At the end of this article, I’ve made a BIG announcement that’s going to help you plan ahead.
As you know, things are changing quickly, especially if you see a lot of Medicare patients in your practice.
You’ve got to worry about PQRS compliance (and penalties), G codes, the replacement of the therapy cap with measures far more stringent, to name just a few.
This isn’t conjecture anymore. It’s going to happen.
It’s locked and loaded by CMS and it’s just a matter of time. This means that you should….
If you think this is something your billing staff can handle and you can look the other way, think again.
You’ve GOT to have working knowledge of the impact of upcoming compliance changes on your practice so you can innovate your business model to maintain revenue and make sure the billing department is doing things the right away.
After all, this dictates your cash flow.It’s the reason why you are in physical therapy business private practice. That’s exactly why you can’t afford to ignore some of these changes.
Let me paint you a picture.
Imagine you’re driving along the road at 60 mph. Suddenly, you see a huge truck, right out of the blue.
It’s heading right at you, and you have a split second to react. You swerve the car just in time to avoid a head-on collision, but not before the truck clips the rear bumper of your car, leaving behind irreparable damage and a physical and emotional scar you’ll never forget.
Think of that massive truck as the ‘Medicare regulation truck’ and your private practice as the little car that almost got crushed.
It was never going to be an even match.
You KNEW the location and speed of the truck ahead of time (thanks to warnings from experts and associations).
In that case…
You’d probably drive down a different road to begin with or take an exit prior to impact and find a shorter, nicer (and a much safer) route to get to your destination.
Right now, you have the opportunity to do just that in your practice.
From a documentation, billing and coding standpoint, you’ve got to know the basics so you can make sure you’re compliant, and that you’re getting paid.
From a business standpoint, you’ve GOT to run your practice smarter than ever before. The one’s that do will emerge as victors while everyone else struggles.
In a nutshell, the changes that are coming up will force private practice owners to do things differently.
You’ve got to stay on top of all these changes. Remember, this is way too important for someone else to handle. It’s like handing all your ATM card and pin to your accountant and saying “Help me increase income and cut my expenses”.
Your practice will either emerge as a dominant enterprise with higher profits, or be crushed by competitors who know how to leverage the new CMS requirements in their favor.
You don’t want to run your practice like this, do you?
- Penalties as a consequence of PQRS non-compliance.
- Functional limitation reporting (G codes) failing which you won’t get paid after July 1, 2013 (these two changes have caught everyone off guard, including EMR companies who are scrambling to integrate these capabilities). We’ve already been thrust into the ‘testing phase’ of functional limitation reporting.
- The move by Congress to eliminate the therapy cap, and gather data (hence the functional limitation reporting requirement), which will form the basis for reimbursement cuts down the road. In the words of the APTA, “CMS intends to utilize this information in the future to reform payment for outpatient therapy services”.
The writing is on the wall. It has been for years. Now, the idea of ‘payment reform’ is no longer a threat that can be deferred. It’s a reality that’s gaining traction, and physical therapists are in the cross hairs.
If there was ever a time for you to create a diverse practice with several referral sources, mutually independent revenue streams and quality, reliable staff members, it’s now. When you attend Referral Ignition Event 2016, I’ll teach you:
- How to Sell
- How to Lead
- How to diversify income.
- How to run your practice like a Fortune 500 company and increase profits every year
- Exact techniques on how to attract, hire, retain and motivate staff
You’ll discover a whole new world of opportunity.
Have a great week!
Nitin Chhoda PT, DPT
Join us for the #1 Rated Physical Therapy Business Conference in the Country.
www.ignitionevent.com<——— Click here to secure your tickets before the price goes up.
September 23, 24, 25 in San Diego, CA.
Tickets are 65% off for a limited time.
We only have a certain amount of tickets available at this price, so
CLICK HERE TO SECURE YOUR SEAT