Business
In this value-packed episode, the fabulous OT serial-entrepreneur Tomeico Faison shares how she’s strategically built community mental health OT services into her business model at Therapeutic Solutions of NC in North Carolina. She also runs Faison Consulting where she helps therapy entrepreneurs create fun, profitable, and service-oriented lifestyle businesses, particularly for under-served populations. (Such important work…all of it!) We discuss: What community mental health OT actually means. Identifying a gap in the market. Different ways to get paid to provide community mental health OT services Contracting directly with Intermediate Care Facilities (ICFs) in your state. Pricing services when submitting proposals (A GREAT STORY HERE! You gotta listen!) Responding to government Requests for Proposals (RFPs). Billing insurance. Tips for Billing Insurance Know which ICD codes and CPT codes can be billed together. Know your Local Coverage Determination (LCD) codes. Look at the Medicare, Medicaid, or insurance companies billing codes to see what they will reimburse for. Find your “Fiscal Intermediary” (FI) who manages billing and regulations for your geographical area for Medicare. Why you need to be looking at the numbers in your business. Considerations to make when conducting occupational therapy groups. How you CAN advocate the value of OT to insurance companies! Ways to ensure your business is profitable even when you serve underserved populations: multiple streams of income OR scaling your business. How you need to have tenacity as an entrepreneur to keep you going when things are hard. What are Key Performance Indicators (KPIs) and why you need to consider them in your business. How to gather an advisory board to help keep you honest about all the numbers in your business. Recommended book: Think and Grow Rich by Napoleon Hill Why we MUST remember “It is NOT about us; it is about the people we’re serving.” Tomeico says: “If service is at the center, it attracts money. If you truly understand the ‘why’, you can get to the ‘how’.” Want to hear Tomeico talk more, specifically about government contracting? (Seriously can’t get enough of her. I could have talked to her forever!) She’s speaking at the OT Entrepreneur Summit (May 11-20) and registration just opened ! Click HERE to check out all the details and register TODAY with early-bird pricing only through May 4, 2020! See you at the Summit! ⛰ Until next time, Mind Your OT Business!