A look at payment changes in New Jersey from the Payment Policy Committee.
By James C. Hall, CPA
Earlier this year, my company, Rehab Management Services, picked up a consulting agreement with a New Jersey–based firm, and I found a payment nugget that is worthy of sharing with every provider in the United States. Before I relay “this nugget,” let me share some insurance basics for those of you who delegate the billing/payment side of your practice to administrative staff. Fifty sets of state and four sets of federal insurance regulations exist. Other than the 50 sets of unique state insurance laws, the federal programs are as follows:
Contracting with employers is good for business.
By Wade VanDover, PT
In the past, when we talked about workplace and occupational health services, we found employers to be more “reactive” than “proactive.” However, due to rising health care costs, including increases in workers’ compensation and health insurance, and limited budgets, we find employers finally interested in getting injured workers back to work quickly and keeping workers from being injured in the first place—as a measure of cost-saving strategies. More and more employers value “proactive” steps and value contracting physical therapists who can provide not only treatment, but also injury prevention and other occupational services.
What you should consider when selling your business.
By Chris Reading, PT
Much like a marriage, the sale of your business should be considered carefully—matched for goals, personalities, and values on the front end and predictable, long-lived, and happy life on the back end. Therefore, make sure your partner is going to be a good long-term fit for you, your employees, and your business.
One of the first decisions that you will need to consider is whether to explore the marketplace yourself or whether an advisor should guide the process. Your decision will depend on your business’s resources, your understanding of the process, and potential buyers in the market.
Familiarity can be gained through straightforward conversations with potential buyers. As a frequent buyer/evaluator of physical therapy practices, I have found the following are key aspects in the process.
Using job requirements as the foundation for an effective warm-up program.
By Deirdre Daley, PT, DPT, Laurie J. Johnson, PT, Lisa Krefft, OTR/L, and Margot Miller, PT
Employers have been on the fast track to implement fitness and wellness programs ever since the Department of Health and Human Services (HHS) issued its final rules on employment-based wellness programs in May 2013, effective for plan years beginning on or after January 1, 2014.1 The rules support workplace health promotion and prevention as a means to reduce the burden of chronic illness, improve health, and limit growth of health care costs to our nation. At a time when there is more competition for available jobs and an aging workforce, promoting employee health and fitness is key to a company’s success.
Private practice physical therapists have an opportunity to provide employment-based wellness programs, meeting employer and employee needs, while driving bottom line revenue for the practice.
How you treat your patient before, during, and after physical therapy is your best marketing tool.
By Kristen Gerlach, Steve Ziccarelli, and Mark Nelson
Rehabilitation providers today face high competition for the consumer’s health care dollar. Unlike some of the larger hospital systems, those of us in private practice do not have a constant stream of patients being sent to us from down the hall. Therefore, we have one thing and one thing only to leverage: the “guest” experience. The goal of such an experience is to build long-term relationships with your patients through all encounters including prior to, during, and after patient care.
Before marketing, identify your practice’s strengths and weaknesses. Compare these to your competition and learn what makes you unique, or in other words, what sets you apart. In addition, everything you market should show a benefit to the patient. Patients do not want to know what you can do; they want to know what is in it for them.1 Now that you have identified your key difference makers and benefits, it is time to begin marketing to potential patients.