Billing-Aware Practice Management Platform Shares Key Insights to Help Clinicians Increase Profitability Next Year
SARASOTA, Fla., Dec. 4, 2024 /PRNewswire-PRWeb/ -- Today, StrataPT, the only billing-aware practice management platform for outpatient therapy clinics, is helping practitioners grow and scale next year by sharing its top five trends for 2025. The company has helped practices collect more than $285MM owed and boasts a 100% reimbursement rate. On average, experts say it takes a minimum of $400,000 to open a medium-scale physical therapy clinic. With market and economic volatility, it is critical that clinicians focus on making strategic decisions that increase revenue and keep patients on their roster.
"Most people engage with physical therapy at some point in their lives - it is a first step in preventing injury as well as a first step on a patient's road to recovery," said Paul Singh, CEO at StrataPT. "As a result, it's important that physical therapy stays accessible to patients – and that means keeping practices open. With profitability being the biggest challenge facing outpatient physical therapy practices next year, our focus is on delivering a comprehensive offering that helps practitioners improve cash flow and focus on patient care. In 2025, independent clinicians need to look at their practices through a business lens that puts a focus on profitability and improving patient outcomes."
In an effort to help physical therapy practices thrive in the year ahead, Singh advises focusing on five key trends:
- Increased financial transparency: Most outpatient therapy offices are profitable by default, but many struggle to remain that way because of inefficiencies like incorrect claim forms or patients failing to attend all set visits. On top of that, insurance providers are becoming increasingly more particular about what claims they will cover, leading to a decrease in reimbursements. Money is being left on the table as a result of the outpatient therapy offices not being run like businesses. 2025 needs to be the year where profitability comes into focus.
- Investment in supportive care and full circle treatment: Independent clinicians need to step outside the box to keep clients engaged outside of reimbursable events. A patient, for example, may initially seek physical therapy for a running injury, and that care may be covered by the patient's insurance provider. A forward-thinking clinic may then offer a cash-pay training program to prevent further injury and even improve performance. Cash pay services can enable clinicians to increase revenue by keeping patients engaged between insurance touchpoints in 2025.
- Getting a seat at the primary care table: Physical therapy is not considered primary care in the United States. However, in many states, patients have direct access, meaning patients can go directly to the physical therapy office without a referral from a primary care doctor, but very few people know this. In the year ahead, independent clinicians should market this information directly to patients or forge partnerships with accountable care organizations (ACO), such as hospitals.
- More focus on the front desk: The front desk, despite being a non-clinical role, directly determines the success of outpatient therapy practices, but oftentimes, is an underappreciated resource. In 2025, forward-thinking practice owners should take a closer look at their front desk training and operations to drive better patient retention and referrals.
- Using AI Responsibly: AI has become a leading topic in physical therapy, whether it be improving patient workflows or saving time on administrative work. AI is going to be used in some way, and that isn't changing. However, practice owners should consider the possible risks that remain with AI usage in the healthcare setting, such as business insurance policies and healthcare payor audits. Expect more regulations to be introduced and more education around AI in the year ahead.
StrataPT's SaaS-based platform integrates Electronic Medical Records (EMR), Revenue Cycle Management (RCM), billing, and collections into a single solution. The company recently secured $25MM to expand its offering to more clinics. For a free assessment of the ROI of StrataPT's approach, visit https://www.stratapt.com/roi-calculator.
About StrataPT
StrataPT is the only billing-aware practice management platform for outpatient therapy clinics. Built by experts in Electronic Medical Records (EMR) and Revenue Cycle Management (RCM), StrataPT is the strategic billing partner for physical, occupational, and speech therapy practices. StrataPT seamlessly brings together therapy documentation and billing into one full-service platform designed to deliver transparency so every practice can optimize growth. By accelerating the billing process with a reliable, SaaS-based solution, StrataPT helps practices realize a nearly 100% reimbursement rate so practitioners can improve cash flow and focus on patient care while eliminating stress to return to the joy of operating their business. To learn more, visit https://www.stratapt.com/.
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SOURCE StrataPT
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