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