Private Practices Across the Country Facing Major Challenge With Declining Reimbursements
One of the largest challenges facing private practice business owners in healthcare today is declining reimbursements. If you aren't familiar with what this means, to put it simply, business owners are not receiving as much money for the services offered as they have in the past.
Sarasota, FL, December 28, 2016 (Newswire.com) - Over 10,000 baby boomers are added to Medicare every single day1. More people, as a percentage, are not working today compared to those who are. This means more money is flowing out of Medicare than into it. Declining reimbursements means revenue per patient is decreasing. One group of private practice owners is working together to combat this challenge, FYZICAL Therapy & Balance Centers.
On the opposite side of the spectrum, to no surprise, the cost of doing business is increasing. For example, their practice overhead (rent, utilities, insurance, etc.) is increasing as are labor costs. It’s also doubtful their employees will want to be compensated less next year compared with this year.
Even private practices operating extremely efficient and profitable businesses can’t keep doing what they have always done. Productivity can only increase so much.
In every business, there are answers. There is a distinct reason why most private practices are eroding, but how are some thriving? How can this be? Everyone is competing and facing the same business challenges. Those that are thriving have a plan. A plan to become less dependent on insurance reimbursement, a plan to operate using an innovative business model that challenges the way business is conducted today.
Many of these private practices are taking part of something much larger, what some are calling “the future of healthcare.” A group of private practice owners working together is able to achieve higher reimbursements with their group buying power.
For example, FYZICAL Therapy & Balance Centers®, made up of physical therapists, otolaryngologists, audiologists and other private practice owners, have recently negotiated a deal for increased reimbursements with one of the largest worker’s compensation companies, and are taking advantage of up to 100% more than any independent could achieve on their own.
Operating a private practice as a business owner comes with a certain level of responsibility personally, for employees, and for patients. Declining reimbursements are a real business challenge facing these business owners, and if they do not have the answer to combat them, they can’t just hide their heads in the sand… they need a plan. It wouldn’t be surprising to see large groups made up of independent business owners coming together as 2017 kicks off.
About FYZICAL
FYZICAL provides proprietary knowledge, programs, and plans to assure success in operating a private practice in today’s challenging world. FYZICAL is leading the charge to transform healthcare from one of “sick care” to “well care” by providing services focused on quality outcomes, total well-being, and prevention. FYZICAL provides business instruments allowing you to run your business more successfully and more profitably, immediately. More information about FYZICAL available at www.fyzicalfranchise.com.
1http://www.forbes.com/forbes/welcome/?toURL=http://www.forbes.com/sites/dandiamond/2015/07/13/aging-in-america-10000-people-enroll-in-medicare-every-day/&refURL=https://www.google.com/&referrer=https://www.google.com/
Source: FYZICAL
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Tags: declining reimbursements, franchise, FYZICAL, medicare, private practice
