April 5, 2023
Hello, readers! Today, we’re going to dive into how physical therapist, Dr. Andrew Gorecki, has been utilizing his remote therapeutic monitoring system called My Movement RX to increase profits in his private practice, Superior Physical Therapy. Dr. Gorecki starts by sharing that they do billing reports at the end of each month and he wanted to show us what the numbers looked like for March.
Not only does Dr. Gorecki help other clinics implement remote therapeutic monitoring in their practices, but he also utilizes it in his own private practice. He shares that they had a total of 336 hours and 21 minutes of monitoring in the month of March that their remote providers performed, costing $10,090 in expenses. However, the total revenue that was produced for the month was $36,780.10, resulting in a profit of $26,780.
Dr. Gorecki emphasizes that this is a significant increase in profit for his practice, especially during the slow time of year for them.
He adds that most private practices are running about a 4% margin, making the utilization of remote therapeutic monitoring a game-changer.
Furthermore, Dr. Gorecki shares that this increase in profit can help him sustain his business, pay his key staff more, and compete with larger hospital systems that generate more revenue per code than outpatient clinics. Overall, Dr. Gorecki believes that implementing remote therapeutic monitoring in his practice has been a great opportunity to help more people who have musculoskeletal injuries and maintain his staff.
That’s it for today’s blog! If you’re interested in implementing remote therapeutic monitoring in your clinic, make sure to check out My Movement RX. Thanks for reading!
Dr. Gorecki’s experience with remote therapeutic monitoring provides an excellent example of the potential benefits that this technology can offer to healthcare providers, particularly in private practices. By utilizing remote therapeutic monitoring, Dr. Gorecki was able to increase his profits significantly during a slow time of year for his practice. Additionally, he was able to compete more effectively with larger hospital systems that generate more revenue per code than outpatient clinics, by offering his patients more personalized care and support.
Remote therapeutic monitoring can be a game-changer for healthcare providers, as it allows them to monitor their patients’ health and progress in real-time, without requiring them to come into the clinic for in-person appointments. This can save patients time and money, reduce the risk of exposure to infectious diseases, and allow providers to identify potential problems or issues early on.
Moreover, remote therapeutic monitoring can improve patient outcomes and satisfaction by providing patients with more personalized care and support. By gathering data on patients’ activity levels, sleep patterns, and other health indicators, providers can tailor their interventions and recommendations to the individual needs of each patient.
Overall, the combination of remote therapeutic monitoring and private practice ownership can offer significant benefits to both healthcare providers and their patients. By utilizing this technology, providers can improve access to care, reduce healthcare costs, and improve patient outcomes and satisfaction. As we continue to navigate the ongoing COVID-19 pandemic, remote therapeutic monitoring is likely to play an increasingly important role in the delivery of healthcare services, both in private practices and in other healthcare settings.