4 Steps to Keeping Your Practice Profitable

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4 Steps to Keeping Your Practice Profitable

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4 Steps to Keeping Your Practice Profitable

No matter what field of therapy you’re in, going it on your own is tough. If you have an independent practice, you may find yourself struggling to keep a steady cash flow going. Below are a few suggestions for how to keep your clinic profitable:

  1. Streamline from the start

 

Before your patient ever walks through the door, make sure your staff is can answer the basic questions regarding their coverage and payment. Do they have a deductible? How high is it? Is there a benefits cap? Where do you send the claim? Will your patient require special documentation or authorization? If the patient is responsible for part of the visit, make sure you collect that payment while they’re in the office—and not through a collections agent later.

 

  1. Hammer down the claims process

 

Once you’ve got step #1 nailed down, make sure that you or your staff are following every step necessary to make sure claims are accepted the first time around. Even if you have all the necessary documentation from the patient, little things (such as not filing in a timely manner) can still throw your claims off.

 

  1. Evaluate your process

Create a flowchart that maps every step a patient must go through during their visit. Are you using the time to its fullest potential? If not, where can you cut back on time while still having a meaningful interaction with your patient?

 

  1. Get the best people to work for you

 

They call it human resources for a reason—your staff is your best resource, and having the best people working for you can go far in helping a practice stay profitable. If they’re invested in seeing your clinic succeed—if they really care—it will show in their work.

 

NARA is led by industry veterans, and we want all our members to succeed in the business side of rehab. That’s why we offer member benefits for those who join our organization. Renew your membership or join today!