Maximizing Cash Flow, Increasing Profits, And Eliminating Patient Balances With Kristi Plunk, DPT
Apr 2, 2024
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Kristi Plunk, owner of Beyond Physical Therapy and Wellness in Fort Worth, Texas, shares her transformative strategy that boosted collections and revenue at her clinic. Learn how she overcame challenges like a surge in cancellations and revenue loss due to SEO changes. Discover the power of clear communication with patients, reshaping the way you run your physical therapy clinic.
Implementing a credit card on file policy improved collections and revenue, addressing missed payments and cancellation rates effectively.
Storing credit cards for copays streamlined billing, enhancing cash flow and patient accountability, contributing to a financially responsible business.
Deep dives
Implementing credit card on file policy to improve collections
By implementing a credit card on file policy at the time of service, the clinic saw significant improvements in collections. This decision stemmed from the realization that missed payments, especially with rising cancellation rates, were impacting the clinic's financial health. The policy led to better revenue due to reduced missed payments and improved front desk efficiency. Despite initial concerns about patient pushback, the vast majority of patients accepted the policy with minimal resistance, highlighting the importance of setting clear guidelines for payment upfront.
Benefits of storing credit cards for copays and deductibles
Storing credit cards for copays, co-insurances, and deductibles at the time of service proved highly beneficial for the clinic. This practice not only ensured prompt payment but also streamlined the billing process by reducing the need for follow-ups and reminders. With an efficient system in place, the clinic experienced improved cash flow and decreased accounts receivable aging. By implementing this practice, the clinic was able to minimize financial strain and maintain a financially responsible business.
Handling same-day cancellations with credit card charges
To address same-day cancellations effectively, the clinic initiated a process of charging fees promptly on specific days following the cancellation. This approach helped minimize emotional escalations during conversations with patients and enhanced the front desk's efficiency in dealing with such situations. By charging cancellation fees promptly and managing credit card charges smoothly, the clinic reduced missed revenue opportunities and improved patient accountability. Additionally, consolidating charges for the week allowed for a more systematic and structured approach in handling cancellations.
Building a comprehensive system for financial policies
The clinic developed a robust system for financial policies, including storing credit card details, charging at the time of service, and automating balance collections. By incorporating these policies into initial paperwork and patient consent forms, the clinic ensured transparency and clarity regarding payment expectations. The implementation of clear financial guidelines not only facilitated smooth operations but also minimized ambiguity and misunderstandings with patients. This comprehensive approach to financial policies contributed to a stronger financial foundation and improved revenue cycle management.
Listen up! In this episode of the Physical Therapy Owners Club podcast, Nathan Shields engages in an invigorating discussion with Kristi Plunk, from Beyond Physical Therapy and Wellness. Discover the game-changing strategy that has put her clinic on the map in Fort Worth, Texas. This transformational technique is highly effective and has proven to be a massive success. Don't miss out on this incredible conversation!
Hear about a game-changing policy that transformed Kristi's clinic, significantly boosting collections and revenue. Kristi's approach tackled challenges such as a surge in cancellation rates and a dramatic loss in revenue due to SEO changes. This led to a remarkable financial turnaround that will leave you in awe. Her journey is a true testament to the power of resilience, smart policy implementation, and the crucial role of clear communication with patients. In this episode, you'll discover how Kristi tackled misconceptions about medical bill payments and navigated the nuances of legal and ethical considerations. Get ready to reshape the way you run your physical therapy clinic with these valuable insights.
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