Finance 101 will provide you with skills and tools necessary to improve your understanding of the financial issues impacting your practice. The seven modules provide a solid footing for non-financial people to gain improved understanding of financial statements and how to use them to benefit your practice. At the conclusion of this series you will have a solid understanding of the basics of financial principles, financial statements and how to utilize them to improve your business.

Module 1: Setting the Stage - The opening module provides an overview of the course and introduces key terms and concepts. The three key financial statements and their interaction is discussed. The concept of KPI’s (Key Performance Indicators) is introduced along with some common examples including charts. The importance of a written business plan and budget are discussed.

Module 2: Finance for Non-Financial People - This module goes into more depth on key financial terms and cash vs. accrual accounting. Discusses performing bookkeeping by using financial software to track income, expenses, profit and EBITDA. The difference between managerial and tax accounting is explained. Examples of cash vs. accrual accounting are included for income and expenses. A recommended chart of accounts is explained, allowing a collapsed or expanded view of the financial statements using a managerial accounting concept designed to assist in making evidence based decisions to manage the business. The relationship between the income statement (profit and loss), balance sheet and statement of cash flows is explained.

Module 3: Financial Statements - This module goes in depth into financial statements including how to use them to improve business decisions on a consistent basis. Discussed why it is critical to track expenses in key categories. Examples of collapsed and expanded views of the financial statements and how you can use them to manage your practice are presented. Reviewed a variety of profit and loss statements including previous year comparisons and actual vs. budget comparisons designed to help you manage your business. A discussion of common “expenses or cash disbursements” that are not included on your profit and loss, but rather show up on your balance sheet or statement of cash flows and why.

Module 4: Using Finance in Your Practice - Once you have a better understanding of key financial terms it’s time to apply that knowledge to managing your practice. Types of legal entities and accounting method are covered. Developing and implementing a budget is explained. A recommended method of reviewing the profit and loss statement in various forms is discussed, including why you look at it in different ways. A few methods for predicting income are presented. Concepts for tracking expenses, including using classes for multiple locations, are discussed. The importance of knowing your cost to provide services and using that information to determine which contracts you should sign is emphasized. The concepts of time value of money, present and future value, and key financial ratios are introduced.

Module 5: Bringing It All Together - This module focuses on reporting and using the information to manage your practice. Key metrics are discussed and how to use them. The key is finding the “right numbers” for your business. Frequency of review for various metrics is discussed. Looking at metrics over time to spot trends is important to help improve the business.

Module 6: Real Life Questions - The presenters will discuss a number of common questions that both have heard over the years. This Module may well contain the question you are waiting to ask. Options for handling issues with multiple locations using classes is discussed. There is a wonderful discussion about signing contracts below your cost for volume or public relations purposes, or if you have unused capacity. Additional topics include management compensation and maximizing profit by tweaking income and expense.

Module 7: How To and Tools - This Module provides a number of tools you can use in your practice. How to select an accountant, bookkeeper and choosing financial software are discussed. A template company file for QuickBooks Desktop version is provided and can be used if you are starting from scratch. Various Excel files are available for budgeting, dashboards, etc… A number of PDF files are included with examples, articles and helpful information.

Speaker(s):

Complete this 5-part video series and learn how to properly handle common Human Resources issues, avoid common employment law mistakes (which reduces the risk of legal claims), and create a better workplace.

Presenters: Albert Lee & Paul Welk, PT, JD, Tucker Arensberg Attorneys at Law

Module 1: Hiring Right - This module will address all of the common components of the hiring process: job postings, interviews, offer letters, reference/background checks, drug tests, pre-employment physicals, employment agreements, non-competition agreements, etc., to make sure that your practice can gather the information it needs to evaluate candidates, hire the right people without violating often confusing laws, and properly bring them on board.

Module 2: Paying employees correctly - This module will bring clarity to the wage-and-hour laws that often confound practices, walk you through the process of determining whether employees are “exempt” or “non-exempt” (debunking the common myths that all managers or all salaried employees are exempt), and make sure you know the obligations you owe to each group.

Module 3: Investigating and handling employee complaints by the book - This module will teach practices how to evaluate and address complaints raised by employees (including claims of harassment, bullying, discrimination, unethical or unlawful behavior, etc.) in a way that is fair to all parties and best positions the practice to defend its findings and response.

Module 4: Administering leaves and accommodating disabled employees appropriately - This module will teach practices how to handle the wide range of situations that arise when employees either become unable to perform their jobs or request modifications to their duties, schedules or other aspects of their jobs.

Module 5: Ending employment relationships properly - This module will dispense with common myths (such as the often misunderstood concept of “at-will employment”) and provide a structured way of approaching separations that significantly reduces the risk of lawsuits.

Recorded September 12, 2019

Free to PPS Members! In this 5-part module, learn how to define your target audience and develop a brand promise that engages customers. Discover marketing best practices, and tools to develop your marketing plan and accompanying budget.

Module 1: Marketing, Planning & Budgeting - This module will showcase some simple exercises that should be done by all PPS members with their clinical teams to help identify and define target audiences and develop a brand promise that engages potential and existing customers.

Module 2: Marketing, Planning, & Budgeting Process - This module will walk you through the marketing planning and budgeting process. It includes downloadable tools for your use in developing a marketing plan that supports your business goals. All practices will benefit from a business plan that is supported by a detailed marketing plan. This video and associated tools will walk you through: environmental scanning; marketing planning; accompanying budgets; and introduces marketing best practices.

Module 3: Referral Source Marketing - External marketing is a strategic initiative designed to grow your practice! It requires a team approach, a message and a plan! A common strategy includes marketing to referral sources with strategic communication approaches designed to build trust and collegial communication. Explore specific strategies designed to initiate referral relationships or grow them beyond their current level. Understand the importance of creating long term collegial relationships versus short term sales!

Module 4: Internal Marketing to Grow Your Private Practice - Learn how to use internal marketing efforts to grow your business. The essence of any marketing plan must begin within the walls of your practice. How will you brand and build your practice so that your customer has a unique and positive experience? Certainly it begins with your team but essential processes must be in place to insure that you are creating a raving fan that not only is loyal to your practice but willing to be a word-of-mouth marketer to their family, friends, co-workers & doctors. Growing your practice from the inside out is a key to practice success!

Module 5: Consumer/Community Outreach & Marketing - Building consumer & community awareness for physical therapy and your practice requires a strategic approach. You must identify who your marketing targets will be and look for opportunities to educate and promote your services. Creating a well thought out plan involves connecting with consumers in the community with both information and personal interest. Explore in-person & social media promotional ideas and how they integrate to create the best results. Join us in identifying great opportunities in your own community & leveraging your knowledge and personal skills to bring new customers to your practice with or without referrals!

Speaker(s):

This 5-part video series will help you take your KPI management to the next level. The series discusses how to define which KPIs to measure, how to connect your KPIs to your budget process and financial analysis, and how to engage and communicate with your staff about these measures.

Presenters: Eric Sacia, PT, and Michael Osler, PT, DPT - Rock Valley Physical Therapy

Module 1 - Setting the Stage: KPI's for Operational and Financial Excellence - How do you define success? When was the last time you analyzed your practice's data, and how many times have you taken intentional action based on those KPIs? This video will help you determine success for your company based on your mission and values, select appropriate KPIs to measure, and then implement a budget strategy connected to those measures.

Module 2 – Using KPIs: New Patient Data and ROI of New Patient Initiatives - This module will describe the importance of tracking new patient data and provide strategies to measure return on investment of new patient initiatives. The speakers will discuss setting budget goals and tracking new patients, tracking referral sources, methods for calculating ROI, and the role of the front office in managing referrals.

Module 3 – Using KPIs: Visit Analysis and Initiatives to Improve - This module will discuss the most common metrics to measure related to visit analysis, new patient trends, and clinical productivity.

Module 4 – Using KPIs: Using Procedures to Generate Revenue - In this module, the speakers discuss how to track procedures related to revenue, analyze differences between practices, understand your payor mix and reimbursement model, and educate your staff.

Module 5 – Bringing it all together – KPI Case Studies and Next Steps - This module will use case studies as a tool to help you implement KPIs in your practice.

**Please note: the spreadsheet referred to this video series can be downloaded from the handouts section.

Recorded September 26, 2019

The Centers for Medicare and Medicaid Services (CMS) has mandated some PTs in private practice to participate in either MIPS or Advanced Alternative Payment Models beginning January 2019. Additionally, CMS has proposed to allow certain other PTs and physical therapy practices to opt into the program, enabling them to earn incentive payments.

This session will provide the details on participation thresholds and whether or not a practice will be mandated to participate. In addition, private practice owners will be challenged to evaluate whether they should consider opting in to earn an incentive payments to mitigate the looming flat Medicare fee schedule and PTA differential in years to come.

This course is FREE to PPS Members

Meet our Presenters:

Heather Smith, PT, MPH Heather serves as the Director of Quality for APTA. In her current role, Heather leads and coordinates quality initiatives for the Association and develops resources related to quality for programs under Medicare that impact PTs including the respective post-acute care Quality Reporting Programs, the Merit-based Incentive Payment System, and the Functional Limitation Reporting requirements for therapy services under Medicare. She serves in a consulting role for the Physical Therapy Outcomes Registry with a focus on measure development and compliance with quality reporting regulations. She has presented at national meetings and webinars on quality related topics that impact physical therapists.

Janet Shelley, PT, DPT Janet is the CEO of Medical Billing Center (MBC). MBC specializes in billing for outpatient therapy. Janet founded MBC in 2001 following the sale of a large regional private practice. While in private practice, Janet participated in oversight and management of independent therapy offices, hospital joint ventures and facility management contracts. These varied experiences lend to the innate understanding of the challenges and opportunities before facilities and private practices. She is past President of the South Carolina Chapter, APTA and participates on both state and national payment policy committees. Janet is the current Chairperson of the PPS Payment Policy Committee.

This course will teach physical therapists and their administrators tools to help build a strong physical therapy practice through basic data analysis, brand strategy, and marketing planning. We will discuss several healthy benchmarks, specifically clinical durations, payor mix and referral type. Utilizing this data, we will provide examples of targeted marketing efforts that have been successful for our company, including seasonal campaigns, brand-building materials and segmented outreach to doctors by specialty and practice type.

NOTE: PPS Member Discount will show at checkout page

The objective of this session is to utilize CNA’s database of physical therapy private practice closed professional liability claims to identify liability patterns and trends. By highlighting events that resulted in financial loss or expenses, we highlight the types of situations most likely to have serious adverse outcomes for patients and create liability exposures for physical therapists working in a private practice. Using this information, physical therapy practices can examine their own current polices and procedures in relation to the allegations of malpractice and losses experienced by their peers.

PPS Member discount will show at checkout page.

FREE TO PPS MEMBERS

This webinar was recorded live on July 17, 2019. It is no secret that the reimbursement landscape in physical therapy is in a constant state of change. With a variety of Alternative Payment Models (APM) being proposed, constructed, implemented and then (again) changed, it is in the private practice owner’s best interest to understand how they might actively participate in this evolution versus passively having new payment models imposed on their businesses. For years, Key Performance Indicators (KPI’s) have become increasingly a part of the private practioner’s and entrepreneur’s daily management lexicon as evidenced by newer and more robust dashboard functions associated with practice management systems; likewise, continuing education opportunities continue to focus on the management of KPI’s. From a clinician’s point of view, our profession continues to focus on evidenced based treatment approaches, so why then shouldn’t we take the same (evidenced based) approach to our management of KPI’s? This is your chance to better understand how best clinical and best business practice are compatible in today’s reimbursement environment.

Presenters:

• Holly Johnson, PT, DPT
• Kelly Sanders, PT, DPT
• Rick Katz, PT, DPT
• Steve Chenoweth, PT

Upon completion of the course, participants should be able to:

• Understand what the Milliman project means to the profession and your practice.
• Determine which KPI’s are important for your practice and future participation in APM contracting.
• Use your own practice data to compare and contrast your performance against other market place participants.
• Understand how third-party payers are using such data to drive reimbursement and payment rates & utilization models

Course expiration: July 17, 2022

PPS Member Discount will display at checkout.

Finance 101 will provide you with skills and tools necessary to improve your understanding of the financial issues impacting your practice. The seven modules provide a solid footing for non-financial people to gain improved understanding of financial statements and how to use them to benefit your practice. At the conclusion of this series you will have a solid understanding of the basics of financial principles, financial statements and how to utilize them to improve your business.

Module 1: Setting the Stage - The opening module provides an overview of the course and introduces key terms and concepts. The three key financial statements and their interaction is discussed. The concept of KPI’s (Key Performance Indicators) is introduced along with some common examples including charts. The importance of a written business plan and budget are discussed.

Module 2: Finance for Non-Financial People - This module goes into more depth on key financial terms and cash vs. accrual accounting. Discusses performing bookkeeping by using financial software to track income, expenses, profit and EBITDA. The difference between managerial and tax accounting is explained. Examples of cash vs. accrual accounting are included for income and expenses. A recommended chart of accounts is explained, allowing a collapsed or expanded view of the financial statements using a managerial accounting concept designed to assist in making evidence based decisions to manage the business. The relationship between the income statement (profit and loss), balance sheet and statement of cash flows is explained.

Module 3: Financial Statements - This module goes in depth into financial statements including how to use them to improve business decisions on a consistent basis. Discussed why it is critical to track expenses in key categories. Examples of collapsed and expanded views of the financial statements and how you can use them to manage your practice are presented. Reviewed a variety of profit and loss statements including previous year comparisons and actual vs. budget comparisons designed to help you manage your business. A discussion of common “expenses or cash disbursements” that are not included on your profit and loss, but rather show up on your balance sheet or statement of cash flows and why.

Module 4: Using Finance in Your Practice - Once you have a better understanding of key financial terms it’s time to apply that knowledge to managing your practice. Types of legal entities and accounting method are covered. Developing and implementing a budget is explained. A recommended method of reviewing the profit and loss statement in various forms is discussed, including why you look at it in different ways. A few methods for predicting income are presented. Concepts for tracking expenses, including using classes for multiple locations, are discussed. The importance of knowing your cost to provide services and using that information to determine which contracts you should sign is emphasized. The concepts of time value of money, present and future value, and key financial ratios are introduced.

Module 5: Bringing It All Together - This module focuses on reporting and using the information to manage your practice. Key metrics are discussed and how to use them. The key is finding the “right numbers” for your business. Frequency of review for various metrics is discussed. Looking at metrics over time to spot trends is important to help improve the business.

Module 6: Real Life Questions - The presenters will discuss a number of common questions that both have heard over the years. This Module may well contain the question you are waiting to ask. Options for handling issues with multiple locations using classes is discussed. There is a wonderful discussion about signing contracts below your cost for volume or public relations purposes, or if you have unused capacity. Additional topics include management compensation and maximizing profit by tweaking income and expense.

Module 7: How To and Tools - This Module provides a number of tools you can use in your practice. How to select an accountant, bookkeeper and choosing financial software are discussed. A template company file for QuickBooks Desktop version is provided and can be used if you are starting from scratch. Various Excel files are available for budgeting, dashboards, etc… A number of PDF files are included with examples, articles and helpful information.

Speaker(s):

Complete this 5-part video series and learn how to properly handle common Human Resources issues, avoid common employment law mistakes (which reduces the risk of legal claims), and create a better workplace.

Presenters: Albert Lee & Paul Welk, PT, JD, Tucker Arensberg Attorneys at Law

Module 1: Hiring Right - This module will address all of the common components of the hiring process: job postings, interviews, offer letters, reference/background checks, drug tests, pre-employment physicals, employment agreements, non-competition agreements, etc., to make sure that your practice can gather the information it needs to evaluate candidates, hire the right people without violating often confusing laws, and properly bring them on board.

Module 2: Paying employees correctly - This module will bring clarity to the wage-and-hour laws that often confound practices, walk you through the process of determining whether employees are “exempt” or “non-exempt” (debunking the common myths that all managers or all salaried employees are exempt), and make sure you know the obligations you owe to each group.

Module 3: Investigating and handling employee complaints by the book - This module will teach practices how to evaluate and address complaints raised by employees (including claims of harassment, bullying, discrimination, unethical or unlawful behavior, etc.) in a way that is fair to all parties and best positions the practice to defend its findings and response.

Module 4: Administering leaves and accommodating disabled employees appropriately - This module will teach practices how to handle the wide range of situations that arise when employees either become unable to perform their jobs or request modifications to their duties, schedules or other aspects of their jobs.

Module 5: Ending employment relationships properly - This module will dispense with common myths (such as the often misunderstood concept of “at-will employment”) and provide a structured way of approaching separations that significantly reduces the risk of lawsuits.

Recorded September 12, 2019

Free to PPS Members! In this 5-part module, learn how to define your target audience and develop a brand promise that engages customers. Discover marketing best practices, and tools to develop your marketing plan and accompanying budget.

Module 1: Marketing, Planning & Budgeting - This module will showcase some simple exercises that should be done by all PPS members with their clinical teams to help identify and define target audiences and develop a brand promise that engages potential and existing customers.

Module 2: Marketing, Planning, & Budgeting Process - This module will walk you through the marketing planning and budgeting process. It includes downloadable tools for your use in developing a marketing plan that supports your business goals. All practices will benefit from a business plan that is supported by a detailed marketing plan. This video and associated tools will walk you through: environmental scanning; marketing planning; accompanying budgets; and introduces marketing best practices.

Module 3: Referral Source Marketing - External marketing is a strategic initiative designed to grow your practice! It requires a team approach, a message and a plan! A common strategy includes marketing to referral sources with strategic communication approaches designed to build trust and collegial communication. Explore specific strategies designed to initiate referral relationships or grow them beyond their current level. Understand the importance of creating long term collegial relationships versus short term sales!

Module 4: Internal Marketing to Grow Your Private Practice - Learn how to use internal marketing efforts to grow your business. The essence of any marketing plan must begin within the walls of your practice. How will you brand and build your practice so that your customer has a unique and positive experience? Certainly it begins with your team but essential processes must be in place to insure that you are creating a raving fan that not only is loyal to your practice but willing to be a word-of-mouth marketer to their family, friends, co-workers & doctors. Growing your practice from the inside out is a key to practice success!

Module 5: Consumer/Community Outreach & Marketing - Building consumer & community awareness for physical therapy and your practice requires a strategic approach. You must identify who your marketing targets will be and look for opportunities to educate and promote your services. Creating a well thought out plan involves connecting with consumers in the community with both information and personal interest. Explore in-person & social media promotional ideas and how they integrate to create the best results. Join us in identifying great opportunities in your own community & leveraging your knowledge and personal skills to bring new customers to your practice with or without referrals!

Speaker(s):

This 5-part video series will help you take your KPI management to the next level. The series discusses how to define which KPIs to measure, how to connect your KPIs to your budget process and financial analysis, and how to engage and communicate with your staff about these measures.

Presenters: Eric Sacia, PT, and Michael Osler, PT, DPT - Rock Valley Physical Therapy

Module 1 - Setting the Stage: KPI's for Operational and Financial Excellence - How do you define success? When was the last time you analyzed your practice's data, and how many times have you taken intentional action based on those KPIs? This video will help you determine success for your company based on your mission and values, select appropriate KPIs to measure, and then implement a budget strategy connected to those measures.

Module 2 – Using KPIs: New Patient Data and ROI of New Patient Initiatives - This module will describe the importance of tracking new patient data and provide strategies to measure return on investment of new patient initiatives. The speakers will discuss setting budget goals and tracking new patients, tracking referral sources, methods for calculating ROI, and the role of the front office in managing referrals.

Module 3 – Using KPIs: Visit Analysis and Initiatives to Improve - This module will discuss the most common metrics to measure related to visit analysis, new patient trends, and clinical productivity.

Module 4 – Using KPIs: Using Procedures to Generate Revenue - In this module, the speakers discuss how to track procedures related to revenue, analyze differences between practices, understand your payor mix and reimbursement model, and educate your staff.

Module 5 – Bringing it all together – KPI Case Studies and Next Steps - This module will use case studies as a tool to help you implement KPIs in your practice.

**Please note: the spreadsheet referred to this video series can be downloaded from the handouts section.

Recorded September 26, 2019

March 30, 2020

The CARES Act, signed into law on March 27th, provides access to capital for small business owners and individuals with the goal of providing support to the drivers of the economy during this public health crisis. Join this webinar to learn more about new loans and liquidity that will enable small business owners to keep their employees on payroll and cover newly imposed paid leave requirements as well as expanded unemployment benefits.

About the Presenters:

Paul Welk, PT, JD is an attorney at Tucker Arensberg, P.C. in Pittsburgh, Pennsylvania. He focuses his legal practice in the areas of business and health care law and in this capacity frequently represents physical therapists, rehabilitation providers, and professional organizations. Paul is legal counsel for the Pennsylvania Physical Therapy Association and provides legal services to the APTA and a number of its chapters. He served as Chair of the APTA Committee on Risk Management and Member Benefits and is the founding author of "The Legal Impact", a regular column in the APTA Private Practice Section’s Impact Magazine.

Albert Lee, JD, is a management-sided employment and labor law attorney who has been recognized in the 2020 edition of The Best Lawyers in America®. He is a shareholder and the co-chair of the Healthcare/Long-term Care and Labor and Employment practice groups of Tucker Arensberg P.C., a Pittsburgh-based business-minded law firm that has represented a broad range of local, regional and national clients since 1900. Albert’s clients - which range from some of the largest international companies and insurers to regional closely-held and family-owned businesses - are concentrated in the healthcare/seniorcare, manufacturing, technology, financial, educational and service sectors. Albert regularly works with the APTA and its members.

PPS Lobbyist Alpha Lillstrom Cheng, JD, MA, provides astute policy, advocacy, and organizing insight honed while working on the Hill, as well as in both private and non-profit health policy sectors. Lillstrom Cheng has been an effective voice for advancing health and judiciary policy in Washington for over 14 years. She has been a registered federal lobbyist since 2014, engaging with lawmakers and their staff while providing insightful guidance and strategic advice to the professional associations, companies, and non-profit organizations she represents. Her practice focuses on empowering those who want to affect positive change on behalf of their membership or those they serve. She is well-respected and well-known in both chambers and on both sides of the aisle. Lillstrom Cheng has also served as Senior Director of the Cancer Policy Institute at Cancer Support Community, and before that was Senior Policy Advisor and Counsel for Healthcare, Judiciary, Education, Immigration, and Government Affairs while working for Senator Jon Tester of Montana.

No CEUs are offered for this course.

This webinar was recorded live on April 1, 2020.

Delve into the nuts and bolts of implementing a telehealth program into your physical therapy practice. We will discuss questions to consider for your practice, coding, steps to implement, a specific example of how to do an orthopedic visit and discussion of the nuances of a pediatric visit.

Presenters:

• Ali Schoos, PT
• Stacy M. Menz, PT, DPT
• Mark Milligan, PT, DPT
• Lynn Steffes, PT, DPT

No CEUs are awarded for this course.