Podcast: Transitioning an in-network practice to cash-based
Wednesday, January 29, 2020
In this episode, Meredith Soelberg and Brooke Mitchell describe their experience as employees in an insurance-based physical therapy practice that had to “weather the storm” of massive reimbursement cuts.
The impact of those cuts made it apparent that they’d have to change their business model or face economic ruin. The cash-based practice model seemed to be the obvious solution, so the decision was made to give it a try.
Soelberg and Mitchell explain exactly how the transition to cash-based was managed so the practice could remain viable for the long term. This information is especially relevant in light of the recent announcement of the coming 8% cuts to Medicare reimbursements for physical therapy services that will soon leave many practices facing similar situations.
Their ultimate success with the cash-based practice model as employees helped prepare them to open their own out-of-network practice, a concierge physical therapy and fitness facility that combines rehabilitation and wellness services.
Their highly successful California clinic has grown to employ multiple physical therapists, personal trainers, Pilates instructors, and massage therapists.
This “highlight” is from a full episode on how to succeed with a cash-practice partnership.
More specifically, we discuss these cash-based practice topics:
- How the large reimbursement cuts of some major insurers forced the practice where they both worked to change their billing model in order to survive.
- Exactly how the transition from an insurance-based to out-of-network was successfully managed in that practice.
- What worked and didn’t work to maintain patients during the transition to cash-based physical therapy.
- Which forms of marketing were most effective in bringing new patients into the cash-based model.
- How they managed the relationships with physician referral sources during the transition.
- The characteristics of the physicians who embraced the out-of-network model and continued referring patients.
- The characteristics of their current patient population and how they provide the value that makes their patients choose them over in-network practices.
Resources mentioned in this episode:
- Sports & Fitness
- Business Management, Services & Risk Management
- Healthcare Administration
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- Pectoralis minor: Far from a minor problem
- The importance of hip internal rotation
- 8 exercises for strengthening your business writing
- 10 negative employee behaviors that undermine success
- The top 5 exercises you should be doing
- 17 of the most specific, bizarre ICD-10 codes
- Selling your business? What tenants need to know about their lease
- Researchers ‘trick’ body into accepting organ transplant using cancer tactic
- Infographic: Tech to help you work smarter, not harder
- How to digitally market appropriately and compassionately during the COVID-19 pandemic
- Feeling restless? Follow these tips.
- How important is good office space design?
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