As we enter the new year, it’s the perfect time for orthotic and prosthetic (O&P) business owners to reflect on the past year and prepare for success in the year ahead. A well-structured plan can set the stage for growth, efficiency, and compliance, ensuring that your business thrives in an ever-evolving landscape.  

It is crucial to be intentional with your time and plan proactively, as there are six key areas to focus on for ensuring success; without a structured plan, this can feel overwhelming. As Benjamin Franklin wisely stated, “If you fail to plan, you are planning to fail,” which underscores the importance of establishing a timeline with due dates to guarantee that all essential tasks are completed throughout the year. In this blog, we will explore the six areas we recommend prioritizing to effectively prepare for success in 2025. 

1. Your Work in Progress (WIP)  

One way to assess the effectiveness of your patient care workflow is to conduct a thorough review of your Work in Progress (WIP). Take a close look at items that were not delivered by year-end and dig into the reasons behind these delays. Identifying these reasons can reveal opportunities for process improvement. Additionally, it is good practice to address any prescriptions on your WIP that will not make it to delivery. Starting the year with a clean WIP will help streamline your operations and set a positive tone for the months ahead. 

2. Compliance 

It is always a good time to think about compliance. Review and update your Company Policy & Procedure manual to confirm adherence to laws, standards, and regulations. This includes Medicare standards, accreditation requirements, and state and federal regulations. It’s wise to schedule this review to align with any changes in state regulations. Remember to check compliance laws for each state where you operate. 

3. Training 

Training is an integral component of maintaining a successful O&P business. The training you provide to your team on an annual basis sets them and your business up for success. Consider holding an annual training session for your team that covers essential topics such as company policies, HIPAA compliance, coding and reimbursement practices, and updates on payer policies.  

4. Accreditation 

Accreditation should not be left until the last minute. Regularly review your manual to ensure compliance with accreditation standards well before any scheduled visits from ABC representatives. Establish a timeline for fulfilling annual requirements and take advantage of resources provided by ABC, such as compliance kits and checklists. 

5. Insurance Payer Contracts 

Do not overlook the importance of reviewing your insurance contracts annually. Cataloging contracts and fee schedules will help you stay organized and informed about important terms. Ensure that all fee schedules are updated accordingly and be proactive about reaccreditation or renewal paperwork as needed. 

6. Set Goals 

There are four pillars of an O&P business: patients, referral sources, employees, and reimbursement. It is important to set goals for each of these pillars to keep your business growing. Assess where you currently stand in each area, identify where you want to be by year-end, and craft actionable plans to achieve these goals. Regularly scheduled assessments throughout the year will help keep you on track. 

By taking these steps now, O&P business owners can lay a solid foundation for success in the coming year. With careful planning, consistent execution, and ongoing evaluation of progress, you’ll be well-equipped to navigate the challenges ahead and seize opportunities for growth in 2025.  

CBS Medical Billing & Consulting has created a New Year Success Checklist Tool to help guide you through the preparation and planning process.  

Click the download link down below for your free copy of the CBS New Year Success Checklist.