs through innovation.
By Rebecca K. Wojcik, PT, EdD, GCS
I would hypothesize that most physical therapists think of compliance programs as a burden existing primarily for the concern of practice administrators. We assume that no one starts out wanting to cut corners or risk noncompliance with the many laws, regulations, and policies inherent in contemporary practice. But often the demands of clinical practice can tempt even the most “compliant” physical therapist to skip a portion of documentation, defer an audit, or selectively audit only cases that comply with regulations. There is huge psychological pressure, probably rooted in childhood experiences, not to be a whistleblower or watchdog over one’s peers, much less over one’s own behavior and everyday practices to comply with regulations. In addition, the normalization of deviation or “getting away with” noncompliant actions many times without “getting caught” is a powerful reinforcer of lapses and infractions.
Millennials are 75 million strong in the workforce and the economy—how to capture the attention of this generation.
By Ingrid Sparrow, PT, CMPT
With this January’s inauguration of a new president, it is unclear what changes will occur in the national health care insurance system. But what is clear, and is hopefully included in your annual planning, is the significant impact of the Millennial generation in the workforce and as health care consumers.
Looking to other countries’ models of health care can hold the key.
By Sturdy McKee PT, MPT, CEO
We have established previously that physical therapists have a total market penetration of around 5 percent.1 To review, using low back pain as an example, we know that about 50 percent of people with low back pain go to see their primary care providers. Of those 50 percent, between 7 percent and 11 percent, depending on location, end up accessing a physical therapist.2
How to redefine your business model for success in today’s market.
By Lisa Chase, PT, OMPT
In this ever-changing health care climate of higher deductibles, global payments, Health Insurance Portability and Accountability Act (HIPAA) regulations, and adjusted covered services, physical therapists are being pushed to redefine their business model to achieve success as private practice owners. The days of relying on third-party payments and doctors’ referrals are long gone and are now being replaced with a diversified portfolio of cash-based models, wellness services, product sales, and savvy social media strategies to drive business.