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Physical Therapy Cash Practice Systems

Do I need to build a
Cash Client Business?

 

 

They say that in business "cash is king".  If your physical therapy practice is in debt, don't worry.  You can be in debt by the thousands but as long as you have cash flowing in, you're okay.  Look at the U.S. for example, you've heard that our country's in debt by the trillions of dollars!  Yet, we are still the most wealthiest and strongest economy in the world because we continually have cash flowing.

 

Healthcare is strange in that we traditionally have NOT been a cash-centered business but a third party reimbursement business with insurance companies having the almighty check writing power.  In our industry, it's not uncommon for a business to collect only 40, 50, or 60% of the amount that's owed.  In any other industry this would be an outrage--for example the tourist, real estate, or restaurant business.  But somehow, in our business, it has become the norm and many are suffering or giving up.

 

You talk to any physical therapist in private practice and "dealing with insurances" is one of the biggest headaches to their business.  The practices that have strong cash clientele are not only enjoying their business more but are better positioned for survival and success in the future.  SEE HOW YOU CAN TOO BELOW!

 

 

Watch this quick video testimony of a course attendee!

 

 

Is my practice

Cash Friendly?

If you want patients to pay cash, you have to build a house that welcomes it.  Most therapy practices today DO NOT have a house built for cash so typically some renovation will be required.  How do you know if you are one of them? 

 

This is what a NON-cash practice looks like:

  • New patients are asked early on in the conversation, "Do you have insurance?" or "What type of insurance do you have?"

  • You use a "superbill".

  • Your patient intake forms were modified from a collection of borrowed, stolen, or modified former employer forms (in essence copying someone most likely making mistakes with little or no cash systems).

  • You don't have a point-of-sale system (an electronic cash register with a cash drawer that produces a professional receipt).

  • You don't accept credit cards (Visa, MC, Amex, Discover).

 

How do I build
Cash Clients for my Private Practice

 

The first step in building a cash clientele business is by NOT doing the things listed above.  So go out and do the following:

 

1. Create a new patient dialogue script for your front office staff or whoever handles the calls, that look like this:

  • Start by asking about the patient's problems first. This sends the right message to the patient that you care more about their condition than their insurance.

  • After determining a good appointment day and time, ask "How do you intend to pay for your services?"

2. Stop using a conventional "superbill", patients cannot understand them.  Instead begin using what I call a "fee slip".  View sample.  This they understand and recognize as a "bill" and therefore will pay.  This also helps collect patient portions more easily with your insurance-based patients (view more tools to help collect).

 

3. Get forms that are designed properly that give patients options on how they can pay.  Get IndeFree's CD of Tools>>

 

4. Purchase a point-of-sale system.  A cash register is required to handle a large amount of cash.  It sends the right message and makes it difficult for staff to steal.  Maybe NOT having one is a reason why you don't have a lot of cash.

 

Once the above is complete, now is the time to build your cash-based programs and services.  Tips to choosing a program.  To successfully create demand for your program you'll need these three things:

  1. Postcard (view sample)

  2. Flyer

  3. Brochure

Learn how to successfully design your campaign ads and launch your cash-based program at a workshop near you.  This is the fastest way to increased cash flow, guaranteed!

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Other Important Links & Sites:

Physical Therapy Private Practice Secrets

Physical Therapy Business

Physical Therapy Marketing

Occupational Therapy Private Practice

Physical Therapy Billing

(c) Copyright 2007 Physical Therapy Billing


 


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