If you own a physical therapy brand with multiple clinics or hope to open new clinics in the future, you may want to consider joining a physical therapy group. These private equity companies can help you to source clinics in your area and offer the type of resources that can help you grow.
Below, we’ll discuss how joining a group could help your practice add more physical therapy clinics. Here are some of the benefits you get access to:
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When you join a physical therapy group, you get access to people and resources that can help your practice grow. In most cases, these are resources you wouldn’t otherwise have access to.
Yes, you may sell a portion of your business in return, but having access to these resources can free up your time, helping you to achieve a better work-life balance. That way, you can spend more time with loved ones or pursuing other passions. Plus, your business growth may accelerate with you doing half the amount of work (or even less).
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The Healthcare Common Procedure Coding System (HCPCS) uses two primary types of codes: codes and modifiers. Each HCPCS code describes the services or procedures performed while modifiers are added to codes to provide supplemental information. These modifiers can signify important information to insurance companies, hospitals, other medical providers and patients themselves.
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Current Procedural Terminology (CPT) codes are a set of codes that are used to classify the type of service or procedure performed. They were created by the American Medical Association (AMA) in 1979 and have been revised several times since then.
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A key performance indicator (KPI) is a means of measuring the success or overall performance of a business, its employees, or how goals are being achieved within the company. Key performance indicators are metrics that can be used in several different spheres of a physical therapy company, like finances, operations and strategy.
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Running a physical therapy practice is no small feat. It requires attention on many fronts, and if you don’t know which areas to streamline, your business could suffer. That’s why it’s important to take note of as many ideas and tips as you can. This will improve your overall physical therapy practice management for the best chance at success.
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