As the healthcare industry continues to evolve, occupational, speech, and physical therapists are constantly seeking new ways to expand their services and provide the best care for their clients. Adding new therapy services to your practice can bring numerous benefits, such as attracting new clients, diversifying your revenue streams, and staying competitive in today’s market. However, it’s important to approach this decision thoughtfully and strategically. In this blog post, we will explore the key considerations that physical, occupational, and speech therapists should take into account when adding a new service to their practice.
1. Identify Your Clients’ Needs for New Therapy Services
Before introducing new therapy services, you must thoroughly evaluate your clients’ needs. Conducting surveys, gathering feedback, and examining industry trends can provide valuable insights into the types of services that would be most beneficial to your clientele. Understanding your client’s pain points and desired outcomes will guide your decision-making process and help you choose a service that aligns with their expectations. It can be tempting to add a trendy or popular new service, but consider whether you’ll be able to find demand for it.
2. Evaluate Your Team’s Expertise
Adding new therapy services requires a careful assessment of your team’s skills and expertise. While expanding your service offerings is essential, you must ensure that you or your therapists are appropriately trained and qualified to deliver the new service effectively. If necessary, consider investing in continuing education courses, certifications, or hiring additional staff members who specialize in the new service area. By leveraging your team’s expertise, you can provide exceptional care and build trust with your clients.
3. Analyze The Financial Implications of New Therapy Services
Expanding your therapy services can be financially rewarding, but evaluating the financial implications before making any decisions is crucial. Consider the cost of training, equipment, marketing, and ongoing maintenance for the new service. In addition, estimate the potential revenue generated from the new service and determine if it will be financially viable in the long run. Conducting a thorough cost-benefit analysis will help you make an informed decision and avoid unexpected financial burdens.
Some EHRs(like Fusion) allow users to easily create custom dashboards to monitor specific KPIs. For example, you could use these dashboards to track the amount of revenue generated by service type or check if client usage is climbing over time.
Once you have these new services, make sure you get reimbursed for them. Download our free guides to negotiating rates with payers.
4. Ensure Compliance with Regulations and Insurance
Speech, occupational, and speech therapists adding therapy services must ensure compliance with regulations and insurance requirements. Research the specific regulations governing the therapy services and make any necessary preparations. Additionally, familiarize yourself with reimbursement policies from insurance providers to determine if the new service will be covered and to what extent. Compliance with regulatory guidelines and insurance requirements will protect your practice and clients. If a new service is emerging, keep an eye on changes, especially in regulation and CPT codes.
5. Develop A Marketing Strategy
Once you have decided to add therapy services to your practice, developing a comprehensive marketing strategy to promote it is essential. Create a compelling message highlighting the new service’s benefits and unique features. Leverage digital marketing channels like social media, your website, and email campaigns to reach your target audience effectively. Use testimonials and success stories from clients who have already benefited from the new service to build trust and credibility. You can also highlight training and certifications obtained by your staff.
6. Make Sure Your EHR Can Include New Therapy Services
Adding therapy services also includes making sure you can properly document, support, and bill for said service. Make sure your EHR has the tools you need to back up your clinical decisions, create notes and treatment plans, and includes ways to bill for this service. Additional templates or customizable documents can streamline the addition of new therapy services. You may need to spend some time learning how to document and bill for these new services in your EHR.
Adding new therapy services to your practice can be an exciting opportunity for growth and expansion. Successfully integrating a valuable new service into your practice takes some work, but taking these steps can help you get started on the right foot. Ultimately, this strategic decision will benefit your clients and contribute to your practice’s long-term success and sustainability.
Fusion is an EHR software designed to grow with your practice. Utilize Fusion’s custom intake forms and PT, OT, and SLP-specific templates as you expand your service offering. Let us show you why we’re trusted by more than 36,000 providers. Schedule a demo today.
