CBP 101: Transitioning an In-Network Practice to Cash-Based—with Meredith Soelberg and Brooke Mitchell

In this highlights episode, Meredith Soelberg and Brooke Mitchell describe their experience as employees in an  insurance-based physical therapy practice that had to “weather the storm” of massive reimbursement cuts. The impact of those cuts made it apparent that they’d have to change their business model or face economic ruin. The cash-based practice model seemed to be the obvious solution, so the decision was made to give it a try.

Meredith and Brook explain exactly how the transition to cash-based was managed so the practice could remain viable for the long term. This information is especially relevant in light of the recent announcement of the coming 8% cuts to Medicare reimbursements for physical therapy services that will soon leave many practices facing similar situations.

Their ultimate success with the cash-based practice model as employees helped prepare them to open their own out-of-network practice, a concierge physical therapy and fitness facility that combines rehabilitation and wellness services. Their highly successful California clinic has grown to employ multiple physical therapists, personal trainers, Pilates instructors, and massage therapists.

This “highlight” is from a full episode on how to succeed with a cash-practice partnership.