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9780763726317
Starting and Managing Your Own Physical Therapy Practice / Edition 1 available in Paperback
Starting and Managing Your Own Physical Therapy Practice / Edition 1
by Samuel H. Esterson
Samuel H. Esterson
- ISBN-10:
- 0763726311
- ISBN-13:
- 9780763726317
- Pub. Date:
- 08/20/2004
- Publisher:
- Jones & Bartlett Learning
- ISBN-10:
- 0763726311
- ISBN-13:
- 9780763726317
- Pub. Date:
- 08/20/2004
- Publisher:
- Jones & Bartlett Learning
Starting and Managing Your Own Physical Therapy Practice / Edition 1
by Samuel H. Esterson
Samuel H. Esterson
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Overview
This basic handbook on how to start up a private physical therapy practice is a hands-on guide for any physical therapist who is contemplating or preparing to go out on his/her own. Starting & Managing Your Own Physical Therapy Practice is a one-of-a-kind guide that offers insight into the how’s, what’s, and where’s of private business and gives the practitioner enough information and insight to veer him/her in the proper direction. This book is a guide map, a tool developed to open your eyes to what is necessary to open and run your own, successful practice.
Product Details
ISBN-13: | 9780763726317 |
---|---|
Publisher: | Jones & Bartlett Learning |
Publication date: | 08/20/2004 |
Edition description: | 1E |
Pages: | 188 |
Product dimensions: | 6.07(w) x 9.21(h) x 0.40(d) |
About the Author
Samuel Esterson is a licensed physical therapist with over twenty years experience working in many practice venues. From corporate to consulting, academia to private entrepreneurship, and mentor to hospital staff therapist, he has always aimed to get the most of his position, learning new and important things along the way. He is a driven man, always aiming for higher goals in practice and life in general. The author's most recent pursuit, that of earning his clinical doctorate in physical therapy, took him to the University of Maryland, School of Medicine, Department of Physical Therapy and Rehabilitation Sciences where he was a proud member of their first graduating class. Dr. Esterson earned a bachelor's in physical therapy in 1979 and upon graduation took a position at the Rusk Institute of Rehabilitation Medicine in New York City. Dr. Esterson credits Rusk with teaching him the basics of clinical care and management as well as offering him the possibility of attending New York University where, under the tutelage of Dr. Marilyn Moffat and Dr. Arthur Nelson, two of our profession's leading academics, he earned a master's degree in Pathokinesiology, the study of abnormal human motion. Over the years, Dr. Esterson worked in outpatient facilities and finally settled down into working with an established private practice group in the Washington, DC suburbs. Dr. Esterson gleaned as much business education as he could from his mentors there, finally opening his own private practice in Baltimore, Maryland in 1985. As business became rocky in the mid 1990s, the author decided to sell his practice to a publicly held corporate entity, remaining on site as clinical manager for two more years. In 1997, he opted to take a year's sabbatical to return to school and study Business Administration. He was accepted into and attended Bar Ilan University in Israel, earning an MBA in 1998. Upon return to Baltimore, Dr. Esterson was recruited to establish and manage a corporate-owned facility that he successfully grew until his most recent change of venue. The lure of private enterprise once again trapped Dr. Esterson so in 2002, he re-opened his own practice that is growing exponentially with the use of the valuable information found in the ensuing pages. Dr. Esterson is married to his wife of 21 years, a registered nurse in the Baltimore County Public Schools. Together they have three sons aged 17, 15 and 11.
Table of Contents
Foreword | iii | |
Preface | v | |
Dedications and Appreciations | vii | |
Introduction | XV | |
A Note to the Reader | xv | |
As Luck Would Have It | xvi | |
Dream On | xvi | |
About This Book | xvi | |
Attention-Grabbing Symbols Used in This Book | xix | |
Chapter 1 | Are You Sure You Want to Open a Practice? | 1 |
The Entrepreneurial Physical Therapist | 1 | |
Should I Really Open My Own Practice? | 2 | |
What Motivates You? | 2 | |
Do You Have What It Takes? | 3 | |
To SWOT or Not? | 4 | |
Know Your Entrepreneurial Talents | 5 | |
What Is My Goal in All of This? | 7 | |
Can I Try It First to See If I Like It? | 7 | |
Chapter 2 | Establishing the Structural Framework | 9 |
What's in a Name? | 9 | |
What's Your Structure: Corporate or Solo? | 11 | |
TIN Is Not Something with Which to Metal | 16 | |
Chapter 3 | What's It All Cost? | 17 |
How Do I Create a Budget for This Venture? | 17 | |
Cost Per Visit | 17 | |
What's It All Cost, Alfie? | 18 | |
Does This Venture Need to Cost Tons of Bucks? | 19 | |
Break Dancin' When You Break Even | 19 | |
It Costs Money to Make Money | 21 | |
Dig Into Your Own Pockets, Pal | 21 | |
What About Banks Lending You Money? | 22 | |
What's the Equipment Cost? Can You Afford More? Can You Negotiate a Deal? | 22 | |
Who Sells the Cheapest Furniture? | 25 | |
Chapter 4 | You Can Bank on It! | 27 |
What? I Have to Pay to Keep Money in the Bank? | 27 | |
Shop Till You Drop (Drop Your Money in that Account, That Is) | 27 | |
Teller, Teller, Tell Me Do: What Information Does My Bank Need? | 28 | |
Check, Please! | 28 | |
Chapter 5 | Plan to Win | 31 |
What's a Mission Statement and Do I Need One? | 31 | |
I've Got 20/20: Do I Still Need a Vision? | 32 | |
What's a Business Plan? Should I Plan on Writing One? | 33 | |
Now That I've Got a Plan, What Next? | 36 | |
Chapter 6 | The Dream Team | 37 |
Who's with Me? | 37 | |
How Do I Choose an Attorney and What Should I Expect? | 37 | |
One, Two, Three: See, I Can Count. So, Why an Accountant? | 38 | |
I'm Already Broke. So, Why an Insurance Broker? | 39 | |
Bringing in the Dough: Knead a Billing Consultant? | 39 | |
Chapter 7 | Setting Up Shop | 43 |
Where on This Green Earth Do I Locate This Venture? | 43 | |
Real Therapists Don't Open Niche Practices | 44 | |
What's Your Pleasure? General, Specialized, or Niche? | 44 | |
Do I Need a License to Open This Business? | 45 | |
Space Out! | 46 | |
How Do You Know What You Want or Need? | 46 | |
Wait Just a Minute! | 47 | |
Now I'm Really Spacing Out: Do I Need a Space Planner? | 48 | |
When Is a Lease Not a Leash? | 49 | |
At Lease You Have a Beautiful Office Suite | 50 | |
Punch List or Forever Hold Your Piece! | 51 | |
The Technology You Can't Do Without | 52 | |
My Computer Shopping List: Chips, RAM, and Burners | 53 | |
Save Me! (and My Data Too, Please) | 53 | |
Get Booking! Computerized or Manual Scheduling? | 55 | |
Electronic Reporting: The Future is Now! | 56 | |
Charge It! The Plastic Fantastique | 59 | |
Equipment Galore: How Do I Know What to Explore? | 60 | |
Shoulda, Coulda, Woulda: The Equipment Tango | 60 | |
Face the Music | 61 | |
Hello, Hello, Hello: Anyone Home? | 62 | |
Ring, Ring, Ring...How Can One Person Answer Two Lines at Once? (and Other Problems You Hope to Have) | 62 | |
Uh Oh! No One's Home | 63 | |
Chapter 8 | Caring about Medicare | 65 |
Should I Care about Medicare? | 65 | |
Medicare: What's in It for Me? | 65 | |
That Custom Is Unusual | 66 | |
Can You Cap This? | 66 | |
What's an EOB? | 67 | |
OK, OK-I Surrender: I'll Become a Medicare Provider | 67 | |
Another Headache: Medicaid. Must I Care about That, Too? | 69 | |
Chapter 9 | Marketing Magic | 71 |
Shouldn't I Think about Where My Patients Will Come From? | 71 | |
Off To Market | 71 | |
What about Creating a Marketing Plan Now? | 71 | |
How Do I Drag the Patients through the Door? | 72 | |
Promote Thyself! | 74 | |
My Own Tricks | 74 | |
How Do I Get My Hands on the Gold? Who Has the List? | 75 | |
Chapter 10 | Advertising and Promotion | 77 |
Stationery, Forms, and Promotional Materials: Who Sells What? | 77 | |
Where Do I Get All This Printed and Monogrammed Stuff? | 78 | |
Make a Name for Yourself | 79 | |
Paperwork, Paperwork, Paperwork: What Forms Do I Need? | 81 | |
How Will People Know I Am Open for Business? | 82 | |
Billboards and Billfolds: Do I Need to Advertise My Venture? | 85 | |
Set Your Sights on a Website | 86 | |
Chapter 11 | Mix It Up: The Recipe for Success | 91 |
What Do I Get Out of All This? What Are Gross Revenue and Net Revenue? | 91 | |
How Much Is It? | 91 | |
PPO and FFS: Proceed with Caution | 93 | |
The Billing Game | 93 | |
What's the Goal? | 94 | |
The Payer Mix | 94 | |
PIP | 94 | |
Workmen's Compensation | 94 | |
Commercial Carriers | 95 | |
Managed Care and Preferred Provider Groups | 95 | |
Risk If You Do and Risk If You Don't | 96 | |
HMOs, PPOs, IPAs, and Other Abbreviated Players: Who Are They? | 96 | |
HMOs | 96 | |
PPOs and IPAs | 97 | |
How to Tame the Managed Care Man-Eating Beast? | 97 | |
The "C" Word: Don't Even Say It! | 98 | |
If You Can't Beat 'Em, Join 'Em | 99 | |
Chapter 12 | The Coding Game | 101 |
What You Code Is What You Get! | 101 | |
CPT Codes | 101 | |
ICD-9 Codes | 102 | |
Take Charge! How and What Do You Charge for What You Do? | 103 | |
How to Get Paid for What You Do | 104 | |
Get Hip to HIPAA | 104 | |
Notice of Privacy Practices | 108 | |
Requested Amendments to the Patient Record | 108 | |
Electronic Privacy Rules | 108 | |
Chapter 13 | Accounting Numbers | 111 |
How to Keep Afloat in the Sea of Cash: Receivables and Payables | 111 | |
What's a 941 Payment and Other Numbers Your Accountant Will Throw Your Way? | 112 | |
Chapter 14 | I Need Help! | 117 |
How Do I Know How Much Help I'll Need to Start? | 117 | |
What About Employees, Handbooks, and Other Human Resource Resources? | 117 | |
Finding Sharp Staff in a Haystack (Try Networking!) | 118 | |
Eeny, Meeny, Miney, Moe. How to Pick a Winner and Not a Shmoe? | 119 | |
Who Will You Relish and Who Will Not Cut the Mustard? | 121 | |
Now That I've Got 'Em, How Do I Keep 'Em? | 122 | |
Play by the Rules: The Employee Handbook | 122 | |
Chapter 15 | Is It Working Yet? | 125 |
Outcomes: How Will I Know It's Working? | 125 | |
Your Sanity | 127 | |
A Final Note | 127 | |
Appendices | 129 | |
1 | Sample Balance Sheet | 131 |
2 | Sample Income Statement | 132 |
3 | Sample Statement of Cash Flows | 133 |
4 | Sample Pro-Forma Budgets | |
Year One (Conservative) | 134 | |
Year Two | 135 | |
5 | Sample Business Plan Outline | 136 |
6 | Sample Fee Schedule | 140 |
7 | Sample Physical Therapy Equipment List (New Office) | 142 |
8 | Break-Even Analysis | 143 |
9 | The Life Cycle of Your Claim | 145 |
10 | Interviewing Tricks of the Trade | 146 |
11 | Pre-Employment Reference Check Form | 148 |
12 | Sample Forms | |
Payment Policy Form | 149 | |
Office Encounter Form (Superbill) | 152 | |
New Patient Registration Form | 153 | |
Initial Physical Therapy Examination Form | 154 | |
Medical History Questionnaire | 156 | |
Patient Sign-In Sheet | 157 | |
Assignment of Benefits Form | 158 | |
Fax Cover Sheet | 160 | |
Physical Therapy Prescription Pad | 161 | |
Notice of Patient Information Practices | 162 | |
Release of Records Form | 163 | |
13 | Sample Employee Handbook Table of Contents Outline | 164 |
14 | Sample Employment Agreement | 166 |
15 | Resources for Further Information on Private Physical Therapy Practice | 171 |
16 | State Insurance Carrier List Example (State of Maryland) | 173 |
17 | Opening Day Checklist | 174 |
18 | Wise Words Author Listing | 175 |
About the Author | 179 | |
Index | 181 |
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