Being a PT ‘Solopreneur’ is a lot similar to doing freelance work, where your productivity and performance is directly proportional to the time you put into the work and your effectiveness in acquiring patients and delivering quality outcomes for patients.
Here are a number of important performance indicators to help you build a stronger and more efficient Physical Therapy practice even if you are a solo PT practitioner:
- Total number of patients seen. If you look at your patient database and assess the volume of patients you’ve seen at frequent periods, you’ll be able to determine whether there is a steady number of existing or new clients—allowing you to boost or maintain your marketing efforts.
- Patient shows and arrival rate. How effective is your clinic practice calendar management? Is your no-show or cancellation rate more than 5% of your total booked appointments? Are you over-booking? Successful practitioners manage the time between appointments in order to avoid impossibly long wait-times for clients as this severely impacts satisfaction levels.
- Total number of new patients over certain time periods. How well do you keep track of new patients each month? To do a quick check, compare your bookings from last month with your bookings for the current month—did you find a new client or two? If you have a steady stream of new clients, you can effectively forecast growth and can adjust your schedule allocation or consider adding therapists to your team.
- Follow average visits per case. Along with monitoring frequency of visits and new clients, tracking your visits based on treatment cases can help you assess which practice area gets you the most number of clients and financial outcomes. Compared with the rate of reimbursements per case, you are then able to focus and align your promotion and marketing efforts accordingly.
In our previous blog post, ‘Billing Metrics That Give Useful Insights into Your PT Practice Starting Point (Pre-Reimbursement)’ we enumerated other billing metrics that Physical Therapy practitioners should pay careful attention to in order to achieve optimal profitability.
If you’re in the middle of billing and reimbursement challenges, JetPT Billing offers a complimentary assessment of your situation and gives you insights on things you can do immediately to improve your reimbursement rates. Get your free assessment or reimbursement production index score here, or contact us firstname.lastname@example.org.