Transform Your Independently Owned Physical Therapy Practice
Most physical therapy practice owners and managers only have a fair idea about how their practices perform. What they have is less visibility into is how their performance experience compares to other practices’ performance. BMS strongly believes in performance goals and monitoring of the best practices. To illustrate, let’s look at two key measures of performance that directly related to the coding, billing and collections functions.
What are you really being paid?
Payment per visit (PPV) is the end result of the process of treating, coding, billing and collecting. In most practice management systems, PPV has to be calculated unless the software has the ability to report the total payment per visit after all charges have been accounted for by payments or adjustments and the balance for the visit is zero.
Compare our clients’ PPV benchmarks before & after joining BMS:
|Payment per visit (PPV)|
How long does it take to collect?
Days Accounts Receivable (DAR) or Days Sales Outstanding (DSO): DAR is the average number of days it takes to collect a charge. The percentage of your accounts receivable that are over 90 days old (A/R >90) is a reliable measure of the timeliness with which your unpaid accounts are addressed by the collection staff.
Compare our clients’ AR benchmarks before & after joining BMS:
|Accounts Receivable (A/R)|
|A/R % > 90 days||DAR|
|Southeast - 9 Locations||35%||18%||49||35|
|Mid-Atlantic - 15+ Locations||35%||18%||35||42|
|Northeast - 5 Locations||35%||18%||40||33|
|Upper Mid-Atlantic - 4 Locations||35%||18%||28||23|
|California - 3 Locations||35%||18%||68||22|
|New England - 3 Locations||35%||18%||78||19|
|Pacific Northwest - 2 Locations||35%||18%||72||32|
Dr. Allen Jones CEO and Owner, Dominion PT
“The number of days outstanding has decreased. Additionally, I have seen an increase in revenue and an increase in payer sources. There are 3 KPIs (key performance indicator) where I have seen improvement: payment per visit, better management of A/R and days outstanding.
There is a synergy between our internal staff and the BMS staff. BMS standardized the billing and collections process and streamlines our staff - it takes less staff to get more work done. We have better checks and balance systems.
RevFlow improves time management and task management. It provides snapshots of the performance of my practice.
In July of 2014, we have seen a 30% increase in revenue and have seen more deposits than we have seen in our 20 year history. BMS gives us synergistic and efficient outcomes.”