Three Steps to Financial Efficiency in Your Physical Therapy Practice

Maintaining and increasing profitability in a clinic can be a challenge, to say the least. Fortunately, we’ve crafted a list of three simple steps you can take to increase your financial efficiency within your physical therapy practice. Read through these tips and learn more valuable insight on how  to implement ways to increase financial stability into your practice.

1. MANAGING A TEAM

When you run a functioning clinic, retaining employees and preventing a high turnover rate is essential to creating a financially efficient practice. Offering rewards and giving recognition to staff can help build a strong team.  They’ll feel appreciated, and will be motivated to grow and invest in your company mission in return. 

2. REPLACING EQUIPMENT & ROUTINE MAINTENANCE

A clean and well maintained therapy space is something that may be appreciated by some patients. Having the assistance of a routine cleaning service also prevents bacteria from lingering. 

Ensuring you facilitate routine checks on equipment and replace outdated machinery is  beneficial because it will: 

• Ensure the safety of employees and clients
• Provide you with longer-lasting equipment 
• Save money,Prove your clinic values safety and quality

3. FIRST-CLASS EMR SOFTWARE

The above steps are great tips on increasing profitability, building your client base and keeping your team happy, but there are additional ways you can increase your finances. The A2C Medical team can make a plan to help you reach your financial efficiency goals through:

• Billing 
• Reporting
• Appointment reminders

These three key factors will push your clinic to reach higher goals and foster the financial efficiency you’re looking for. 

BILLING

You’ll notice our payment posting structure follows the flow of money through outpatient therapy clinics to reduce costs and improve collections while remaining flexible with customizable reporting. This allows you to process and post claims quickly, and even rely on an auto-post feature for accepted claims with insurances. In addition, all of your reports, files and charges are saved in one convenient location. Rather than paying staff to spend extra hours focusing on maintaining and updating unpaid charges, utilize our Revenue Cycle Management (RCM) services and let a dedicated Billing Specialist handle the entire insurance claims process for you, from intake to collections. 

REPORTING

Utilizing standard, executive, and base reports within A2C’s comprehensive reporting system covers your clinic’s operation from every angle. Depending on the reporting style your clinic requires, all files are accessible with Microsoft Excel with customized permissions. Our reporting system assists in monitoring billing and keeping up with expenses. 

Executive Reporting focuses on therapists and clinical productivity, billing collections, and more. 

Standard Reporting provides you with priority access to missing charges, the status of insurance claims, and an easy-to-use report that’s interactive. 

Base Reporting offers standard spreadsheet functions with easy to filter opportunities. 

APPOINTMENT REMINDERS

Did you know that appointment reminders can cut down on cancellations up to 50%? By sending automated texts or phone messages to patients regarding their appointments, patients are less likely to miss scheduled appointments, or re-schedule for a later date. Many people forget they have a session, or they need to reschedule but do so too late. Through automated texts and phone messaging, you can offer a helpful reminder that encourages them to show up. 

Through billing, reporting and appointment reminders, A2C Medical uses a thorough system to create a reliable ledger. This keeps up with all visits, charges, each individual payment and adjustment and links back to the original payment. Through this system, not only do you have a partner that offers a detailed helping hand, but you’re able to balance and see where you can make adjustments or efficiencies. Track your clinic’s growth, monitor important reports and have a consistent way to determine what processes work (or don’t) when it comes to financial efficiency. 

Should you have any questions, or if  you would like to see a free demo, contact us today. We’ll partner with you to determine your clinic’s goals and how we can best help you reach them. Our aim is to make sure you receive the correct summary of data to make the best decision for your business each and every time.