Should You Consider Paying Your Therapists an Hourly Rate?
There are many different models used by practices to reimburse or pay their therapists.
As we have discussed previously there are issues and advantages of the Sharedand Percentage Models.
Another method which you may wish to consider is to pay the therapists working for your clinic an hourly flat rate.
If you are considering this model, you will need to do some research, but you may find it offers your therapists a much more equitable environment in which to work.
Remove Unnecessary Paperwork for Your Therapists
Calculating an Hourly Rate for Your Therapists
It is important to note that the longer your practice has been operating the clearer and more accurate your findings will be.
You will need to find out what your total return of all claims are; cash that is paid and the average of every bill you pay.
From this, deduct losses that naturally occur in the day to day running of your practice then factor in your opening hours, and you should have an idea of what how much profit your practice makes an hour.
Half this amount and you will have the hourly rate which you can offer to your therapists.
Then all they have to do is submit an invoice with the hours they have worked each month.
Develop Trust with Your Therapists
Gaining Trust and Removing Inequities
By offering your therapists an hourly rate you are guaranteeing their monthly income. As we know other practice models can lead to unrest as therapists are never quite sure what they will earn.
As well, you are saying they will be paid regardless of any issues with insurance claims, further enhancing your trust and reliability.
When your therapists know what they are getting paid per hour, it frees them up to do their job without worry about income or keeping their own accounting methods. They don’t have to worry about providing their own stationary or even receptionist staff either.
Your practice will run a lot smoother and your clients will get a better service.
