So I like to keep things simple. Here is the short simple version: Like Einstein said, “Everything should be made as simple as possible, but never simpler.” or the KISS Principle: Keep It Simple Stupid 1. What kind of relationship do you have with Medicare? Only 3 options here. You have No relationship with Medicare You are a “Participating Provider” with Medicare. You are a “Non-Participating Provider” with Medicare. I recommend to have no relationship with Medicare. It is going bankrupt and its a broken system. Too many limitations and guidelines. Some people may target this population and may choose to have a relationship and see Medicare patients, which is fine for them if they choose this. When it comes down to it, you need to do what is best for your business and your patients. I recommend to stay away from Medicare because of where it is going in the future and its limitations. 2. Physical therapists, currently, cannot choose to opt out of Medicare. Unfortunately we as physical therapists are are not included in the list of practitioners who can opt out of Medicare (outlined in the Balance Budget Act of 1997 and Medicare Prescription Drug Improvement and Modernization Act of 2003. Opting out is different than what your relationship is with Medicare. So you CANNOT “opt out” and collect cash payment from a Medicare patient that is considered medically necesary or a Medicare covered service. 3. In a cash based physical therapy practice, you CANNOT see a Medicare beneficiary for a service that is covered under Medicare guidelines and is deemed medically necessary. 4. If you are talking to a Medicare...
Yes, (if you do it right), you should make profit and this is the goal of every business! Ask yourself this question QUESTION 4: What are you going to do with...
Decide on how you are going to answer this question before you open you practice. QUESTION 3: Choose how you are going to pay yourself and possible bonus...
Before you open your practice, ask yourself this question QUESTION: How much is your estimated revenue for your first year and calculate how much sales is needed to acheive this in the upcoming...
