Grow Your Practice Podcast

Nick Patel, the National Director of Clinical Services for USPH and Executive Director of APTQI, sheds light on the looming 2024 Medicare Cuts that have been proposed.

In this episode, Nick shares the basics of the recent proposal, including more cuts to the conversion factor.

Chad and Nick discuss the potential impacts — what more cuts mean for your practice and for patients.

They also highlight the importance of advocacy and provide valuable information on how you can make your voice heard. With the potential impact on practice viability and patient care, it's crucial to understand the implications of these cuts. 

There are only a couple of days left to comment on the Proposed Rule. The deadline to submit comments is Monday, September 11th. Find more details on submitting comments in the show links below.

SHOW LINKS

APTQI Take Action Page (How to Submit Comments to CMS): https://www.aptqi.com/take-action/

APTQI Website: www.aptqi.com

Follow APTQI on X (Formerly known as Twitter): @allianceptqi

Learn more about Profitability Under Pressure, Chad Madden's 13-Week Masterclass to help you survive Medicare Cuts: https://bit.ly/3Ob8XG6

The Centers for Medicaid and Medicare Services (CMS) issued the 2024 Physician Fee Schedule (PFS) proposed rule on July 13, 2023. It includes a 3.34% cut to the conversion factor — yet another cut to physical therapy reimbursements. The current conversion factor is already lower than in 1994, when the U.S. dollar held 52% more value (before decades of inflation).  

CMS is accepting public comments on proposed policy changes until September 11, 2023.

In this episode, Chad speaks with Mary Daulong, President and CEO of BCMS, to get a better understanding of what’s in the 2024 Physician Fee Schedule Proposed Rule and what practice owners can do to maintain profitability in a challenging environment. 

Tune in for expert insights into the proposed policy changes.

Discover how and where to submit comments about the Proposed Rule.

Plus, get practical steps you can take to navigate Medicare Cuts.

SHOW LINKS

Pro Forma Tool: https://docs.google.com/spreadsheets/d/1Jhc6XvxAjpeRppJarAjQJg2xQm1VaRc_b9RRP7Bemao/edit?usp=sharing

Learn more about BCMS: https://bcmscomp.com/

Learn more about Chad's 13-Week Masterclass, Profitability Under Pressure: https://bit.ly/3Ob8XG6

APTA Comment Submission Tool: https://forms.office.com/pages/responsepage.aspx?id=-5nntbXE30GOAXjm3Qtnr20gDj1nRa9KiEyVWiRXCKlUMDE0RllYVUU4RElMVDc2SUhRVk1IT1A3RS4u

Submit comments here: https://regulations.gov/

Patient Action Center: https://www.apta.org/advocacy/take-action/patient-action-center

Regulatory Action Center: https://www.apta.org/advocacy/take-action/regulatory

For more information on these and other legislation, go to:

Your Voice Matters: https://www.apta.org/advocacy/take-action

Policy Principles for Outpatient Therapy Reform: https://www.apta.org/siteassets/advocacy/2023/policy_principles_therapy_reform_under_mpfs_june2023.pdf

Supervision Regulations by State: https://www.fsbpt.org/Portals/0/documents/free-resources/JLRG_SupervisionRequirements_201006.pdf

One of the most common things we hear from practice owners is challenges around retaining staff. 

And it's no surprise. After all, 4 Million Americans quit their jobs in 2021. And 3.6% more healthcare workers walked away in 2020 than in the previous year. 

On top of the labor shortage, the industry as a whole is experiencing declining reimbursements and rising costs — making it more difficult to offer competitive salaries. As a result, many owners are losing staff to HOPTs or POPTs practices.

Practice owners who change nothing will continue to struggle...and may eventually be forced to close. Those who take a proactive approach to improving their essential business systems, including finance, personnel, and marketing, have an opportunity to not only survive — but to grow, expand, and leave a lasting impact.

In this episode, Chad does a deep dive into the 10 processes that you need to build out to develop and retain a great team. 

Listen in to learn how to develop employee scorecards, source and screen candidates, engage and incentivize employees, and retain staff. 

Whether you're currently experiencing staffing issues or want to be proactive in building a strong team, this episode is for you. 

Chad shares practical advice and valuable insights that can make a significant difference in your practice.

Like what you hear? Join us at Breakthrough Live, a 2-day event focused on Hiring and Motivating a Team of A-Players. The event takes place October 5-7 in Denver. Time is running out to get a 50% discount on your ticket. Go here to learn more and register: https://bit.ly/458cw5H

As the Founder and CEO of Include Health, Ryan Eder is committed to fusing design and technology to make physical therapy more accessible. 

He’s been building the design and technology for Include Health since 2006. 

In this episode, Ryan shares how technology can enhance the connection between the clinician and their patients in between visits and improve patient outcomes. And how it can be done as efficiently as possible so as not to interfere with the clinician’s workflow. 

He discusses Remote Therapeutic Monitoring (RTM), applications for AI in physical therapy, and how technology can be leveraged to reduce some of the documentation burden. 

In the end, Ryan encourages the industry to think of technology as a friend, not an enemy. Tune in to hear from Ryan on how technology can supercharge you.

To learn more about Include Health, visit www.includehealth.com

Interested in attending Breakthrough Live? TODAY August 18th is the Extended Free Ticket Deadline. Learn more and register here: https://bit.ly/458cw5H

Planning to sell your practice one day?

Whether you want to sell in the next 2, 5, 10, or even 20 years, it’s important to start planning and taking action now to increase your practice value. 

In this episode, I walk through how to calculate EBITDA and the value of your practice.

I share the 3 key determinants of practice value.

Listen in to discover the steps you need to take in your practice to increase practice value. 

And learn how the market has changed for practices looking to exit soon. 

SHOW LINKS

Watch the version of the recording with slides here: https://info.getbreakthrough.com/master-the-numbers-replay-wbn-typage 

Pro Forma Template mentioned in the episode: https://docs.google.com/spreadsheets/d/1Jhc6XvxAjpeRppJarAjQJg2xQm1VaRc_b9RRP7Bemao/edit?usp=sharing 

To get your own editable version of this template, click the link above then go to ‘File’ and ‘Make a Copy.’

Learn more about Breakthrough Live: https://bit.ly/458cw5H 

By popular demand, the early bird deadline to get a FREE TICKET has been extended! Register by August 18th to attend for free. 

This episode is a recording from the recent Breakthrough Patient Demand Summit on increasing profit margins. Over 200 physical therapy practice owners were in attendance. 

Tyson Wigfall, Head of Marketing at Breakthrough, leads this session. 

Tyson is a true marketing expert. 

With well over a decade of marketing experience, Tyson works directly with physical therapists to drive marketing ROI and build patient demand. 

In this episode, you’ll discover the 3 most impactful marketing activities to prioritize for revenue growth. 

You’ll get a refresher on the 5 stages of awareness, one of the most foundational marketing concepts that you need to know as a PT practice owner.

Gain an understanding of demand creation and patient demand. 

Discover how to run effective email campaigns to your past patients, how to attract brand new patients, and how to create a marketing calendar. 

SHOW LINKS

To claim your custom strategy call with a Breakthrough Program Director, copy and paste this link in your browser: https://bit.ly/44TDCxA 

Interested in attending Breakthrough Live in October? You’ll learn how to Hire and Motivate Your All-Star Team. Get more info here: https://bit.ly/458cw5H 

With declining reimbursements and shrinking profit margins, it's important to look at your billing and compliance processes.

In this episode, Mary Daulong, President and CEO of BCMS, shares the most common mistakes that cause practices to lose money.

You'll discover 3 important compliance strategies to prevent financial losses and increase profits.💲📈

Tune in to discover revenue-boosting compliance secrets from the Queen of Compliance herself. 👑  

SHOW LINKS

Learn more about BCMS: https://bcmscomp.com/

Join fellow practice owners in Denver at Breakthrough Live. The deadline for free tickets is Monday, July 31. Learn more and register here: https://bit.ly/458cw5H

Jason Waz is a physical therapist, private practice owner, and Founder of NeuPTtech.

In this episode, Jason shares his journey to financial freedom as a practice owner.

He talks about the challenges associated with being a business owner when you have a clinical background, and how he overcame these challenges to scale his practice.

One key that led to Jason's success as a practice owner was discovering the Nuebie by Neufit, a device that added signficant cash revenue to his practice.

Jason talks about how the Neubie works and what lessons he learned about implementing a cash service like the Neubie in your practice.

Tune in to discover Jason's path to financial freedom. Learn strategies to support financial stability in your practice and in your life.

SHOW LINKS

Resource on Section 179 Tax Incentive: https://neupttech.com/blog/section-179-tax-incentive-helps-practice-owners-save-money

The NeuPTtech Blog: https://neupttech.com/blog

Contact Jason at [email protected]

Profitability Under Pressure 13-Week Masterclass: https://bit.ly/3Ob8XG6

Are you a private practice owner struggling to maintain profitability in today's challenging healthcare landscape? In this no-BS episode, Chad shares an essential checklist designed to increase your practice's profitability in 2023 and beyond.

Declining reimbursements, rising business costs, and hiring difficulties are pushing practice owners to the brink. Chad reveals a systematic, scientific approach to turn the tide in your favor.

Unveiling the Profitability Checklist, Chad walks you through 7 game-changing strategies to ensure your practice thrives:

1. Fill your schedules to unlock hidden revenue potential without increasing expenses.
2. Optimize space utilization by unleashing the true capacity of your practice through strategic hiring.
3. Build a waitlist that creates high demand for your services, giving you options for future growth and success.
4. Diversify your revenue streams by adding lucrative cash pay services, reducing reliance on insurance companies.
5. Attract more of your best-paying patients and prioritize your best payers.
6. Break free from your lowest payers.
7. Unlock hidden profit potential by renegotiating rates with insurance companies.
8. Bonus: Supercharge your efficiency by implementing smart scheduling and billing strategies, leaving no money on the table.

Tune in to this eye-opening episode and unlock the secrets to maximizing profits.

SHOW NOTES

Get your copy of the Ultimate 2023 Profitability Checklist: https://bit.ly/3Ob8HXE

Are you ready to transform your practice's financial future? How would you like to secure your practice's success in the ever-changing landscape of private practice physical therapy? Join Profitability Under Pressure: A 13-week masterclass designed to help you fast-track increased profitability. Learn more: https://bit.ly/3Ob8XG6