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Get out your notepad cause this episode has an incredible amount of useful insights and lessons from Meredith Soelberg PT, DPT, MBA and Brooke Mitchell PT, DPT, co-owners of Elevate PT & Fitness. Their practice is 100% cash-based, has multiple personal trainers and ancillary services, and they just hired a staff PT to join them. We cover a lot of ground in this interview.
More specifically, we discuss these cash-based practice topics:
- What business entity they chose for their practice and how they came to that decision
- Their top tips for making a business partnership work in a clinical practice
- How they utilize independent personal trainer contractors to elongate the continuum of care for their patients and increase their cash flow
- The story of how they both transitioned from an insurance-based practice to an out-of-network (OON) practice as employees in another practice after a reimbursement cut made it impossible to continue profitably in-network.
- What worked and what didn’t work to maintain patients and referral sources during that transition OON
- The characteristics of the Physicians who embraced the transition OON and continued referring patients
- The demographics and characteristics of their current patient population
- Scheduling and administrative logistics
- How they even get referrals from other PT clinics in their area
- The multiple ways in which they market their cash-based practice and keep their schedules full of private-pay patients
Resources and Links mentioned in this episode:
“The Social Security Act (Section 1848(g)(4)(A)) requires that claims be submitted for all Medicare patients for services rendered on or after September 1, 1990. This requirement applies to all physicians and suppliers who provide covered services to Medicare beneficiaries, and the requirement to submit Medicare claims does not mean physicians or suppliers must accept assignment.”
- To view the one exception to the Medicare mandatory claims submission regulations, scroll down to Section 40 (starting on pg 22) of chapter 15 of the Medicare Benefit Policy Manual
- Constant Contact email service provider
Interested in the cash-based private practice model?
Click Here to learn how to start your own Cash-Based Practice
Serious PT Rockstars!!
I concur!!
Great info! Do you do anything with oon billing?
Hi! Yes. At initial intake, we ask if the patient would like us to submit to their insurance, as a courtesy, on their behalf. If they do want us to do this, and 90+% of patients do so they can be relieved of the burden, then we get their insurance info, and have them film out a claim form during initial intake (we have claim forms for the usual suspects). Then we keep that as the original on file, and use it to submit with each claim as it occurs for the patient. We are simply faxing to insurers at this time, with (standardized) cover letter, super bill, and claim form. Our billing and cover letter say “reimburse directly to patient”.
Clients REALLY appreciate this service.
Thanks for your question!