Today we will explore the crucial aspects of launching a successful pain practice, focusing on two specific operational variables: patient volume and contracts with reimbursement rates. Patient volume serves as a fundamental key performance indicator (KPI) for any viable practice, and understanding the optimal number of patients needed for success is essential. Identifying key drivers to attract patients, determining baseline average revenue for new patients, and strategically allocating marketing budgets are critical components in ensuring a steady and sustainable patient flow. We will delve into targeted marketing strategies to address niche patient needs and how marketing spend plays a pivotal role in achieving patient volume goals, thereby laying a solid foundation for your practice.
The second pivotal variable we will explore is contracts and reimbursement rates, particularly with Medicare and commercial payers. Credentialing with payers can be a complex and time-consuming process, and it is crucial for independent practitioners to grasp the nuances of reimbursement. Analyzing likely performance based on available reimbursement rates, understanding facility fees, and navigating the intricacies of Medicare percentages are vital aspects of ensuring the financial viability of your practice. By addressing these two key areas in your business plan when commencing your practice launch process, you can embark on your venture with confidence, knowing you are building a strong foundation for a successful pain practice.
What You’ll Learn In Today’s Episode:
- How to start your pain practice launch on a strong foundation.
- Why it is essential to have enough patients in your practice to be viable.
- How to figure out your baseline average revenue for a new patient.
- How to find out where to allocate your marketing dollars.
- Other ways to drive patient volume.
- How to address better contracts.
- The importance of having a plan for better reimbursements.
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