PTM helps physical and occupational therapists start-up, manage and optimize the performance of their physical and hand therapy practices.
PTM provides comprehensive support for private practices. Whether you are considering the start-up of a new practice or seeking to grow your practice, you can count on PTM’s expertise and experience to help you succeed.
PTM has helped providers start more than 100 PT/OT practices. Our services that will help you start a successful practice include:
- Business Plan– PTM can help therapists determine whether it is feasible to start a new practice. These services include 5-year projections showing revenue, operating expenses, net profit and start-up costs. We can also help determine which payer networks you need to join.
- Location – PTM helps determine how much space is necessary, helps find the ideal location, assists in lease negotiation and then works with you to design and build-out a clinic that will ensure maximum patient and staff satisfaction.
- Staffing– PTM’s specialized recruiting team helps private practices recruit the optimal mix of skilled therapy providers and support staff and offer a competitive compensation package that includes bonus plans to encourage both highly skilled care and productivity.
- Equipment and Supplies– PTM helps choose and price PT/OT equipment and supplies.
- Contracting/Credentialing-PTM provides contracting and credentialing services for physical and occupational therapists throughout the US.
- Training and Education– PTM trains front desk staff to efficiently schedule appointments, manage cancellations and authorize care. PTM also trains billing staff on PT/OT coding, modifiers and payer policies. PTM’s clinical team provides direction and support for therapists’ clinical education to ensure that all therapists possess the clinical skills required for exceptional patient care.
- Billing and collection-including claims submission and payment posting
- Provide monthly billing and collection reports
- Investigate and appeal claim denials
- PT/OT coding and documentation training
- Ongoing coding and documentation guidance
- Documentation and coding audits to help ensure appropriate and compliant charges and documentation (within 90 days of the start date for any new provider and annually thereafter)
- Provide annual HIPAA and fraud, waste and abuse training
- Ongoing guidance on federal, state and local regulations that impact PT/OT treatment and billing
- Access to upcoming online clinical, coding and documentation training at no additional charge (courses added monthly)
- Benchmarking data regarding comparable PT/OT provider productivity-including average charged procedures/provider work hour, visits/day/provider, procedures/visit, payments/procedure and payments/visit
- Patient satisfaction survey form
- Template and guidance for adoption of practice policies and procedures
- Data on how many seniors in local county and surrounding area are covered by Medicare and each Medicare Advantage carrier
- Assistance with WebPT setup and training
- Provide recommended fee schedule and cash pay policy
- All required patient notification and intake forms with instructions
- Help setup copay, coinsurance, deductible and self-pay collection process
- Compliance – To ensure regulatory compliance, PTM provides ongoing notice and guidance on ever-changing federal, state and local regulations.
We draw on our diverse experience and expertise to help private practices manage both day-to-day operations and long-term strategic growth. PTM’s therapy management support services include:
- Benchmarking – You can’t manage what you don’t measure. Using our database of over 3 million outpatient PT/OT visits and financial and productivity metrics, we compare your practice to similar practices to identify strengths and weaknesses, improve productivity and maximize income.
- Human Resources/Recruiting– To deliver exemplary care while controlling staffing costs, PTM helps private practices determine the optimal number and skill mix of therapists, assistants and aides and, more importantly, recruit and train the best candidates. To help build the best team, we help develop and implement incentive compensation and professional development programs designed to increase staff satisfaction and retention.
- Contracting – PTM helps analyze PT/OT payment rates and negotiate higher rates. We also help monitor claims to ensure that you are receiving full payment and effectively contesting denials.
- Strategic Planning – PTM helps private practices determine whether and how they can benefit from adding specialized therapy programs, such as fall prevention, wellness and specialized sports (e.g., golf) programs. We also help evaluate whether the opening of one or more satellite clinics will help provide patients with more convenient access to your therapy services and provide an adequate return on your investment.
- Compliance – PTM helps its clients navigate federal, state and local laws and regulations, making sure clinical documentation, coding and billing consistently meet Medicare and other regulatory requirements.
- Education/Training – To help increase productivity, optimize treatment outcomes and boost profitability, PTM provides training to providers, support staff and billing staff. For example, communication and customer service training helps promote teamwork and improve the patient experience, while training front desk staff to efficiently schedule and authorize treatment allows therapists to focus on patient care while increasing productivity.
- Space/Equipment/Supplies – We help practice owners choose clinic locations, negotiate leases, design clinic layouts, evaluate the need for satellite operations and purchase the right equipment at the lowest cost.
Many physical and hand therapy practices of all sizes have engaged us to conduct comprehensive assessments of profitability, operations and regulatory compliance.
Financial – PTM can compare your individual providers and entire practice to other practices using national and regional benchmarks to determine whether you are maximizing profits and, if not, where to focus improvement efforts. Our financial assessment services include:
- Determining potential therapy revenue and profits based on reaching appropriate benchmarks.
- Ascertaining whether 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 and incentive compensation packages are competitive and effective.
- Determining whether provider productivity expectations should be modified and, if so, how.
- Providing concrete recommendations on how your practice can improve its financial performance.
Clinical Operations – Taking into consideration patient volume and other factors, PTM determines your appropriate number of therapists, assistants, aides and receptionists. Other services provided to assess 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 your electronic or paper documentation process can be streamlined to both ensure compliance and increase provider productivity.
- Measuring 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 specialty sports programs).
Compliance– PTM also provides PT/OT documentation and compliance assessments that include:
- Chart audits to determine whether clinical documentation complies with Medicare and other applicable payer requirements.
- Assessing whether therapists are correctly coding treatments and appropriately charging for all treatment.
- Determining whether your providers and practice are in compliance with your state PT/OT practice acts.
- Assessing the need for additional clinical, documentation or other types of training to improve compliance.
In some cases, and for a variety of reasons, therapy practices are either losing money or generating lower than average profits. We have helped physical and hand therapy providers throughout the country substantially increase profits without compromising care. We work hand-in-hand with management and therapy staff to refocus efforts and create a formula for success that is tailored to the specific needs of each practice.
To help revitalize or turnaround a PT/OT practice, we provide all of the management support services described above with an emphasis on the following tasks-resulting in increased profitability and enhanced clinical outcomes.
- Staffing– Securing the right mix of therapists and support staff, rewarding increased productivity and addressing underperformers helps to create a strong team with improved morale.
- Education/Training – Upgrading the skills of current clinical and support staff, including technical skills such as documentation and coding, soft skills such as communications and leadership, and clinical competencies, elevates the caliber of team members and the practice as a whole, increasing physician confidence and referrals and patient satisfaction.
- Finance and Operations – Focusing on improving charge capture and proper submission and follow-up on claims increases revenue and profit.
- Customer Satisfaction– Setting ambitious patient and physician satisfaction goals and monitoring programs closely to ensure that targets are reached promotes continuous improvement.
By teaming with PTM to use our proven financial, operational, clinical and regulatory expertise, private practices have become professional rewarding and profitable ventures that all providers can be proud of.