Physical Therapy Benchmarks: How does your clinic rank?
Strata Shorts are quick conversations between Strata’s CEO, Paul Singh, and Director of Marketing, Thomas Schreiber. Episodes cover a wide variety of topics such as Healthcare billing, Growing a PT/OT Clinic, Entrepreneurship, and more!
On this episode of Strata Shorts, we dive into:
1. NEW Physical Therapy Benchmarks
2. How Benchmarks can help your clinic grow
3. The biggest challenges owners face as they scale
Episode Highlight: “This industry on the whole suffers from a lot of asymmetric information. And what that means is a particular practice owner only really knows the metrics around their practice.
If they’re lucky, they have a couple other friends that have practices of their own, and informally they may trade emails, texts, or dinners where they say, “hey, how much are you getting paid by that payer for this?” And then if they’re really, really lucky, they’re part of like maybe a country club that has a couple of these. The flip side of this is that more often than not, these practice owners are also members of trade groups and I won’t name names to cause any rifts, but if you’re a practice owner, you know who I’m talking about. And those trade industry or those industry organizations actually prohibit you from asking things like, “hey, how much am I getting paid?”
So our idea is to expose it all. All this should be fair. If I’m a practice owner and I just got credentialed with a certain payer, I should at least know that I’m getting a fair payment that’s in line with everybody else around me. So what we’re really trying to do is make a dent with this asymmetry of information. We’ve collected millions of data points around patient claims, patient visits, patient encounters over the years. And we’re gonna roll out a practice metric or practice benchmarks report at the national level and at the state level.”
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If you’d like to learn more about Strata EMR & RCM and achieving a 99.99% reimbursement rate for your PT, OT or SLP Clinic head over to stratapt.com and book a call with our team!
If you have any questions, comments, or ideas, reach out to Thomas Schreiber, our Director of Marketing at hello@stratapt.com