Jason Waz, founder of NeuPTtech and Competitive Edge Performance, has directly benefited from cash-based services like the NEUBIE, PEMF and other PT technology. Since incorporating these innovative devices into his PT practice, he’s significantly impacted the bottom line of his clinic.
By integrating cash-based technology services, Jason experienced a tremendous surge in monthly cash revenue within just one year. His clinic grew from $8,000 to an impressive $50,000 in monthly revenue. This remarkable growth highlights the potential of adopting a cash-based approach for your PT practice.
How to Combine Cash-Based Services with Technology
Based on the experience of Jason and hundreds of other PT clinics NeuPTtech has worked with, combining cash-based and in-network services represents the future of private practice physical therapy. We recommend allocating at least 20% of your revenue to come from cash in order to diversify your revenue. Insurance reimbursements alone aren’t reliable enough to compensate you for your patient’s cost-per-visit. This model allows you to leverage the benefits of both approaches, creating a well-rounded practice.
Jason advises that there are two main reasons to transition to a cash-based approach,
“We go to cash for higher revenue with less cost, hopefully, better patient outcomes because you’ll get to spend more time with them.”
Incorporating technology and cash-based services can also benefit the practice owner. Jason highlights how technology can offer a better quality of life for PT clinic owners,
“If we can offer a system or technology that could make your life easier, it’s the perfect storm of success.”
Select a PT Device and System for Your Cash-Based Model
Expand your clinic's offerings by introducing PT device systems. At NeuPTtech, we’ve done the research for you to select the optimal technology for your clinic. Here are a few examples of our most popular PT devices:
- NEUBIE: highly advanced e-stim therapy that treats patient’s neurologic function in order to heal faster, recover faster and return to pre-injury functionality
- HRV monitoring: diagnostic system that assess a patient’s nervous system state
- PEMF: influences electrical changes in cells to give patients the energy they need to recover
- Winback Therapy: high-frequency electric field that penetrates the tissues, enhancing cellular activity and promoting blood circulation
These additional services can attract a diverse patient base, deliver improved patient outcomes and enhance your clinic's revenue streams.
Implement a Transparent Pricing Structure
In a hybrid physical therapy business model, it's essential to establish a transparent pricing structure for both cash-based services and insurance-covered treatments. Clearly communicate the costs associated with cash-based services to patients, ensuring transparency and avoiding any surprises. Additionally, maintain clear communication with insurance providers to ensure accurate billing and timely reimbursements.
Educate Patients on Options and Benefits
As a clinic operating in a hybrid model, it's crucial to educate your patients about the range of services you offer and the benefits they can expect. Clearly outline the advantages of cash-based services, such as personalized attention, shorter wait times and access to innovative treatment options. Once you buy a device from NeuPTtech, we will train your clinicians to become an expert on it and properly implement the system. This is an important distinction to make for patients. We never just sell them on a device or modality. How the technology is used is important. Educating patients about the technology and their treatment options empowers them to make informed decisions about their care.
Continuously Evaluate and Adapt
Regularly assess the performance of your cash-based model to ensure its effectiveness and profitability. Monitor the demand for cash-based services and evaluate their impact on your clinic's revenue. Keep track of patient feedback and adjust your service offerings accordingly. By remaining adaptable and responsive to the evolving needs of your patients and the market, you can optimize your model for long-term success.
Provide Advanced Patient Care and Boost Your Revenue with NeuPTtech
NeuPTtech recommends adopting a hybrid cash-based and in-network approach to leverage the advantages of both systems. By expanding your services by using state-of-the-art technology, you can create a thriving clinic that offers exceptional care to a diverse range of patients. Learn more about the cash-based technology services that you can include in your clinic.
Integrate Technology Into Your Practice with the MVP Program
NeuPTtech’s MVP Program offers physical therapy clinics the opportunity to integrate cutting-edge technology, including devices like NEUBIE and HRV monitors, with ease. The program provides comprehensive training, technical support, and the best pricing on the market, helping clinics enhance patient care while boosting revenue. NeuPTtech ensures your team has the tools and knowledge to effectively integrate these technologies into everyday practice, creating more efficient and profitable clinics.
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