Keep up with the latest physical therapy news and insights from the industry’s trusted legal partner, Ged Lawyers. Here is an overview of what happened in the physical therapy field this month.
Most Physical therapy patients tend to neglect their sessions after a few tryouts. A central Florida company has found a way to revolutionize physical therapy and to help patients finish their sessions.
Through technological advancement, virtual reality gave two recovering amputees and PT patients the idea to start a company to enhance physical and occupational therapy sessions.
Mathew Hogan, one of the amputees, started a company called M3D-VR to improve physical and occupational therapy and the quality of life for patients. The company found a way to connect virtual reality to treadmills, where PT patients would work, taking them to a world of their choice. Virtual reality helps patients challenge themselves through gameplay while working their muscles to improve their health.
The two friends are constantly working to ensure that the company gets the success they intend in making positive changes to physiotherapy and occupational therapy. They are confident the revolution will be worthwhile and will be featured in major hospitals.
Through time, physical and occupational therapy has helped millions of people recover from various ailments, and some have improved through these two therapy techniques, which are also preventative.
Physical and occupational therapy has successfully aided patients who have suffered a stroke to regain mobility and ease the physical pain. The two therapy techniques are critical and recommended for many patients with various health conditions.
The impending cuts on Medicare Physicians threaten access to the two therapy techniques to beneficiaries of the government health program. The cuts would undermine the care standards for patients with conditions that would need physical and occupational therapy.
If implemented, the 4.5% cut to health providers under the Medicare Physician Fee Schedule in 2023 will result in 9 cuts to physical and occupational therapists by 2024.
Healthcare providers hope that the bill forwarded to congress will be passed to block the cuts and provide 4.42% on the conversion factor for the fee schedule.
U.S. Physical Therapy Company (USPh) has acquired several clinics for physical therapy practice. The thirteen-clinic acquisition cost USPh about $25 million, equivalent to 80% of the equity interest. The practice's owners retain 20% of the equity interest. The chief executive officer of USPh stated that he is excited about the new partnership.
He acknowledged that the team of physical therapist leaders in the new acquisition are smart and compassionate and have a character that can align with the future goals of USPh. The company operates in 40 states, with over 642 physical therapy clinics offering outpatient services. Additionally, U.S Physical Therapy Inc. also manages some facilities for third parties.
Depending fully on the healthcare system when you have a physical therapy practice can be disappointing. Insurance companies and government programs like Medicare can make it challenging for healthcare providers to navigate through services. So, how do you maximize your income as a physical therapy practice? Diversifying your practice is the best bet for maximizing your revenue.
There are various ways you can use to diversify your practice including:
Physical therapy, like many other practices in the medical field, has the potential to expand its services. You can introduce new technology to offer patients more services in your PT practice. Introducing new services to your practice opens doors to patients who cannot access the services anywhere. Consequently, you set the standard in the PT field through your practice.
To keep your PT practice afloat, finding new ways of attracting new patients and retaining them is essential. Even if your standard ways always work for you, refining your marketing and brand will always funnel more patients.
It will help if you conduct periodic audits on your practice so that you can highlight the areas of weaknesses. Do not just stop at highlighting the weaknesses; find ways to improve them. If insurance cuts make it challenging for your practice to maximize profits, you can find and introduce other services to your PT practice that will not be affected by insurance.
You have to find ways of standing out from the rest. Rebranding can mean changing your marketing strategies or certifying all your physical therapists and advertising the same sufficiently to get the attention of potential clients.
Florida’s no-fault auto insurance law requires all drivers to purchase personal injury protection. Florida PIP coverage pays up to $10,000 for medical and related expenses within the two weeks following a car accident.
However, insurance companies are known to take advantage of medical providers as they will tend to give up on the lengthy process of following up on claims.
Ged Lawyers stands ready to come to the aid of medical providers. You do not have to give up on the financial benefits that are rightfully yours after treatment of auto crash victims.
Once your patients sign the Assignment of Benefits (AOB), you can claim the benefits as the medical treatment provider. Partner with our legal team to handle recovering your unpaid or underpaid claims from insurance companies.
Most insurance companies dread the litigation process and the attorney fees and respond quickly to our legal team's demands. Our process is fast owing to the digitized paperwork of our system. We have over 25 years of experience in PIP case law, and you can trust us to follow up on your claims from insurance companies successfully.
Whether you need help organizing your PIP recovery process or need expert, cost-free litigation support, we are the experts to call.
A trusted partner like Ged Lawyers can help physical therapists to generate more income for their practice. We have a team of experienced attorneys working round the clock to ensure you recover your unpaid or underpaid PIP claims from insurers.
When you partner with our law firm, you make no upfront financial payments to us. According to state law, when we win recoveries in court, we receive our fees from the insurer.
We have a comprehensive HIPAA-compliant digital platform, which complies with local, state, and federal laws. Our security measures are regularly subject to HIPAA compliance audits. Therefore, when you partner with us, you can be sure of the privacy of your patient records.
Contact us today at 561-995-1966 or through our website to learn more about how Ged Lawyers can help you increase your income.