THE TO DO LIST – NOW IS THE TIME:
For Your Patients:
1 .Evaluate your rates for all of your services – if you need to increase fees, you can give your families and patients plenty of notice (30 days) and make the rate increase effective 1/1/2021
2. Talk with your patients who have HSA and FSAs so you can help them plan- Therapy is a covered service and in 2021 the good news is that the HSA contribution limit will rise to $3,600 for people with self-only coverage in a high deductible plan, up from $3,550 in 2020. Those with family plans will be able to put up to $7,200 in 2021, up from $7,100 in 2020. A win win.
For Your Staff:
1. If you are thinking of making the swtich in worker classification from ICs to employees, now is the time to get everything set up so that you can start off 2021 with new classifications. It is a red flag to make these changes mid year so it is always best to roll this out at the beginning of a new year.
2.It’s time for performance reviews, salary reviews and staffing changes you want to implement in 2021. I always suggest starting to look at any raises in terms of what the cost of living (COL) increases are for 2021 – Social Security recipients will get a cost-of-living increase of 1.3%; that is an equitable way to start any discussions on raises
For Your Practice:
2021 will be starting in a sea of uncertainty but I firmly believe that if you have survived 2020, you will be well equipped to meet 2021 with success.
Now is the time to review goals, determine an action plan, drop the value takers and focus on the value makers of your practice.