As a fellow Private Practice owner, I know firsthand how our industry has been under siege over the past few years from dramatic insurance policy changes that have depleted our revenues. But we are all part of something very special, and as physical therapists we know how vital we are to our patients, who depend upon us to help them with their pain.
Did you know that most physical therapy practices only bring in about 10 – 12% revenues? At the same time, our physical therapy industry brought in $6 billion in 2018!
I first joined our community of physical therapists 30 years ago and believe we are at the cusp of something powerful and empowering – for our practices and our patients.
Enjoy my article “A Future You Can Believe In”.
A FUTURE WE CAN BELIEVE IN
By Dr. Dimitrios Kostopolous, DPT, MD, PHD, DSc, ECS
We are at a unique time as a Physical Therapy profession, especially as private practitioners. We are at the crossroads of making the decision to totally transform our profession to the most powerful one among the healthcare professions or to give up and succumb to the financial challenges of our time. Seemingly, our industry has been under attack from drastic insurance policy changes time and time again, essentially leaving us with the short end of the stick.
Quite frankly, these trends aren’t going to be ending anytime in the near future. The data I’ve read from trusted industry sources are saying we can expect continued decreasing reimbursement rates at least up until the year 2022*. Information like this paints a bleak outlook for private practice owners. The trend of these God-awful changes by the insurance companies has always felt as if it could lead to the extinction of the physical therapy private practice.
On paper, it doesn’t seem to be getting any better. Meanwhile, opioid use and invasive procedures for musculoskeletal problems are at an all-time high. Is this arbitrary? I do not believe so. The pharmaceutical and insurance industries, the surgical instrumentation companies along with large hospital organizations have created a strong alliance with the purpose to absorb the largest piece of health care funding.
However, I’ve always believed that something can be done about it!
From the very beginning I’ve been on the front lines of this fight. I was (and still am) committed to doing whatever it takes to fight for us. I’ve written letters, made videos, protested and rallied… all for the cause of protecting our industry and for the survival of private practice Physical Therapy. That fight is what keeps me going and it is the biggest “why” for us here at Hands-On Diagnostics.
Not only can private practice owners and physical therapists provide unparalleled diagnosis and treatment for their patients with the use of our advanced technology; there is more. Nor is it just the means to wildly increase your profits and reclaim your time. What we do at Hands-On Diagnostics is a way we can stand our ground and fight back this “attack” on our profession.
We are equipping physical therapists not only with advanced knowledge, but also with advanced tools to put them back into the driver’s seat of their practice. We are providing opportunities and ways for our physical therapists to have true professional autonomy. We are not only providing a new model for patient treatment, we are also providing a new paradigm.
As one who has devoted the past 30 years of his life to the advancement of physical therapy, I find this somewhat bittersweet. It’s sad because of the challenges and difficulties it presents for practice owners. Due to the many “hats” I wear, I am in constant communication with practice owners all across the country. From consulting and coaching PTs from large practices (with multiple locations in multiple states) to coaching PTs with single locations – they all pretty much have the same concerns for their organizations. They’re racking their minds to figure out how to successfully treat their patients while running a profitable business. We stand at the leading edge of a revolution in physical therapy, boldly proclaiming a more excellent and lucrative way for physical therapists. No longer do they have to be held hostage to the same limiting codes and restrictions for treating patients. No longer do they have to settle for substandard averages for their per-visit reimbursement rates. No longer do they have to try and survive from the crumbs insurance companies leave us.
We have the answers they want and the answers they need. We have the advanced technology, mentorship and systems that allow for true, professional autonomy and unparalleled patient care. We are positioning ourselves to be the advocates for the private practice owner.
Very briefly, here is how our solution works.
To treat a problem, we must know the cause of the problem. The wrong diagnosis in treatment can not only prolong the patient’s suffering, worry, and disability, but it can also be costly; even dangerous to our patients. There are the usual tests that can be done, all of the X-rays, MRI’s, and the blood tests. What if all of those tests come back normal and we don’t have enough information to provide a good diagnosis? In many cases, there is a quick easy and reliable test that helps us to pinpoint the cause of the patient’s problem and begin proper, effective treatment.
Electromyography, nerve conduction studies and musculoskeletal ultrasound provide doctors and physical therapists with viable information about the integrity of joints, nerves, and muscles. These tests can help you reach the correct diagnosis and achieve the appropriate management or treatment for your patient’s condition.
Listening to a patient’s problem, obtaining a good history, and a careful physical examination is extremely important for getting the correct diagnosis. Adding diagnostic testing helps to confirm the diagnosis and get to the root of the problem quickly. This helps the physical therapist to help his/her patients quickly and effectively.
With each new partner that joins HODS, we are making a larger dent in the physical therapy universe. With each new partner, our cause gains another set of voices for fairness and dignity within our profession. When we first started HODS, it was just me, my partner Dr. Kostas Rizopoulos along with our CEO, Craig Ferreira. Now, we have dozens and dozens of physical therapists in over 17 states and over 100 facilities taking the HODS revolution to their states. As a company and as a family of partners, we’re only just getting started. The best is yet to come and I’m glad you’re here with us for the ride.
Don’t forget to grab a
free issue of the entire digital magazine here: http://ptmadeeasy.com/#open-overlay
If you would like a free physical copy of the magazine click here: http://ptmadeeasy.com/magazine-offer/
Dimitrios Kostopoulos, DPT, MD, PhD, DSc, ECS
ABPTS Board Certified in EMG/NCS Testing
Clinical Affiliate Assistant Professor FAU
College of Medicine
Knowledge Innovation Prosperity
P.S. If you would like to learn more about how HODS can improve your practice and also offer you much greater revenues and insurance reimbursements, schedule a free strategy session today.