Working in your physical therapy practice is a great way to get to know your staff’s patients, troubleshoot problems, and keep your skills and techniques up to date. But what about working “on” your practice?
Keep your physical therapy practice up to date and running smoothly with these 4 tips.
Review Large Cash Expenses
Between managing your staff, maintaining your building space, and practicing PT, it can be difficult to have a full understanding of your large cash expenses. While some expenses may have initially been necessary, it’s plausible that some may be obsolete.
Review your large cash expenses to determine which are still vital to your business operations, which could be reduced, and which could be eliminated entirely.
Review Payer Contracts
You’d never leave money on a table would you? Leaving old payer contracts as is would be like leaving free money on the table. While no one would boast that they love going toe to toe with their payers, not asking for more money for your services could be doing your practice a disservice.
There’s no harm in asking and the worst they could say is no. So, what are you waiting for?
Assess Your Staffing Situation
The last thing you want to do as a business owner is furlough employees. However, there are other options. Assessing your staffing situation can help you better prioritize staff time and clinic money. Look at where you can reduce hours, implement more volunteer unpaid time off or at worst, furlough employees.
Cleanup Your Documentation Process
Paperwork is everyone’s least favorite part of any job. Yet, paperwork is the necessary evil that keeps your clinic running smoothly and your patients treatment priorities in check. Take some time to go through any outstanding billable documentation, finish up any discharge notes, and review your documentation process to ensure it’s as efficient as it is effective.
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