Management Tools for Private Practice:
Gaining Control and Improving Profitability
John G. Wallace Jr., PT, MS, OCS
Learner Based Objectives. Upon completion of this program participants will be able to:
- Identify the common reasons that claims for service do not go out as “clean.”
- Correct common problems with CPT coding of patient treatment and associated patient documentation.
- Describe the Resource Based Relative Value Scale as it relates to valuing therapy services and treatment time.
- Identify the basic components of Medicare compliance for establishing medical necessity.
- Appropriately apply the principles of Medicare’s Correct Coding Initiative, ABNs and NEMBs to their billing practices.
- Identify and implement management statistics that will improve overall payments and profitability in their practices.
- Analyze accounts receivable and overall financial performance of their practices.
- Define the basic components of a payer contract.
- Describe potential problem areas within payer contracts.
- Identify the costs and potential profit in payer contracts.
- Establish proper internal controls at the front desk for managing mail, deposits and payment posting.
- Use the Internet to facilitate front office functions.
- Understand the advantages and disadvantages of representative practice management software solutions.