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Today’s episode is my first Q&A podcast session where I answer a number of the frequently asked questions I receive via email.
More specifically, I answer these cash-based practice questions:
- Do you offer treatment packages? If so, how much do you discount the packages?
- Do you list your cash rates publicly (on your website, etc)? Why or why not?
- How detailed does your documentation need to be if you are not billing insurance/Medicare?
- If you’re not billing any insurance, do you still have to get an NPI number? Do you include your NPI number of the invoices/receipts you provide to you patients?
- How do you communicate with the public about the value that we offer as cash-based PT practices vs the ‘money-mill’ approach that is so common and being passed off as PT.
Resources and Links mentioned in this episode:
- Blog post at my Clinical Website: “Why Don’t You Take Insurance?”
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Interested in the cash-based private practice model?
Click Here to learn how to start your own Cash-Based Practice
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Again, if you’ve found these podcasts useful do me the favor of leaving an honest review of the show at iTunes…
- Click this link: The Cash-Based Practice Podcast homepage
- Then click the blue button that says “View in iTunes.” iTunes will open and you’ll be able to write a review in the “Ratings and Reviews” section.
Wow!! Great podcast and great to hear that I am on a similar path of success. Please keep the informative podcast coming.
Thanks so much Andre! Really appreciate it.
Just finished listening to this episode. Love all the information you have given out, I find it very helpful and useful. I don’t have a private practice “yet” but working on it. I am still developing my skills to get to a point where I am pretty confident with it. I see your website, blogs and podcasts as my guiding light through my journey. Thank you for sharing your knowledge. (also left a review on the iTunes 🙂 )
Thanks Sharon! So glad my work has been helpful guidance for you. Thanks so so much for the review!
Very interesting information that you have here. It is nice to see a blog that has an audio where we can listen to this information.
That was great Jarod! Its so refreshing to hear about the success through quality of care from a doctor colleague. Your podcast is packed with a wealth of information and you’re a true inspiration to me. I will definitely spread the word about your website for colleagues interested in practicing smarter while enjoying the rewards of great patient outcomes.
Thanks so much for the kind words, Matthew. I’m so glad this blog and podcast can be an inspiration!
I forgot to ask but do you document using an EMR software program?
If you add CPT codes to your patients receipts for them to submit to insurance then have they had issues with the amount you charged and collected via cash not equating to the exact hour amount on the CPT fee schedule?
No I do not use an EMR. I see 5-6 patients per day for an hour, so the volume of pts is so low that EMRs aren’t the most cost effective approach for my specific situation.
I have a set fee schedule that I charge all patients regardless of what insurance they carry. Every insurance company has their own limits on what they will pay for any given CPT code, and though that may affect what they reimburse the patient, it doesn’t affect my income because I take payment in full at the time of service. My CPT code rates DO add up correctly to equal what I charge for an hour session. This is legally important and necessary to stay in line with my state practice act.
Thank you so much for the podcast and sharing priceless experience about cash-based PT practice. I truly admire your clinical skills and philosophy of physical therapy practice. Just one question….Do you ever feel that you are “tied up” in your practice since you have to provide “hands on” practice at all times? In your model, is there any way in the future to multiply the value of your time? If you take some “good insurances” and hire good staff to see less complicated patients, will that be a better entrepreneurial business model?
Yes, I definitely feel “tied up” at times and there’s no doubt that I am trading dollars for hours in my current situation being a solo practitioner. In order to start changing that, I need to bring on other PT’s but I would not contract with insurances to do so… I will just hire great PT’s and maintain 100% cash-pay. I could have started adding staff two years ago but would not have been able to do so while maintaining the amount of time and effort I put into this website and all associated with it. The lease on my current space in and about a year, at which time I’m hoping to move into a larger space that will accommodate other therapists, and start to grow my practice at that time. I have a few more books I want to produce before then 🙂
and also … “good” insurances now will not likely not maintain a “good” status in the future… every one of them are decreasing what they are willing to pay for our services over time.
Thank you so much for the podcast and sharing priceless experience about cash-based PT practice. I truly admire your clinical skills and philosophy of physical therapy practice. Just one question…. Do you ever feel that you are “tied up” in your practice since you have to provide “hands on” practice at all times? In your model, is there any way in the future to multiply the value of your time? If you take some “good insurances” and hire good staff to see less complicated patients, will that be a better entrepreneurial business model? Thank you!
Finally getting around to listening to these great podcasts! Thanks for the information!
THanks Amy! So glad you’re enjoying them
I know I’m super late to this party, but I’m starting from the beginning and working my way through all of the episodes! I’ve found them very helpful as I approach starting my own cash-pay practice. At least in the beginning, I’m not planning on having a stand alone clinic space. I will be working partly out of a gym space and partly in clients’ homes and/or offices. In these cases, I assume I would use the appropriate address on the receipt, but would I still use “outpatient clinic (stand alone), code =11” ? If not, do you happen to know how I should list this to decrease denials?
Thank you so much for the advice!
Yes, you would use the gym address (not pateint’s hm/offices) on receipts and the code would be the 11