Category: Blog

Every entrepreneur dreams of scaling their practice to new heights. However, simply growing your clinic or practice is not enough to achieve sustained success. To truly make an impact, you need to approach growth strategically. Check out these ten successful tips for scaling in a sustainable and effective way. From building a strong team to utilizing technology, these strategies will help you take your business to the next level. 

Are you looking to grow your business or scale it? In order to highlight the difference, an article by Harvard Business Review highlights the main difference: “Growth means adding revenue at the same pace you are adding resources; scaling means adding revenue at a much greater rate than cost.”

These days, it’s not easy to be an entrepreneur. So if you don’t want to become a statistic, ensure that you tap into these 10 ways to scale your business:

1. Create and follow a plan.

If you fail to plan, you plan to fail. The most successful businesses have a vision for growth and then reverse engineer the steps required to achieve each goal as part of their planning process. And then—most importantly—they follow their plan.

All too often, companies set goals at the beginning of the year, getting people excited and pumped up. But by March, hardly anyone is following a cohesive plan. Building various lengths of objectives will help keep you focused and aligned.

My company follows the entrepreneurial operating (EOS) system, where everything is broken down into “rocks,” which are the most important things we need to accomplish in the next 90 days. We also have a one-year plan, a three-year vision and our 10-year target; this last one being our North Star for our company and our employees.

It’s important to note that when creating your plan, you don’t aim so high that you can’t meet your targets, nor do you want to make things too easy that you don’t challenge yourself.

As you evaluate your methods to achieve your goals, if you find yourself saying: “it’s the way we’ve always done it,” this is a clear sign you need to revisit that process and innovate your plan.

2. Maintain focus.

As an entrepreneur, it’s easy to get distracted by shiny object syndrome or be tempted to offer many products and services. Instead, have a core focus and niche so you stay in your lane and deliver what’s promised to customers.

Determine what your key revenue drivers are and double down on those. And if you’re interested in launching a new product or service, test the market first to see if people want it and will actually pay for it. Too many companies spend money on R&D and marketing a new product or service only to find out it’s a failure because no one wants it; don’t let that happen to you.

3. Document your processes.

It’s tough to scale without established, documented organizational processes. To ensure everyone is working off the same page, develop KPIs and SOPs that break down the steps and strategies you follow as an organization and within your teams. Once documented, they are easily accessible by new hires or team members, reducing ramp-up time and training.

4. Have proper lead gen and marketing plans in place.

Without a healthy and growing pipeline, you won’t be able to scale. Inbound and outbound marketing is a must for brand awareness and new business growth. Work closely with your clients and use them as raving fans to attract more business. Asking them why they value your product so much and sharing this feedback is the perfect way to bring in new clients.

5. Be a squirrel when it comes to funds.

Yes, you’ll need to spend and invest in the business, but be intentional when you do and learn to save where you can. Do not buy things you don’t need that won’t directly correlate to a proven ROI for your business.

For example, you can be the CEO but don’t have to take a CEO salary; you should be the last person who gets paid and will often be the lowest-paid employee on your team at first.

In addition, don’t plan too far out or count on money you haven’t closed yet. Always work within the current operating income so you don’t overextend yourself. Finally, track your burn rate consistently so you know how much runway you have with your reserves.

6. Partner with financial professionals.

Managing our business’s finances is crucial to your ability to scale, so ensure you have a solid bookkeeper and CPA to lean on for counsel.

7. Invest in yourself.

Becoming a better leader and businessperson takes work, so don’t be afraid to invest in a coach. Do your homework and be clear about how and in which areas that coach can help. Also, consider joining a community like Young Entrepreneur Council (YEC), Young Presidents’ Organization (YPO) or Entrepreneurs’ Organization (EO), which can connect you with other entrepreneurs with similar scaling goals.

8. Strategically hire FTEs.

If you need to have FTEs, hire people who may cost more money but bring the skills to perform and immediately put speed on your side.

Most small businesses trying to scale make the mistake of trying to hire, train and onboard entry-level employees to save a few bucks, but they often end up spending more overall in the time it takes to achieve the same results with a more experienced hire.

Also, ensure all teammates have a number or metric you can measure them by. This way, their role is very clear and they know what success looks like.

9. Outsource when you can.

Not every position needs to be an employee. Consider hiring fractional CFOs, COOs or contract workers for positions or jobs that don’t have full-time work—or when client contracts may be short-term. This ensures you get an experienced professional aligned with your capacity.

10. Learn to delegate.

It’s tough to create and execute your vision if you’re in the weeds of your business. Learn to delegate so you can work on the business instead of in the business. Trusting the professionals you’ve hired to do their jobs will free up your time to focus on your number one goal: scaling your business.

Following these 10 principles can help you move from growing to scaling your business and avoid being a casualty of a challenging entrepreneurial climate.

Perform Practice Solutions helps you understand your customer’s needs, reach your goals, optimize your time, and save money. With our innovative coaching platform, transparent billing platforms, and marketing services, we provide frustrated and hard-working PT, OT, and Chiropractic owners with an alternative way forward. Visit our Facebook page or give us a call at (833) 764-0178.

---

Reference: [https://www.forbes.com/sites/theyec/2023/03/01/the-top-10-ways-to-strategically-scale-not-just-grow-your-business/?sh=32f3dc84f9e4]

---

2023 is right around the corner! We know full well that every new year brings new challenges to physical therapy marketing. We need to be open to change and learn new skills to crush our goals. Here are 3 business skills entrepreneurs can develop or improve this year. Better yet — you can hire our team. Regardless, it’s important to understand why they are so important — and what they are and actually accomplish! Bring us your questions! With a little help from our experts: from consulting, to billing to marketing — we can get your practice to the next level.

Ready to level up in your business this year? You have a fresh start so aside from setting goals and determining your focus you need to take action. You can do this by developing new skills that will help your business succeed.

If you’re a digital entrepreneur, you know that the online business work is always changing. It’s crucial that you focus on continuing your education and gaining new skills to help your business evolve.

Here are 3 business skills digital entrepreneurs can develop or improve this year.

1. Managing Facebook Ads

Facebook Ads aren’t going away any time soon so you might as well learn how to master them. Sure, you can hire a Facebook ads expert or consultant, but it’s best that you know at least the basics yourself.

Investing in the ads themselves can be expensive. Add in the extra expense of paying someone to create the copy, set up the campaign, and manage them for you and you could be left with dwindling profits.

Instead, you can take a course or hire a Facebook ads coach so you can learn the basics first and perhaps even master one of these stages to save yourself some money. Once you understand Facebook ads, you can also develop a solid strategy and test things out more effectively.

2. SEO

Search Engine Optimization (SEO) is a hot commodity in the online space. If you run a website or blog, it’s important that you understand SEO and keep up with all of Google’s updates.

Again, you can hire someone to do SEO research and execute a strategy, but it often stands to have some SEO skills of your own to start. You can always delegate keyword research but you do need to be involved in some of the SEO strategy to get the best results.

Luckily, you can enroll in SEO workshops or trainings online hosted by trusted experts in the field. I like taking advice from Mike Pearson from Stupid Simple SEO who is a proven SEO expert and has a ton of great nuggets to offer.

3. Sales

If you’re in business for yourself, you have to know how to sell whether that’s hard selling or soft selling. You can’t just expect to be the brains behind a valuable product or service, you also need to know how to sell it.

This is especially true if you’re a solopreneur. Start by getting clear on your target market and what their needs are. Then create a sales funnel for your solutions that will help them.

You can sell online with integrity in a variety of ways via your email list, social media, webinars, and courses.

Summary

Don’t slack on your skills next year. You don’t have to go back to school or get a new business certification in most cases. You can learn things quickly and without much effort — thanks to the internet.

Focus on constantly learning to master new skill sets so you can run and market your business better.

Is your practice preparing for the future? We know PT — and we can help to make sure your business flourishes for 2023 and the years to come. Let our experts in physical therapy marketing services take all of the guesswork out of promoting and building your business.  Visit our Facebook page or give us a call at (833) 764-0178.

---

Reference: [https://smallbiztrends.com/2019/01/digital-skills-for-2019.html]

---

It is that time of year — when the bombardment of ads encourages everyone to review their Medicare coverage — and includes considering the Medicare Advantage plan. But buyers beware. The window of open enrolment can mean that clients and patients may look to healthcare practitioners for advice, opinions, or clarification. Depending on the profession and circumstances, there can be vast differences in the responses — especially with physical therapy.  

This insightful article outlines some broad reasons why the Medicare Advantage plan may not, in truth, be advantageous. 

Along with leaves changing colour and the omnipresence of pumpkin spice comes the avalanche of ads, commercials and telephone calls, entreating us to believe that Medicare Advantage is the best thing since the invention of the Internet. With open enrollment season upon us, it’s critical to examine that claim. In traditional Medicare, the government pays doctors and hospitals directly. Recipients usually pay premiums and must meet deductibles, and many choose a supplemental “Medigap” plan to help with out-of-pocket costs. Medicare Advantage was designed about 20 years ago as an alternative to traditional Medicare, meant to provide innovative ways of delivering care at a lower cost. It pays insurers — middlemen — a monthly fee per patient to manage their care. Premiums are often lower than traditional Medicare and can offer perks such as gym memberships or limited dental or vision care.

However, while traditional Medicare gives access to any participating provider, Medicare Advantage plans limit care to doctors and hospitals in their networks. They are also more likely to deny needed care by requiring prior authorizations for tests or procedures.

Earlier this year, the federal government reported that 13% of denials in Medicare Advantage would not have been refused under traditional Medicare. Medicare Advantage plans are also increasingly ending nursing home and rehabilitation care before providers consider patients ready to go home. While medical professionals make those decisions under traditional Medicare, in Medicare Advantage the insurer decides. So instead of innovating care, Medicare Advantage seems to mainly withhold it. It has also proven to be costly. Because such plans get higher government payouts for sicker patients, insurers have the incentive to exaggerate the sickness of enrollees. According to federal audits, 8 of 10 of the largest companies have submitted inflated bills, and 4 of 5 of the very largest have faced federal lawsuits accusing them of fraud. In 2020 alone, these exaggerated risk scores generated $12 billion in excess payments. Because of this and other factors, the government spends 4% more for Medicare Advantage enrollees than traditional Medicare.

Despite all this, the low premiums and perks may still be attractive to seniors who are not (yet) sick. The situation often changes when they develop an illness. They may find a specialist or hospital they wish to see is out of network. They may experience delays or denials of care due to administrative barriers. Their out-of-pocket costs will often be higher. A little-known fact about Medicare is that when patients are enrolled in Medicare Advantage for over 12 months but want to change to traditional Medicare, Medigap plans are no longer obligated to take them without underwriting, which involves passing a health screen. In other words, if you get cancer and want to go to a cancer centre not covered by your Medicare Advantage plan, you may be stuck. Surely this program should be called Medicare Disadvantage. When a middleman makes profits from “managing” your healthcare, they inevitably do so by limiting the care you get. Medicare recipients, beware! And as citizens and taxpayers, we should all demand that Congress take Medicare out of the hands of corporations, freeing billions of dollars in savings to deliver actual health care.

Navigating the challenges (and endless information!) of owning a physical therapy clinic can feel overwhelming — which is why we are here! Perform Practice Solutions can help you optimize your practice — significantly. Visit our Facebook page or call us at (833) 764-0178.

---

Reference: [https://www.newsobserver.com/opinion/article267774792.html]

---

At Perform Practice Solutions, we are always looking for ways to improve your practice revenue. CMS has finally done something right and is reimbursing for RTM codes. Below you will find a guide on what CMS’s new final rule is and how to apply it to your practice.

This can add up to $100 extra per case for each of your Medicare patients. This compounded on a weekly, monthly, and yearly basis will increase your bottom line by possible leaps and bounds.

Whether you are currently offering these services and not billing, OR want to figure out how to enhance your practice with these services AND build your bottom line — we can help. Just book a free consultation with Kevin Rausch and he will get all your questions answered — www.calendly.com/kevinrausch.

What is Remote Therapeutic Monitoring

1. CMS approved the final rule starting in January 2022. It is the use of patient-engagement technologies to remotely monitor and communicate with patients outside the walls of the clinic between the PT visits

2. These are designed to be billed separately from clinic visits however currently insurance is accepting these in addition to normal codes

What is Being Monitored

3. A Patient’s Musculoskeletal System (MSK) Status.

How are Data Points Tracked?

4. An app. This is data that is self-reported by patients and analyzed by the PT to improve care. Medbridge is a common app you can use.

Benefits for the PT

5. It is a way to monitor:
a) HEP Compliance
b) Patient’s response to PT
c) Patient pain levels
d) PTs can modify the POC before seeing the patient again

Key Points:

6. Take-away

1. Patients should log in daily to the app to track their progress
2. This will help progress the patient faster and get them better results
3. This will develop the best possible POC
4. This goes above and beyond regular PT office visits
5. Supports the patient outside the clinic

RTM CODES

98975 RTM – Setup/ Education $26.99 Billed ONLY Once per Episode of Care

1. Initial set-up includes downloading the app on the patient’s phone
2. Educating patients on the process and what is expected of them
3. Reviewing the prescribed exercises on their HEP
4. Having the patient demonstrate and confirm the understanding of expectations
5. Requires 16 days of monitoring within a 30-day period

98977 RTM – Device Supply $68.51 Billed Once each 30-day Period

1. Billed once every 30 days
2. The cost of the app for patients
3. Requires 16 days of monitoring in a 30-day period

98980 RTM – Management-1 st 20 minutes/month $59.77 Billed Once per Calendar Month

1. Management of data and communication with the patient
2. First 20 minutes of monitoring and managing each calendar month
3. Must contain at least 1 minute of interactive communication with the patient

98981 RTM – Management-2nd 20 minute/month $49.08 Billed Multiple Times per Calendar Month

1. PT analysis of the data
2. Modifying HEP

You don’t need to do everything on your own. From billing to marketing, including credentialing and patient eligibility verification, Perform Practice Solutions can help. Give us a call today at (833) 764-0178, book your free consultation with Kevin Rausch — www.calendly.com/kevinrausch — and join our Facebook community for more physical therapy billing solutions and ideas.

---