Many physician-owned practices have engaged us to conduct comprehensive assessments of their PT/OT profitability, operations and regulatory compliance.
– PTM can compare your individual providers and group to other physician-based physical therapy and hand therapy programs using national and regional benchmarks to determine whether your group is maximizing PT/OT profits and, if not, where to focus improvement efforts.
Our financial assessment services include:
- Projecting therapy revenue and profits based on reaching appropriate benchmarks.
- Determining if your PT/OT providers are capturing the appropriate amount of charges per patient visit.
- Analyzing payer contracts for profitability, and determining whether these contracts should be modified or terminated.
- Determining whether provider base salaries and incentive packages are competitive and appropriately reward excellent care and effort.
- Evaluating if provider productivity expectations should be modified and, if so, how.
- Providing advice to physician shareholders on alternative methods of ancillary income allocation.
- Providing concrete and practical recommendations on how a group can improve financial performance of its ancillary PT/OT program.
– Taking patient visit volume and other factors into consideration, PTM determines your appropriate number of therapists, assistants, aides and patient representatives.
Other services provided to assess physical therapy clinical operations include:
- Determining whether therapists are appropriately and efficiently utilizing assistants, aides and other support staff.
- Reviewing scheduling and authorization processes to increase patient access and minimize cancellations/no shows.
- Assessing whether and how electronic or paper documentation processes can be streamlined to both ensure compliance and increase provider productivity.
- Measuring clinical outcomes and patient and physician satisfaction.
- Determining whether the amount of provider time spent on tasks other than direct patient care is appropriate.
- Evaluating the benefits and costs of adding satellite locations and extending hours.
- Exploring the merits of adding specialty programs (e.g. vestibular, wellness or sports-related programs).
– PTM also performs PT/OT documentation and compliance audits that include:
- Determining whether clinical documentation complies with Medicare and other applicable payer requirements.
- Assessing whether therapists are correctly coding treatments and capturing all appropriate charges.
- Determining whether your PT/OT providers and practice are in compliance with your state physical and occupational therapy practice acts.
- Assessing the need for additional clinical, documentation or other types of training to improve compliance and documentation efficiency.