How to Handle Insurance Companies That Stink: Grow Your Practice LIVE Ep 18

Grow Your Practice Podcast

In this episode of the Grow Your Practice Podcast, host Chad Madden, owner of Madden Physical Therapy and Breakthrough, dives into essential strategies for managing insurance providers and boosting profitability in private practices. Explore the complexities of dropping low-paying insurers, renegotiating contracts, and understanding the motivations behind insurance companies. Learn how to attract higher-paying insurers, enhance revenue per visit, and maintain financial stability amidst rising costs and declining reimbursements. Additionally, discover actionable tips from the 'Profitability Under Pressure' program, including success stories and advice from experienced practice owners, and apply for grants to support your practice’s financial health. Join us to ensure a profitable and sustainable private practice.

00:00 Introduction to the Podcast

00:19 Challenges of Dropping Insurance Companies

01:06 Understanding the Insurance Industry

02:10 Impact of Insurance on Healthcare Costs

04:29 Strategies for Managing Payer Mix

11:17 Profitability Under Pressure Program

13:41 Renegotiating Insurance Reimbursements

15:41 Tony and Melissa's Generosity

16:31 The Financial Reality of Clinical Practice

17:23 The Power of Compounding

19:46 Strategies for Dealing with Payers

20:06 Q&A Session with Practice Owners

24:42 Workers Comp and Third-Party Payers

27:21 Introducing the Profitability Under Pressure Program