SSI: When you launched Horizon Physical Therapy, did you have a realistic business plan?

Jerome: No, I didn’t even know I needed one. My business partners said they would take care of the business side. They were handling the money. As long as I got great results, the rest would take care of itself.

When I found myself working harder for less money, I couldn’t figure out how to turn it around, because I didn’t have any metrics. If I asked, “Hey man, is there extra money?” the answer would be “No.”

SSI: When did that change?

Jerome: At a Survival Strategies conference in 2015, I signed up for a practice analysis. I worked with a business analyst who helped me to compile statistics for the practice and find the trouble spots that needed to be addressed immediately.

Revenue came up big. As we broke it down further, it became clear that my reimbursement was not in an adequate range. I was billing, but not collecting.

Generating revenue isn’t straightforward like an office visit. It takes many steps. You have to bill; you have to collect; you have to file claims with insurance companies; you have to call them and insist that they pay. You have to keep records of every step. That includes making notes of what was successful and eventually writing procedures so other staff can get involved.

But first I had to roll up my sleeves and get the cash rolling in. I was successful in that, and the problem eased off enough so I could step back and look at the big picture.

SSI: Was it a reassuring look?

Jerome: Not entirely. I was forced to confront the fact that my funds weren’t even in my bank account. I would have to move the money before I could fully see it. I needed real-time statistical data. SSI introduced me to the Objective Management Suite (OMS).

Each time I understood something, it became a stable datum. I was able to bring it under control.

SSI: How has the practice grown since you first engaged with Survival Strategies?

Jerome: Once I learned the difference between managing and doing it all myself, growth came naturally. I hired a part-time Physical Therapist Assistant (PTA), then he went to full-time, and I repeated the pattern until we had no delivery backlog. Now we’re handling enough volume to hire people full-time with the intent that we’re going to work our butts off to keep them busy.

We’ve started the Power of Choice program, getting the right team members in place. I’m delegating authority because it just make sense.

My wife was about to have a child. And so, we had to get some things in place to be able to manage the billing. And that included hiring a person, training them, getting them to be effective. It worked out very well because I don’t know that I would have moved at that speed otherwise.

SSI: What would you say have been your milestones to success?

Jerome: The Effective Reimbursement Program was the turning point. The biggest change was having the correct system in place. Next, having someone that systematically reviews claims and submits them on a timely basis. Making sure that we have enough staff to keep up with billing and collections.

The ideal scene is that we’re touching all of our claims monthly, calling, following up. We now have a payment ledger that the front desk uses to follow up on those claims with patients.

The OMS keeps all the metrics at our fingertips. Every week we review the key indicators. Have we seen enough visits to sustain the amount of income that we need? If collections are off, is there a backlog in billings? Are we short-staffed in other areas? Do we need another PTA?

When we’re doing something right, it shows up in the statistics. One day my accountant said to me, “Whatever you’re doing, you know, you’re bringing in more money.”

I said, “We’re sending these postcards out.”

He said, “Well, you better keep doing that.”

After a few months, he said, “Hey, man, every time you go to Survival Strategies, we’re seeing a substantial boost in your revenue three to six months later.” Over the next three years, revenue and other key statistics showed orderly growth, the highs and lows averaging out to an upward trend.

And so now I’m starting to get to a place where I can make decisions faster. There was a certain amount of inertia to overcome due to my background and upbringing; there were things I just couldn’t move fast on. But that’s the beauty of having access to a consulting team who has seen it all: my growing pains were the same ones everybody has to deal with when they’re small. Nothing looks insurmountable to SSI. You just have to stay the course and keep putting one foot in front of the other.

(Continued on page 6)

Manage by

Opinion

Guesswork

Statistics

What is the Objective Management Suite?

It is a collection of three software programs specifically designed for monitoring and optimizing your business.

These programs give you an objective window on the inner workings of your production machine, without the guesswork.

With the help of OMS, you and your consultant can zero in on areas of
lost income or poor utilization, and give your staff a firm grasp on their progress toward targets and goals.

Contact us to bring your business into laser focus with OMS.

My Road to Expansion (conclusion)

As I’ve become a better business owner, I’ve become better at understanding how to spend my money for growth. So now, the results are visible everywhere.

I’m getting to a place where I understand right away whether or not a certain course of action is viable for me. I just ask myself: Am I investing in something that’s going to help me learn a process better? Am I investing in a person who’s going to help me make the process better where I don’t have to be hands-on all the time? That, for me, is the key because I’ve been this central processing hub. If I have to make decisions all the time, even for processes that shouldn’t involve me, it slows things down.

Doesn’t it seem one-sided? You work hard, get a great result, send out your bills, and in exchange you get … RED TAPE.

You may have tried outsourcing billing and collections. The problem is that as soon as you assume you can’t do it yourself effectively, it becomes true.

Why can’t you make your in-house team just as effective as any contractor? Three decades of success with Survival Strategies say you can.

We’ll provide the blueprint, the system, and the hands-on consulting help to get it all implemented, grooved in, and functioning.

The SSI Effective Reimbursement Program includes three days of one-on-one training, followed by implementation support through weekly consultant calls. You’ll get tools for daily performance evaluation, goal setting, and staff
accountability.

Each team member will receive a clearly expressed set of duties called a hat (a term that evolved from the railroad industry, where each specialty wore a different hat). They learn how to study for practical application. And they get apprenticed until their efforts are producing consistently great results.

The system prepares them for any snag, with denial management and appeals, systematic tracking of receivables, timely resubmissions, and negotiation tactics. It’s a system that works in any economy.

SSI demonstrates how being compliant can win you compliance from claims adjusters and officials of all kinds. They’ll appreciate your efforts to make their jobs easier—and return the favor.

For more information, visit us at: https:// survivalstrategies.com/insurance-
problems/, or ask your consultant for details.

SUCCESS STORY

“Before we started the SSI Effective Reimbursement Program, we had a fairly sizable debt, we were having difficulty making ends meet and we were seeing no end to that situation.

“The system was quite a change from what we were doing and it took quite a bit of effort to change our system. Then, a shift in attitude started to take place and people began to realize how easy and powerful the system actually was. In fact, we started to notice that we were overstaffed in the finance department and
had to reorganize tasks and schedules.

“The finance area finally feels calm and under control. I really can’t believe it, as this is the first time it has felt this way. Our collections are in better shape and we are getting that debt handled. After 4 months, our debt is already cut in half and we have already paid off the additional loan needed to finance this training program. Quite amazing!”

S.Y., PT, Alhambra, CA