Private Practice- Will You be a Survivor?

Money Money Money

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“A recent survey by Accenture has shed light on the matter of shrinking numbers of medical private practices and has revealed that especially small private practices are on the decline. The survey also shows that individual practitioners are in declining at the rate of two percent annually and would decline by five percent annually by the year 2013.” (Excerpt from Private Practices Surviving Healthcare Reforms:  Revenue Management.)

The glamour associated with private practice is often shrouded in the gut-busting challenge of juggling business and clinical demands. Dealing with downward payment trends and increasing management of services resulting in the need for more clients.  What is the key to being a private practice survivor?

In a word: REVENUE.

Generating revenue is key to growing your business & managing it is equally essential!

What are four ways that practitioners need to focus on revenue generation?

  1. Identifying your target market
  2. Creating & sharing your brand message
  3. Leveraging your relationships
  4. Jumping into an integrated personal and social media marketing approach and grow your business

What are the five ways we can optimize revenue?

  1. Understand your  costs, pricing and contracting
  2. Identify the key practice metrics you will monitor
  3. Master coverage issues & opportunities
  4. Establish patient payment policies & parameters
  5. Create systems to insure proper billing, documentation & receivable management

You can be a survivor & thrive in the next phase of practice!

 

Interested in this topic? Lynn Steffes is presenting at ASHA Health Care/Business Institute 2012, taking place April 28-29 in Memphis, Tennessee. Visit the ASHA website for conference information and to register–early bird registration ends March 13 so don’t delay!

 

Lynn Steffes, PT, DPT is president/consultant of Steffes & Associates, a nationwide rehabilitation consulting service based in WI. Her areas of expertise include marketing and program development, customer service initiatives, managed care contracts and payer relations, and optimal reimbursement and documentation strategies. Steffes is a 1981 graduate of Northwestern University and completed her transitional DPT in December of 2010. In addition to her work as a consultant, she is a frequent speaker at national and state meetings. She is an active member of the American Physical Therapy Association (APTA) and serves on the board of directors for the private practice section of APTA.