May 18, 2023 | Net Health
3 Minute Read
A Strong Bottom Line and High Service Can Coexist in Rehab Therapy
Unlike some industries, the push for a stronger bottom line and the desire to offer the highest levels of service can coexist in the rehab therapy realm. The healthier our revenue streams are, the more flexibility we have to offer effective treatment to our patients and the better we can protect our longevity, which enables us to keep offering that great care.
One of the best ways to accomplish these mutually beneficial goals is to fine-tune and turbocharge our rehab therapy business revenue funnel.
1. Make Sure You Have a Revenue Funnel
Before we can fine-tune our revenue funnel, we have to make sure that we actually have one. If our process of taking a referral through evaluation and eventually through care is a piecemealed mish-mash of steps, we probably don’t have an effective revenue funnel in place.
A revenue funnel is a coordinated, step by step process that walks potential leads through the sales process and ultimately through the rendering of services. The most effective rehab therapy revenue funnels:
- Drive more therapy patient referrals and leads into the start of the funnel
- Minimize drop-off between steps by maximizing conversions
- Maximize revenues through methods that simultaneously increase the quality of care
- Collect enough data to benchmark against the industry, internally against previous periods, and internally over time to identify trends
2. Set a Course for Continued Improvement and Growth
If you do already have a rehab therapy funnel in place, kudos. Where some people make a mistake, though, is thinking that a revenue funnel is a set-it-and-forget-it type process. The key to having a successful revenue funnel in any industry is constant evaluation and adjustments. Even if we create the best funnel ever, outside factors beyond our control will always necessitate the need for adjustments.
What’s the best process to take care of this? Start with an in-depth audit. Dedicate a lot of time upfront to get your revenue funnel as close to optimal as you can. From there, put the processes in place to track the successes of your funnel and to identify the areas that need improvement. Schedule quarterly or monthly evaluations with your outpatient or inpatient acute physical therapy team, doing data reviews to see if you need to make adjustments.
3. Track the Right Metrics
Most people know that data is the key to making better-informed decisions to advance their rehab therapy business. And as mentioned, it’s a critical piece to the continued growth and improvement of our revenue funnel. However, analysis paralysis and information overload often overshadow the discussion if we’re not crystal clear on what metrics we should be tracking, why, and what to do with the data.
In business, we refer to these metrics as Key Performance Indicators (KPIs). KPIs are the data points that we’ve identified as being critical to our success, growth, and decision-making processes. When we’re looking at a rehab therapy revenue funnel, there are six critical KPIs we should be tracking throughout the different stages of the process. These include:
- Total Number of Referrals from All Sources
- Total Number of Evaluations Performed
- Total Number of Completed Visits
- Total Billable Units
- Completed Visits Per Episode of Care
- Billable Units Per Visit
Top 6 KPIs to Understand and Optimize Your Rehab Therapy Revenue Funnel
Maximize your revenue while delivering high-quality care.
