Featured Speaker(s): Helene M. Fearon, PT, and Stephen M. Levine, PT, DPT, MSHA

Description and Objectives:

It should not be surprising that most physical therapists have had no formal training in financial management related to their professional practice. However, knowing your cost to provide a visit is probably one of the most important pieces of information a therapist can have related to practice management, regardless of the setting where services are provided. If you are not able to ensure that your collection per visit is at least equal to your cost to provide the service, you may not be in business for long! Knowing your cost per visit (CPV) is a vital variable when determining whether or not to contract with certain health insurance companies, determining your budget, negotiating salaries and other forms of compensation with staff, and predicting the opportunity to grow your practice in the future. What is alarming is the number of therapists who do not know their cost per visit, and therefore are not able to use this information in managing their practice.

This audio conference will provide on overview of the basic financial statements necessary for healthy practice management, including the balance sheet, income statement, and statement of cash flows. Additionally, the concepts of fixed, variable, semi-fixed, and semi-variable costs will be reviewed as they relate to determining your clinic/facility cost per visit and the opportunity to predict the financial impact of contracting decisions based not only on the CPV calculation, but on the opportunity and sunk costs that are critical parts of healthy financial decision-making. A commonly accepted method for calculating your CPV will be reviewed, and an opportunity to discuss the use of this calculation in determining contracting decisions will be provided.

• Learn about the basic financial statements necessary in physical therapist practice management, including the balance sheet, income statement, and statement of cash flows
• Understand the various concepts related to calculating your cost per visit, including fixed, variable, semi-fixed, and semi-variable costs
• Learn how to calculate your cost per visit using both the “top-down” and “bottom-up” approaches
• Understand the variables necessary in determining the appropriateness of contracting with a health insurer when payment is likely to be less than your cost per visit

Agenda:

Audio Conference Time: 1:00 PM - 2:30 PM Eastern

Agenda: 60 minutes of programming, followed by 30 minutes of live questions and answers by the experts!

Don't miss this fantastic opportunity to learn valuable information in the comfort and convenience of your office or home!

This is how it works...      

• Complete the Registration Form for your PT practice and return to the RCRI Conference Office 
• On the Friday before the session, registered locations will be sent an e-mail confirmation with dial-in information and a web link to download handout materials
• Join the call by dialing the toll-free number and tell the operator your specified confirmation number
• Gather your staff and listen via speaker phone to the presentation, follow along with the handouts and participate in live, interactive Q&A
• After the conference, take a few minutes to complete the program evaluation form and submit back to the RCRI Conference Office
• Certificates of attendance will be mailed to your practice after evaluations are received