![]() ![]() (Wondering how to go about implementing cash-based service offerings in your organization? Check out this free guide.) That way, disruption to one stream doesn’t bring cash flow to a grinding halt. To combat this, PTs need to investigate alternative sources of income-particularly in the form of cash-based services that aren’t reliant on physician referrals and payer contracts-in their clinics. Moreover, while the first round of COVID-19 vaccines has been released to frontline workers, we still won’t be out of the woods for many months to come, which means we can expect to continue feeling the financial strain of the pandemic for some time. ![]() This is especially true for practices that currently rely on Medicare as a substantial source of revenue. The pandemic has been a serious wake-up call for PT practices that were previously resistant to diversifying their revenue streams-and in light of impending payment cuts for Medicare services, this theme will stretch well into the new year and beyond. In that spirit, here are my predictions for the physical therapy industry in 2021: 1. But as this crazy year draws to a close, I feel compelled to look toward the future. The uncertainty of the pandemic forced us all to live in the present, which can be a struggle for many goal-oriented and forward-focused individuals. Dare I say it was “unprecedented”-a word I’m sure you’ve heard more in the past 11 months than the rest of your life combined?Īs we rode the highs and lows of 2020, it often seemed like we couldn’t look much beyond the next week-let alone the next quarter or year. ![]() My fellow PTs, 2020 was a year unlike any other. ![]()
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