3 Steps to Keeping Your Practice Profitable

No matter what field of therapy you’re in, the last few months have been hard. If you have an independent practice, you may find yourself struggling to keep a steady cash flow going. We at NARA have put together a few ways to keep things profitable in these uncertain times.  

1. Start with the basics 

Before your patient ever reaches out, make sure your staff is ready to answer 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 prior to their visit. With virtual appointments, it may be a bit more complicated to do so. Be sure that you have insurance and payment info upfront. This can be done by having a staff member reach out prior to their appointment or by adding a customer portal to your website that will allow them to register their info online. 

2. Double-check the claims process 

Once you and your team are on the same page about step one, you need to make sure everyone is following each 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. This can be made even more complicated by alternative office hours in claims and insurance offices due to COVID-19. 

3. Check and re-check your process 

All processes need to be periodically updated and that is even more relevant now than ever. Whether you are seeing patients virtually or you have recently reopened your office, it’s the perfect time to adjust. One easy way to streamline things is by creating a flowchart. This will map every step a patient must go through during their in-person or virtual 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?  

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!