UPDATE: we have published our Physical Therapy Practice Benchmarks where you can find real-time numbers on average reimbursement per visit, average units per visit and many other important metrics for your practice.
It is pretty safe to say that of all the stats that a practice owner may track, average reimbursement per visit should rank in the top three. At face value, the stat can be used to evaluate many different things. When a potential client comes to us and we discuss the obstacles they are currently encountering, one of the very first things we take a look at is their average reimbursement per visit. Whether this number is high or low, it can be indicative of multiple things –
a.) Is their current billing staff or company collecting every dollar owed to them?
b.) Is their payer mix made up of low or high reimbursing payers?
c.) Is their clinical staff billing appropriate CPT codes that correctly reflect the treatment they are rendering?
d.) Is their clinical staff billing the appropriate number of CPT codes that they are rendering per visit?
Once we dig deep into each of these areas, we generally observe that there are several areas of improvement that can easily bump up their average reimbursement per visit. Whether that average is increased by $2/visit or $20/visit, every single bit leads to greater financial gains for the practice.
What is your average reimbursement per visit? Do you think that it could be improved? Imagine this – let’s say your average reimbursement is $83/visit currently. What if with the correct direction and a strong billing team that number increased $3/visit to $86/visit? At face value that may not seem like much. But let’s say you treat 150 visits/week. That would be an increase in annual revenue of $23,400!
If you do not know your average reimbursement per visit, we encourage you to reach out to your current billing team and request it. With our national reach, StrataPT would be more than happy to chat and elaborate on how your average reimbursement compares to colleagues in your area.
We understand that when treating patients day in and day out, clinicians often find that they do not have time to dig through report after report trying to analyze data to get a pulse on the status of their business. StrataPT eliminates all of that excess work and provides our clients with a clear and user-friendly dashboard outlining all the key indicators. We encourage you to spend your time treating patients instead of digging through reports! Let us guide you down the path to maximum reimbursement.