31: Revenue and Expenses in Speech Therapy Private Practice

In speech therapy private practice, there are two things that really matter if you want to stay profitable (and open for business). In this episode, I discuss revenue and expenses and the importance of managing the flow of money coming into and out of the practice.

In this episode:

02:00 – Listener Statistics

02:40 – Staying Connected

03:45 – Revenue & Expenses

04:18 – Profit & Loss

05:50 – CPT 92507 Untimed Code

08:20 – Managing Expenses

10:40 – All Access Community

Now with insurance remember in speech therapy we bill the code 92507 that’s what you bill. But don’t forget this goal now 92507 is an untimed code, it’s non-time, it’s not time. So in other words you don’t bill 92507 by the unit, you bill one visit 92507 and that’s it. Unless you have a contract that clearly states that your 92507 is per unit. And I’ve only seen that one time. So again 92507 is a non-time code when you bill that out and you look at your EOB’s when they come back you want to see what your reimbursement rate is and then you want to see how long you’re seeing that patient for because again if you are giving away more time than what you’re bringing in you’re losing money you’re giving away revenue and that’s going to put you in the negative.

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Well, Hello everyone! You’re listening to the Speech therapy Private practice Startup Podcast; this is episode number 31. My name is Kyle Meades and I’m a speech pathologist since 1993 and these podcasts are designed to help you improve your business and your life one podcast at a time.

Welcome back to the show everyone. Thanks again for all the emails and all the questions. And as of today today is Sunday October the 29th 2017. We have well over 24,122 listeners to the show and when you break that down all over the world you’re going to find the United States tops the map and then we’ve got Japan and then Australia, the U.K., Canada, Germany, India, South Africa and Singapore. And then when you look at the United States as a whole the top state that listens in the most right now is California, then Texas, New York, Florida, Arizona, Illinois, Pennsylvania, New Jersey and then Maryland. So that’s the distribution of our listeners out there and again if you’re brand new to the podcast. Welcome aboard and I hope you find some good valuable information, if you want to start and grow or scale your own Speech therapy private practice.

And if you go to the front page privateslp.com that main index landing page you’ll see a place there that says “Stay connected”. Go and put your email address in there and I’ll send you some information on Speech therapy private practice events and that may be in your area in the near future. I really don’t send a lot of emails, for those of you who’ve been around since day one and it’s been about three years now so it’s really nice to have you guys still out there listening. But you know I’m not a spammer. I don’t have a lot of corporate sponsorship. I’ve had a few people lately who want to put some advertisements on the Web site. I just decline it. I just don’t want that and I want to keep this free of charge. And for you guys we don’t need a lot of advertisements at the moment so I declined those and so again if you want to stay up to date with Speech therapy private practice and also too there’s going to be a PrivateSLP live event coming up pretty soon so you may want to go ahead and put your name on tha...