Strength in Numbers: KPIs for PT

Make sure you’re providing the patient care your clients deserve with the right tools by your side.

I’ll be blunt: numbers are not my thing. I trudged through math class each year of my schooling, and rejoiced like never before upon walking out of my last college calculus exam.

Even I must admit, though, that numbers can be of immense value. Straightforward statistics such as KPIs are one fantastic example.

KPI stands for Key Performance Indicator. Key Performance Indicators are values that demonstrate how effectively a company is meeting its primary business objectives.  KPIs are paramount to successful business for two main reasons:

1. KPIs keep objectives at the forefront, encouraging productivity and innovation. Concrete measurables will help motivate your team to improve. There’s nothing like a little bit of competition to get people going!

2. KPIs make for effective practice management by indicating points for growth. They will allow you to clearly pinpoint your weaknesses and develop strategies for improvement. It’s much easier to grow when you know exactly what needs improvement.

Ultimately, KPIs are a form of communication. Those that are clear and succinct will be the most effective. Before selecting your KPIs, consider your organizational objectives and ask what information will best equip you personally for success. The following five KPIs provide a great starting point!

Net Revenue per Month

This is perhaps the most fundamental KPI. Tracking your net revenue per month will help you to determine your baseline and set a trajectory for growth. Comparison of net revenue between months will reveal whether or not you are adhering to your trajectory.

Profit per Visit

Profit per visit is the division of profit over the number of patients seen in a given time period. This is a clearer indicator than simply the number of patients seen, as it reveals how efficiently you are managing your time. After all, wouldn’t you rather see fewer patients at higher earnings per visit than see 30 patients per day at minimal earnings per visit? Not only does patient overload result in burnout, it negatively affects the quality of care you are able to provide (See Back to the Basics).  Understanding your profit per visit will tell you if you’re working smart, or just too hard.

Revenue per Therapist

As is the case with profit per visit, it’s important to look at how much revenue each of your therapists is making, not just the number of patients they are seeing. Use this indicator to understand the effectiveness of your individual therapists and provide clear feedback.

Referrals

Referrals are a wonderful indicator of both customer satisfaction and growth potential. It says a lot about the quality of care you are providing if your clients not only keep coming back, but encourage their friends and family to come too.

Marketing Metrics

Marketing metrics reveal the effectiveness of your marketing strategy. It’s important to know whether or not your strategies are effective, as ineffective strategies make for a lot of wasted income. Two great starter marketing metrics are Customer Acquisition Cost (CAC) and Vacancy Rate.
CAC directly accounts for the amount of money you put into your marketing, then dividing this amount by the number of new patients generated in a given period of time. This result indicates the return on your marketing investment.
Vacancy rate is the percentage of unbooked time on your (and your therapists’) calendar. A high vacancy rate suggests that more efforts should be put towards disincentivizing no-shows and cancelations, and may suggest a need for more efficient scheduling.

With PtEverywhere, you’ll be equipped to manage all of these metrics and more… from your pocket! When you are successful, we are successful. Are you ready to team up?

Back to the Basics: Starting a Cash Practice

Are you intrigued by the idea of cash-based physical therapy but overwhelmed by the prospect of making it work?

Indeed, the thought of abandoning insurance and making the leap to a cash-based practice can be an unnerving one. Danny Matta, entrepreneur and expert on cash-based physical therapy writes: “After I decided to open my own practice, the questions really came down to one major question: insurance, or no insurance?”

After doing some research and speaking with his colleagues, the answer to this question became clear…

After all, do you really enjoy haggling with a third party over what you can and cannot do for your patients? In dealing with insurance companies, physical therapy practice owners often find themselves paid too little and pushed around, with reduced ability to deliver optimal treatment. What happens when you’re ready to move beyond “making it work” to running a profitable yet genuine business? Welp, you’ve got two sub-par options: increase the number of patients you’re seeing, or attempt to sell to a larger clinic that does have some amount of leverage. The second option is clearly not ideal, but neither is the first! Increasing the number of patients you’re seeing will likely reduce your capacity for quality care and result in burnout.
Danny writes, “I’ve worked in high-volume settings. I’ve had friends that hung in there at clinics seeing 30–40 people a day with just one tech to help for a year. I saw my same friend’s health deteriorate and his love for his profession disappear; eventually, he moved on to doing
home health PT.” Working with insurance too quickly becomes an exhausting job (with little return) in and of itself. Danny’s answer was clearly, “no insurance.” Yet, this presents an entirely new question: “If I don’t take insurance, will it work?”

The answer is “YES!” Why? Because there is demand. Just as you are burnt out from bending to the whims of insurance companies, many enthusiastic and active individuals are sick and tired of receiving the kind of care available through insurance coverage. Cash-based physical therapy allows you to work with the clients you would be unable to serve in an insurance-based practice through the provision of individually-tailored, high-quality care. See, cash-based physical therapy gives you the ability to use the skill-set you cultivated at the beginning of it all, before insurance began dictating what you could and could not do. This means more time to be hands-on and solve complex problems with patients, and less time spent on an excess of documentation and fruitless negotiations.

Need more convincing? Danny began his cash-based practice with under $3,000. In six months, he went from zero patients to twenty patients per week, charging $175 per visit. Four years later? Danny runs a 2,000 square-foot practice with a satellite office and four full time physical therapists, without ever having to deal with insurance. Will you be next? It’s amazing what can happen when you go back to the basics, that is, the skill-set you cultivated throughout your years of schooling and the passion you have for your patients.

Preparing for the Only Certainty: Digital Transformation in PT

As you prepare your PT clinic for the months ahead, make sure you’re taking the necessary steps to stabilize your company.

“The only certainty is uncertainty.” These words by Roman author, philosopher, naval commander, Pliny the Elder, apply especially to our current times.

We cannot be certain of what is to come, but we can be prepared to tackle whatever ends up at our doors. One of the most important qualities in any small business owner or marketing professional is the ability to make the most of the unforeseen.

Mitigate risk with digitally transformed operations

Where there is uncertainty, there is more than likely also anxiety. While this can be particularly unnerving for entrepreneurs and practice owners, physical therapists face a definite bright side…

That is, physical therapy can help reduce anxiety and ease the physical symptoms. (see “Now We’re Stressed Out” for a related discussion). This creates a unique opportunity to grow our client bases for two reasons:

    • The potential demand for physical therapy has increased due to increased anxiety.
    • The demand for remote care has increased due to public health concerns and anxiety surrounding person-to-person contact.
benefits of physical therapy software

First, let’s brush up on how physical therapy can ease anxiety and turn this demand into visits for your clinic. Physical therapy works in two ways to ease anxiety: the release of physical tension and the provision of techniques to improve mental release. To the first point, stress and muscle tension go hand-in-hand. Physical tension only exacerbates stress and anxiety due to the feedback cycles between mind and body.

Massage, active release technique, and movements prescribed by physical therapists can be instrumental in relaxing the body, and thus, the mind. Secondly, physical therapy empowers clients to take control of their bodies and reap the benefits of exercise (See “Dealing the Magic Drug“).

Physical therapy equips patients with the tools they need to move and breathe to reduce cortisol production and trigger endorphin release. This makes for reduced stress, elevated mood, lowered blood-pressure. Further, these same tools teach patients to better cope with stress as it arises.

Second, let’s examine how a physical therapy solution like PtEverywhere can drastically increase your marketability. Through features and a mobile app that allow physical therapists to offer remote services, you can easily develop markets through the provision of accessible, personalized care.

Here are the 5 major takeaways when considering the benefits of a PT practice managent solution for your clinic:

Remote Practice Management

PtEverywhere’s mobile app allows you to manage your practice from any device and connect with your patients in an instant. PtEverywhere is an all-in-one solution: that means no extensive files or external databases. Everything you need is in one place, streamlining your operations and giving you instant insight into all of your information.

Mobile Charting/EMR

Through digital charting and EMR, you can reduce the paper redundancy at your clinic and gain the ability to view and manage charts from anywhere. Mobile charting makes your work accessible wherever you are, while still staying compliant and secure.

Patient Portals

PtEverywhere’s comprehensive patient portal takes the trauma out of patient paperwork through easy-to-use paperless forms that can be completed ahead of time, convenient online booking, and a personalized experience for each patient.

Home Exercise Programs (HEP)

Through custom programming that can be recorded directly through the app, there’s no need to juggle different devices to record and upload videos for your clients. This can take your HEP to the next level! PtEverywhere.org allows you to prescribe single videos or detailed protocols. We remove the fuss so that programming is easy to follow and patients are motivated to keep up with their exercises.

Telehealth

Increase accessibility for your patients by giving the ability to meet with you from afar, and maximize your own efficiency by conducting appointments that fit optimally with your location and availability. With these tools and an understanding of how physical therapy can improve quality of life during times of anxiety, we have a unique opportunity to expand our markets and promote our services and to those who need them most. PtEverywhere is designed to help you adapt: no matter where in the world you are, or what the world in the world is happening, we are here to help you meet your professional goals and serve your clients.

If you think a digital phyical therapy practice management solution is the right move for your PT clinic, request your demo today. 

physical therapy mobile app

PT Clinic Management: 5 patient experience best practices

Make sure you’re providing the patient care your clients deserve with the right tools by your side.

For physical therapy clinics and wellness organizations alike, patient satisfaction remains a critical source of competitive advantage. And in the age of social distancing and Covid-19, the patient experience is now more important than ever.

What is patient experience?

The patient experience encompasses a range of interactions and emotions that patients have with their health care systems and wellness organizations. From the clinicians and staff to health plans and resources, patient experience can depend on a whole host of factors.

Patient experience can dictate your ability to attract and retain patients at your physical therapy clinic. When patients form positive relationships and trust with your services and staff, they become more engaged in their plan of care and develop loyalty to your organization.

This drives word-of-mouth marketing and referrals for your PT clinic, creating customers that are loyal advocates of your brand. More importantly, however, as patient experience is positive, patient engagement increases, driving better results for your patients and their wellness journeys.

And with the recent changes society’s undergone to accommodate Covid-19, PT clinics and the wellness industry, in general, took a hit.

Covid-19 changed how businesses and people operate for good

The widespread economic fallout of the pandemic left no country untouched. Small business owners around the US and the world must now navigate through the uncertainty of Covid-19’s impact on commerce and society.

According to a survey from McKinsey, 81% of respondents in healthcare systems and services are considering or implementing changes in the use of technology and systems, and 76% are re-evaluating the core processes and how the company is run.

But even across industries, this change has upheld.

97% of corporate decision-makers believe that the pandemic has spurred digital transformation, and 79% expect increased investment in this. As society adopted a “new normal” and shifted into quarantines and isolations, we also found even more dependency on the invisible architectures supporting us.

For healthcare and wellness practices, this is no different. Finding ways to adapt and provide an empowering patient experience is critical to business success in our uncertain world.

It’s important to improve the patient experience amidst Covid-19

Across industries, delivering a positive experience for your customers and patrons is critical to a successful business.

The patient experience is critical to physical therapy clinics and practices because you’re strengthening and cultivating patients for life who are also the lifeblood of your referral engine. When you make patients happy, you’re adding momentum to your marketing flywheel — a concept created by Hubspot — that focuses on engaging and delighting your customers to the point of organic business continuity.

From higher ROI and improved margins to improving the population’s health and wellbeing, patient experience is important for you and the people you serve.

5 best practices to deliver a positive patient experience:

1.  Communicate the changes you’ve made to keep patients safe

With everything that’s happened in 2020, we don’t always remember or retain everything we’ve seen. Communicating with your physical therapy clients about the changes you’ve made to protect them is an important foundation for building back relationships and strengthening existing ones with your patients.

Whether you’re using newsletters, patient portal messaging, website pages, or posters around your clinic, outline and emphasize the steps you’re taking for their safety. Cleaning tables between sessions, using hand sanitizer and face masks/shields are all important to include when sharing your safety standards.

2.  Go touchless and virtual (when you can)

With the technology and solutions for physical therapy management and clinics, you can make almost any physical therapy process or paperwork digital.

From paperless forms that your patients can fill out from their own phones to touchless payment and billing systems, there’s very little need for physical contact aside from prescribed manual therapy treatment .

Redirecting resources toward a business strategy that allows you to go digital (whenever possible) can help you optimize every point on your patient journey, from intake to payment.

3.  Be easily accessible for your patients

Your patients expect online scheduling, messaging, and other physical therapy resources when they’re paying for your services. It’s important to be accessible and available to your clients when they need assistance, and you don’t have to be watching 24/7.

With practice management solutions and cloud-based solutions, you can virtualize nearly any service to your patients in real-time. Implementing a telehealth solution, if relevant for your business, can deliver significant ROI and improve your bottom line.

Patient services are also important for this. From double-checking their appointment history or updating paperwork, your patients should be able to access information about your relationship. There are HIPAA-compliant solutions to facilitate and provide these needs for your patients, from industry-wide to physical-therapy specific.

Physical therapy practices that provide online services like patient portals, payment, and paperwork have a leg up against other PT clinics, purely for accessibility and user experience. Make sure your physical therapy patients are satisfied with your level of service and feel confident in the professional nature of your business.

4.  Make the most out of your in-person time

When you are in-person, make sure you’re optimizing the time spent. Being in contact with others during a pandemic can be nervewracking for many, so it’s important to put them at ease.  Physical therapy sessions typically last 30-60 minutes, so make sure you’re actually utilizing that time for them. Using that time for paperwork, payments, or other administrative tasks will likely frustrate your patients if becoming a regular instance.

Providing home exercise programs with a clear plan and critical takeaways after meetings can significantly improve your patient’s progress and physical therapy outcomes.  Instead of handing over exercises printed on paper, you can create higher levels of accountability and motivation for your patients with HEP videos, daily health trackers, and an activity log.

5.  Follow up after appointments

As mentioned previously, utilizing your time with patients is important for everyone. Prioritizing regular check-ins between appointments is important to reinforce an ongoing relationship, and crucial to securing engagement. PT clinics can do this through personalized interactions, social media, customer service, or even focused marketing campaigns across digital touchpoints.

When filling out patient intake paperwork, ask their preferred method of communication to improve this engagement. Tailoring communication methods for your individual patients will deliver a more personalized patient experience, build rapport, and is most likely to reach the patients.

Next steps to improve PT patient experience

Improving your patient experience is essential to maintaining current patients and bringing in new ones. By following the five tips above, you can actively play a role in strengthening relationships and driving results for everyone involved.

With a practice management solution customized specifically for physical therapy clinics and business owners, you can improve patient engagement, simplify your management processes, and focus more on what matters most.

PtEverywhere gives you the tools to engage with prospective new clients through the PtE app, so you can access contact information and nurture the relationship until they’re ready to become patients. Designed to simplify the management of your practice, you can schedule, document, invoice, and communicate directly with your patients from one easy-to-use interface. 

Empower your patients and give yourself the freedom to focus on patient care and improving patient outcomes, backed by transparent data you need to keep your clinic competitive.

Learn more about PtEverywhere today.

Why time is more valuable than money.

My daughter turns 7 today! I’m a 100% biased parent but my daughter is a badass and I love watching her grow up.

She has virtual school today but I’ll be making her lunch (grilled cheese and tomato soup), jumping on the trampoline and practicing gymnastics skills with her. This is the day she said she wanted with me and I’m excited to spend so much time with her today.

When I first got out of the Army in 2014 Maggie was 6 months old. I was teaching 3-4x a month as an instructor for MobilityWOD. This was usually a Friday to Monday trip. I got a chance to travel around the world teaching and meet some amazing people. I also missed a lot of important events and multiple family birthdays.

Looking back, I regret saying yes to teaching the weekends we had birthdays and family events. At the time, I was in straight survival mode. I had left a stable income and didn’t know if I could make it working just for myself. I would take any course I could get because at least I knew I could make some money for teaching.

When my daughter was 4, she started to get really sad when I would leave. She would be sad for days before I would leave and would beg me to stay. Even though I’d only be gone for a few days, to my family it felt like an eternity.

I started really decreasing my teaching events at that time and now I do no more than 4 work trips a year. Often times, I try to bring my family with me if possible.

I’ll never get the time I lost missing my kids birthdays back. I don’t even know how much I made for those teaching events but whatever it was, it wasn’t worth it.

Time is where it’s it and in particular say over what you do with your time.

We have a simple rule in our house when looking at any decision or business opportunity. We ask ourself this one question.

Does saying yes to this allow us to spend more meaningful time with our friends and family?

If the answer is no, we pass. If the answer is yes, we give it further consideration. That one question has dramatically simplified my life and improved my relationship with my family.

Doing something on your own can start with just wanting to make more money than working for someone else. Ultimately, what you’ll realize is that it’s all about freedom. Freedom to work on the things you love. Freedom to work from where you want to live. Freedom to never miss the most important times with your family.

The only things better than time might just be red velvet cake and I’ll be enjoying a big piece of that with Maggie tonight!

Have a great weekend!

Danny
Physical Therapy BIZ