PT Finance

Understanding the Finances and Metrics of Private Practice

Presenter: Kristen Wilson PT, DPT, GCS

Kristen Wilson PT, DPT, GCS, NDT Trained is a practicing physical therapist with a love for teaching. She earned her Master’s degree from Ithaca College in New York, followed by her t-DPT from Temple University in Philadelphia, PA. Kristen completed Neurodevelopmental Technique Training in 2006 as well as earned American Physical Therapy Association Geriatric Certified Specialist in 2009. Kristen has treated as a physical therapist in several areas of care including inpatient rehabilitation, skilled nursing facility, home care, and outpatient therapy expanding her therapy repertoire across the entire continuum. In addition to treating in the clinic, she serves as an adjunct faculty member at Neumann University as well as lectures within the community and APTA. Kristen is assistant editor for Impact Magazine, the monthly publication of the Private Practice Section of the APTA. Currently, Kristen is the co-owner of Action Potential, a one-to-one outpatient clinic located in Glen Mills, PA.

Description:
This course will review the basics of finance and clinical performance metrics for private practice physical therapy.

Objectives:
After completing this course you will have a better understanding of the following:
1. Why it is necessary to monitor financial and clinical performance data
2. How to design a budget
3. The purpose of a profit/loss statement, balance sheet, and cash flow statement
4. Key clinic performance metrics and their associated benchmarks
5. Resources available to help further financial and metric knowledge

Course Outline:
1. Define the roles associated with financial monitoring
-Bookkeeper
-Accounting Specialist
-Accountant/CPA
2. Differentiate between accrual vs cash accounting
3. Review the 4 most important financial statements
-Budget
-Profit/Loss Statement
-Balance Sheet
-Cash Flow Statement
4. Highlight Key Performance Indicators for physical therapy
-Visits
-New Cases
-Arrival Rate
-Percent Capacity
-Revenue/Visit
-Cost/Visit
-Units/visit
-Days in Accounts Receivable
-Profit margin % (Net Income%)
-% Labor cost
-Revenue per square foot
-% Payer mix
-Marketing Sources
5. Share resources
6. Conclusion


Free with unlimited bundle!
90 Days Unlimited Access