financespodcast

This week, we invite our very own senior personnel from our Credentialing and Billing divisions in MEG! Katie McGinnis and Ali Ferrara share the top reasons why PT owners reach out for help in their respective departments, and what solutions they offer. Tune in to learn the ideal approach to your Billing and Credentialing! 

Episode at a glance: 

• Top reasons owners come to us for Billing: 
  • Owners simply don’t have Billing knowledge or training 
  • Staff turnover - they don’t possess knowledge to train someone new 
  • Owners often don’t have structure, Systems of Operations, or a way to measure 

• Top reasons owners come to us for Credentialing: 
  • Lack of knowledge of Credentialing 
  • Lack of time - it can be overwhelming 
  • Specifics in Credentialing are changing EVERY day 

On this podcast, Brian dives into what is needed from a physical therapist’s perspective for a very important division - Billing & Collections. He explores the benefits of going with a smaller PT billing group, and how to get to the bottom of the problems you could face in your billing - as PTs weren’t trained to do this! In order to have the best billing service, and the best practice, you need to take responsibility and be “at Cause” over your billing. 

Episode at a glance:

• Inspect your finance line at least twice a year
• Monthly staff meetings with Finance Dept. is key
• We operate this department with a high level of communication
• Don’t ever let one person be accountable for everything in this department
• If you’re paying 9%, you’re paying too much
• Do not fix other people’s errors - send them back to the person who made it for them to fix

Do you know the cost of doing business? If you don’t, you are the effect of what you don’t know. No, you didn’t go to finance school, but the finance lines are still the most important division in your practice. By knowing the cost of doing business we mean, the profit margins, the cost per visit, etc…

This week Jon Repka from Paro is joining us to talk about finance lines and about what you don’t know. Paro is a financial services firm that has highly vetted financial professionals in an amazon-style fashion with a specific division that works with private practice owners like yourselves.