Big moves in your therapy practice come in many shapes and sizes: New hires, a new lease, expanding additional clinics, paying taxes, the list goes on and on.
In this episode, I discuss some things to consider before making these big moves.
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In this episode:
00:38 – Cash Flow – The Heartbeat of Your Clinic
01:58 – Health Insurance Deductibles
03:01 – Healthcare Landscape in 2018
03:15 – Increased Co Pays and Planning
Hey this is Kyle with PrivateSLP.com. I wanted to give you some information today that you probably won’t read in any book or find online or find on a PDF somewhere or you probably won’t hear this from many gurus or on a podcast. But I wanted to give this information to you when you are dealing with Insurances and you’re dealing with third party payers like Blue Cross Blue Shield, Tri Care, Humana, Aetna all those big insurance payers.
Now it’s important to remember the cash flow of a clinic. In one of our private SFP All Access Community trainings recently I was talking about K.P.Is or Key Performance Indicators. And I was mentioning this exact thing on that training so I’m going to share that with you today in the listening community there on the Speech Therapy Private Practice Startup Podcast. So don’t forget when you’re dealing with insurances and you’re dealing with a big move in your clinic, for example, you’re opening up a second location or you’re just starting to lease a new location or you’re adding one or two more employees. Those are big jumps those are big leaps. That’s going to cost you money. So when you are doing something like that of course you’re going to need as much cash flow in savings as humanly possible.
So what you want to do is make sure that you take that leap maybe wait until May or June or July sometime after April. Why is that so? Because let’s think about this, most insurance plans have some sort of deductible. Now a deductible can be a calendar year or it can be a benefit year. Now a calendar year is simply January through December of that given year. Now a deductible year would be maybe from June 2018 through May, 2019. So that’s the deductible year that the Insurance company is going to make up. But for this discussion most of the deductibles that we see in our clinic and probably you as well in your clinic, you’re probably dealing with a calendar year deductible January through December. Now most patients don’t meet their deductible until May late April or May of any calendar year. So let’s think about that when it comes to cash flow in your Speech Therapy Private Practice. You want to be mindful of that. You want to make sure that you have cash flow when you make your move.
Also too don’t forget in the healthcare landscape in 2018, if you’re watching this in 2018 in 2019 you know what I’m talking about, the healthcare landscape is very crazy right now. So we’re finding in our business that Patient copays are going up from 13 dollars for some payers all the way up to 30 dollars. Now if if some of those families have one-two-three kids or loved ones in therapy you know that for three children that can be 150 a week for therapy services. So you may find some of these patients may drop off of your schedule in January, February and March until they meet their deductible.
So again think about this when you’re making big moves hiring employees or signing a new lease. And when you take insurance plans as forms of payment for your Speech Therapy Services. Keep this in mind and I hope this has been helpful. If you have any questions reach out to me firstname.lastname@example.org and thank you for listening to the Speech Therapy Private Practice Startup Podcast.