Sport & Spine PT increases profit margin by 25% with Prompt
Sport & Spine Physical Therapy is a five-provider practice located in New Hampshire that has been using Prompt since November of 2021, after originally choosing a different EMR in early 2020. The company’s founder, Chris Campbell, and Chief Operations Officer, Josh Glover, spent some time catching up with Prompt to discuss a few primary topics:
Choosing a different EMR prior to Prompt and what led them back to Prompt
Their success bringing billing operations in-house since switching to Prompt
The dramatic improvement in their business since switching to Prompt
Why business owners should consider using Prompt
Since switching to Prompt, Sport & Spine Physical Therapy has achieved some dramatic results, including:
25% increase in overall Profit Margin
Revenue per Visit grew from $82 to $98
Overall Denial Rate is between 1-2%
$0 of A/R over 60 days
Average Days to Reimbursement of 14 days
Discussing the original EMR decision and how they ended up at Prompt
“Back in early 2020, I decided to look at new EMRs and ultimately selected a different vendor that was not Prompt,” Chris Campbell said. “Looking back on it, that was the worst year and a half we have had as a business and it was a major mistake.”
The issues with the other EMR and Practice Management solution led to increased aggravation, declining revenue, and a ton of time “chasing ghosts” according to the company’s COO, Josh Glover. At the time, Sport & Spine was using this EMR vendor as their RCM solution as well. However, Josh was spending more time trying to salvage cash with this vendor than he currently spends doing the full-cycle RCM services with Prompt.
“I was having to spend a ton of time overseeing this vendor and being sure they were actually taking the time to work denials and get our clinic paid,” he said. “I felt like I was constantly fighting fires and chasing ghosts. There was no transparency of what was going on and the company basically told us all the metrics they displayed in their analytics and dashboards were wrong and could not be trusted.”
Chris expounded on the decision to eventually pull the plug on this vendor and switch to Prompt. “We realized there was no path forward with this vendor so we called Prompt back and it was the best decision we’ve made,” Chris said. “Since switching to Prompt, it has been everything we’ve ever hoped for and we are never going to leave. It’s an amazing product and does everything you would hope of your EMR.”
Benefits of doing RCM in-house with Prompt
When they switched to Prompt, Josh and Chris decided to take their RCM operation fully in-house for the first time in company history. The combination of Prompt’s software and support offerings made this a no-brainer decision.
“The training Prompt offered during onboarding and the quality of their support team really helped us make the decision to bring RCM in-house,” Chris said. “The software itself with the ability to create custom rules, set up modifier alerts, and really take the thought process away from the clinicians helped a lot as well. In addition, we have so much transparency with Prompt to track trends, see what is causing denials, and be sure we are actually getting paid what we should get paid.”
As the COO of Sport & Spine, Josh is able to do all of the clinic’s billing with no additional support while also performing all of his duties as the company’s COO.
“Since switching to Prompt, my job has become so much easier. I am able to manage all of the billing for our company and do everything else operationally that I do without any stress,” Josh said. “My job satisfaction and overall productivity has gone way up since we switched to Prompt.”
Another area Prompt helped the Sport & Spine team with was the actual transition of clearinghouses from their old software to Prompt.
“The EDI team at Prompt was amazing in helping us be sure that all our enrollments were done correctly and on time, to facilitate a seamless transition with no delay in cash flows,” Josh said.
The results since switching to Prompt have been dramatic. The company has seen a rise in their Average Reimbursement per Visit from $82 to $98, despite falling reimbursement across their payers. In addition, they have a Denial Rate between 1 and 2% and have $0 of A/R over 60 days. All in all, that has contributed to a 25% increase in Profit Margin since switching to Prompt.
Denial Rate between 1 and 2% and $0 of A/R over 60 days
“The combination of the timely and easy documentation, advanced billing rules, auto-posting, and easy ability to view and work denials has dramatically improved our company’s overall efficiency and profitability, as well as our employees’ job satisfaction across the board,” Chris said.
Other ways Prompt has helped Sport & Spine
Another area that has helped them improve their overall efficiency has been Prompt’s real-time, accurate reporting.
“One of the biggest things as an owner is that with Prompt, I can get timely and accurate reports,” Chris said. “With our old systems, we could never really trust the reports because you’d run them multiple times and get different results or they just wouldn’t be working. We never have that problem with Prompt and the real-time reports help us evaluate our business and track KPIs to be proactive about managing our business.”
Prior to switching to Prompt, it would sometimes take the company 6-8 weeks to identify a trend that was causing downstream denials, due to delays in getting clinical documentation done, bad RCM services, and lack of transparency in reporting. On Prompt, now that Sport & Spine gets paid in an average of 14 days, they are able to spot trends after just 2-3 weeks and shut down any potential downstream problems quickly.
“Being able to reduce our time to get notes done and getting paid in 14 days has allowed us to identify issues very quickly and work to resolve them,” Chris said. “This has made a huge impact on our overall A/R and really reduced the number of denials we get.”
Why should PT business owners consider Prompt
Chris and Josh concluded with some final thoughts about Prompt, and why business owners should use Prompt for their business.
“In the 19 years I’ve been a PT practice owner, I have not had a system that has been more efficient and reliable, allowed my staff to get their notes done in a timely fashion, allowed scheduling to work with their visits, tied their documentation and authorizations together, and gave the comfort of bringing billing in-house. It’s truly an all-in-one system with reports to match, and helps me run the business in the way a business owner should,” Chris said. “I could not recommend Prompt highly enough to other PT business owners.”
Chris was also extremely satisfied with Prompt’s constant improvements to the software.
“It is a very nimble system and they are constantly making updates and improvements to the platform,” Chris said. “That is another reason why I feel confident that for the years to come, Prompt is the right solution for our company. They spent a ton of time learning all the nuances of physical therapy and know all the ins and outs of the PT space and it really shows in the program. Without hesitation, I can say it’s the best program out there for PT clinics.”
Josh shared some additional thoughts about why Prompt is the right solution for a PT clinic in today’s times.
“Choosing Prompt ultimately sets your business up for a lifetime of success,” Josh said. “There is a lot that goes into an EMR decision and ultimately, transition, but Prompt has all the tools to make the transition easy and help you really grow your business, improve your efficiency and profitability as a company, and increase everyone’s job satisfaction at your company.”
Josh continued with some final thoughts.
“Prompt allows you and your entire staff to focus on what they should be doing, instead of having to constantly fight fires and search for ghosts,” Josh said. “The software helps create a less stressful day for your entire team.”
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