Occupational Therapy Private Practice
Occupational Therapy private practices are booming across the country as the demand for therapy services grows. The increasing number of baby-boomers requiring physical and occupational therapy services account for this growing trend. Hand therapy is the most popular area for occupational therapists (OT) wanting to venture into their own outpatient business. Many successful OT's are teaming up with physical therapists in order to share resources, minimize expenses and offer complementary services that are desirable for insurance companies and other third party payers such as HMO's, IPA's, and TPA's. Some of the greatest challenges for OT's are mastering cpt codes for their services and maximizing OT billing. Marketing for occupational therapy services is a bit more easy than for physical therapy services believe it or not. This is mainly due to the little competition the typical new OT practice encounters, in most regions, because they are not as prevalent as physical therapy offices. As a result, occupational therapy businesses are quite lucrative and a great way to achieve financial success.
The three most important areas of an OT private practice are:
1. Reimbursement
2. Revenue
3. Referrals
In today's climate of insurance denials and healthcare cutbacks, learning how to master reimbursement strategies is an important skill necessary for occupationa therapists wanting to go into private practice. Many insurance companies have what's called a "Long List" where most providers (80%) are categorized. These providers are frequently taken advantage of by payers and often denied payment or required to wait long durations before receiving payment--even when payment is made reductions are often imposed. The good news is if you learn the skills of reimbursement you can be put on what's called a "Short List". These providers are paid quite quickly with little challenge or abuse.
Revenue is another important area to achieve success in private practice. Learning the skill of developing a healthy cash flow is paramount to an OT practice. Most practitioners are not very skilled at collecting money for their services. Many have significant amounts of accounts receivables from patients and insurance companies. Some as high as 50% of their billable amounts. Without good cash flow any business will die. Having the right collection tools to easily collect patient copays, coinsurance and deductibles and knowing how to use them is very important.
Referrals are probably the most essential component of success for an OT practice. Pretty much, as long as you have paying patients coming in through your door, there's nothing that can't be figured out. Everything else hinges on your ability to automate your new patient business. Some think that getting new patients is as easy as visiting doctor's offices and giving them script pads, but it's not as easy as it sounds. Physicians have more and more options nowadays on who they send their patients to, as competition increases, and your ability to stand-out from the crowd and get doctor's WANTING to work with you is the greatest skill of all. Just being good is not enough anymore. You have to gain the doctor's respect and desire to send patients to you. This is a skill that is not common sense.
If you wish to learn all the skills mentioned above, enroll in this intensive 2-day course now.
The knowledge is life changing. This is the best decision you'll ever make.
