In the latest episode of the Grow Your Practice podcast, we dive into the rich insights from our “Market for Profit” session at boot camp held in Harrisburg. This session was dedicated to uncovering effective strategies to maximize the use of clinic space, efficiently schedule patient visits, and ultimately drive up revenue. Here’s how physical therapists can leverage these strategies to optimize their practices.

Filling Schedules and Utilizing Space

During the bootcamp, we explored the correlation between clinic size and patient visits. For instance, a 3000 square foot clinic should ideally handle about 300 patient visits per week to maximize space efficiency. If you’re seeing fewer visits than this, it’s time to reevaluate your use of space. Here’s a straightforward formula we discussed:

  • Space Utilization: For every 1000 square feet, aim for 100 patient visits per week.
  • Clinician Capacity: Ensure each clinician can handle 40 to 60 visits per week, maximizing their potential within the available space.

Reactivating Past Patients

Reactivations are the lowest hanging fruit in practice marketing, requiring minimal expense and effort. A simple “how are you” message can re-engage past patients, filling your schedule quickly. Here’s the process we recommend:

  1. Identify Past Patients: Look at your records from the last 6 months to 2 years.
  2. Send Personalized Messages: A simple text asking how they are can reignite their interest in your services.
  3. Follow Up: Engage with those who respond to schedule appointments.

Leveraging Referrals

Referrals are a goldmine for practice growth. We discussed three main sources:

  • Word of Mouth: Encourage satisfied patients to refer friends and family.
  • Professional Referrals: Engage with physicians, nurse practitioners, and other clinicians.
  • Community Partnerships: Connect with local businesses that can promote your services to their employees, especially those offering favorable insurance benefits.

Expanding Service Offerings

To counterbalance the effects of low reimbursement rates from insurance, consider expanding your service offerings. Techniques such as dry needling, laser therapy, and shockwave therapy not only enhance patient care but also add new revenue streams. Here’s how to implement:

  • Evaluate Profitable Services: Determine which services can be provided within your specialty that also offer higher reimbursement rates.
  • Educate Your Team: Ensure that all team members are proficient in new techniques.
  • Market New Services: Promote these new services to both existing and new patients.

Building a Strong Brand and Community Presence

A strong brand is essential for attracting new patients and retaining existing ones. Know your community; understanding the demographics and needs of your neighborhood will help you know how to market. Then, use educational workshops and active digital marketing strategies to build trust and raise visibility in your community.

At the end of the day…

Adopting these strategies can significantly increase both the operational and financial health of your physical therapy practice. By focusing on efficient space utilization, patient reactivation, strategic referrals, service expansion, and robust marketing, you can ensure sustainable growth and success. Watch the full episode for the full learning experience.

Apply for Profitability Under Pressure today. You’ll learn even more keys to increasing profit margins, connect with like-minded owners, and achieve financial stability and growth. Extended deadline is June 7th at 11:59PM EST.

Apply to Profitability Under Pressure where practice owners will learn how to use text messaging for profit and patient engagement, optimize hiring processes

In our most recent episode of the “Grow Your Practice” podcast, we had the pleasure of hosting Dr. Sterling Carter. As a multifaceted entrepreneur, motivational speaker, and seasoned physical therapist with a 25-year military background, Dr. Carter shared essential strategies for physical therapists looking to elevate their practices. His insights include tactics for negotiating with insurance companies and ensuring patient accountability.

Successful Negotiating with Insurance Companies

Dr. Carter has successfully renegotiated reimbursement rates with insurance providers, addressing a critical financial pressure point for many practices. He recommends several effective strategies:

  1. Preparation and Research: Understand and articulate the value your practice provides.
  2. Structured Communication: Draft clear and professional communications to outline your case.
  3. Persistence: Follow up persistently, as it often leads to success.

Ensuring Patient Accountability

The physical therapy entrepreneur employs several methods to enhance patient commitment and treatment outcomes:

  • Educational Workshops: He conducts free sessions that educate patients about their conditions and the benefits of physical therapy.
  • Structured Plans of Care: He clearly outlines treatment phases to help patients understand their journey.
  • Patient Contracts: Patients sign a form committing to their treatment plan and attendance, significantly improving adherence.

Expanding Practice Services

Understanding the value of upselling, Carter has broadened his practice’s offerings by adding specialized services such as dry needling, laser therapy, and shockwave therapy. These services not only enhance patient care but also boost revenue, helping to mitigate the impact of low insurance reimbursements.

Building a Brand and Community Presence

As an entrepreneur, Dr. Carter underscores the importance of a strong brand and active community engagement. By hosting educational workshops and effectively using digital marketing, his practice builds trust and increases visibility. These efforts are crucial for attracting and retaining patients in a competitive market.

Conclusion

Dr. Carter combines business acumen with a deep understanding of physical therapy’s clinical aspects. By adopting his strategies, therapists can enhance both the operational and financial health of their practices. We’re so excited that he was able to find success in growing his practice with our help at Breakthrough.

Remember, growing your practice is not just about adding more patients but optimizing every aspect of your operation, from insurance negotiations to patient accountability, marketing, and community involvement. If you’re ready to increase your profit margins by $10K guaranteed, apply for Profitability Under Pressure today. You’ll learn even more keys to increasing profit margins, connect with like-minded owners, and achieve financial stability and growth. Deadline is tonight, May 17th at 11:59PM EST.

Watch or listen to the full episode to hear all of Sterling Carter’s impressive professional journey.

Apply to Profitability Under Pressure where practice owners will learn how to use text messaging for profit and patient engagement, optimize hiring processes

The 10 Text Challenge to Increase Patient Reactivation

In the world of physical therapy, there was once a prevailing belief that providing high-quality care would naturally lead to a steady flow of patients through word-of-mouth referrals. However, the landscape has shifted dramatically, and relying solely on this approach is no longer sufficient. During our recent webinar, we discussed a powerful and straightforward strategy to enhance patient reactivation and grow your practice: text messaging. This blog post will delve into the strategies discussed, with a special focus on “The 10 Text Challenge.”

Why Use Text Messaging?

Text messaging offers a direct and personal way to communicate with your patients. It ensures immediate communication, as messages are typically read within minutes. Patients find text messages convenient and less intrusive compared to phone calls. Additionally, text messaging allows for personalized communication, increasing patient reactivation.

Implementing Text Messaging in Your Practice

To effectively integrate text messaging into your practice, start by collecting explicit patient consent to send text messages. Choose a reliable text messaging platform tailored for healthcare providers and segment your audience based on their treatment plans, preferences, and communication history. Personalize each message by using patient names and referencing their specific conditions or past treatments to ensure a personal touch.

The 10 Text Challenge

One of the most effective strategies we discussed in the webinar is “The 10 Text Challenge.” This challenge is designed to reactivate past patients and fill your schedule quickly. Here’s a brief overview:

  1. Prepare Your List: Focus on past patients from the last 6 months to 2 years, segmenting by payer and diagnosis.
  2. Craft Your Message: Keep it brief and personal. Example: “Hi [Patient Name], this is [Your Name] from [Your Practice]. It’s been [Time Period] since we last saw you for [Condition]. How are you doing?”
  3. Send and Monitor: Personalize each message and be ready to respond quickly.
  4. Respond and Engage: Use questions to show care and guide patients towards booking an appointment.

Ready to take your practice to the next level? Download our free 10 Text Challenge template!

Benefits of the 10 Text Challenge

The 10 Text Challenge offers numerous benefits for your practice. By sending personalized messages to past patients, you can achieve a high response rate, which leads to quick reactivations and appointments, increasing your practice’s revenue. The challenge enhances patient satisfaction by showing you care about their well-being and improves the overall efficiency and profitability of your practice, making it an essential part of any comprehensive physical therapy marketing strategy.

Try it out for yourself

Text messaging is a powerful tool for patient reactivation and driving practice growth. By implementing the 10 Text Challenge, you can quickly fill your schedule, improve patient engagement, and increase your revenue. If you’re ready to increase your profit margins by $10K guaranteed, apply for Profitability Under Pressure today. You’ll learn even more keys to increasing profit margins, connect with like-minded owners, and achieve financial stability and growth.

Apply to Profitability Under Pressure where practice owners will learn how to use text messaging for profit and patient engagement, optimize hiring processes

Increasing Profit Margins in Private Practice: 3 Key Strategies

In the realm of private practice, particularly within physical therapy, the landscape is ever-evolving. Owners face a myriad of challenges, from dwindling reimbursements and rising operational costs to the increased competition that’s part and parcel of the healthcare sector. Carl Mattiola, co-founder of Breakthrough, and Chad Madden, physical therapy practice owner and co-founder of Breakthrough, recently shared their insights during a webinar aimed at unlocking the secrets to increasing profit margins despite these growing pressures.

Navigating the Storm: Finding profitability in challenging times

Chad began the webinar with a candid exploration of the current state of physical therapy practices. He highlighted an all-too-common scenario: practices struggling under the weight of increasing inflation, declining reimbursements, and a decreased willingness to pay out-of-pocket expenses. This cocktail of challenges is pressing practices from all sides, squeezing the margins that keep them afloat.

However, it’s not all doom and gloom. Chad’s “Profitability Under Pressure” program offers a beacon of hope. This program meticulously maps out eleven strategies that practices can adopt to improve their profit margins, thereby securing a more stable future for their businesses.

Real-Life Success Stories

The proof, as they say, is in the pudding. Chad proudly shared success stories from practice owners who have seen remarkable improvements after implementing strategies from the program. One owner successfully negotiated better insurance rates, another uncovered $1.3 million in leaked profits through an audit exercise, and yet another reactivated 40 past patients with a single text message. These stories underscore the program’s potential to enact real change.

The Three Pillars of Profitability

Chad’s seminar drilled down on three fundamental strategies to enhance profitability;

1. Maximizing Schedule Capacity

A seemingly simple yet often overlooked strategy is the optimization of schedule capacity. Chad argued convincingly for this approach, stating that additional appointments can significantly boost profit margins without necessarily increasing overhead costs.

2. Improving Payer Mix

Adjusting the payer mix towards more favorable terms can also have a profound effect on a practice’s bottom line. This may involve tough decisions, such as dropping low-paying insurers or renegotiating contracts, but the potential rewards are undeniable.

3. Increasing Lifetime Patient Value

Finally, focusing on the lifetime value of a patient can unlock new revenue streams for practices. Whether through reducing patient drop-off rates, encouraging reactivations, or introducing cash pay services, there are multiple ways to extend the value derived from each patient.

Take Action Today

In closing, Chad’s message was one of hope tempered with realism. Yes, the challenges are significant, but with the right strategies and a willingness to adapt, physical therapy practices can not only survive but thrive. His parting advice was a reminder that in the face of adversity, action is the most potent weapon. Whether by joining his “Profitability Under Pressure” program or independently seeking solutions, the time for action is now.

This webinar underscored a pivotal truth: in the changing landscape of private practice, adaptability, and resilience are paramount. By embracing innovative strategies and steadfastly pursuing efficiency and growth, practices can navigate the pressures of today’s healthcare environment and emerge stronger on the other side.

If you’re ready to increase your profit margins by $10K guaranteed, apply for Profitability Under Pressure today. You’ll learn even more keys to increasing profit margins, connect with like-minded owners, and find peace of mind with better safety buffers in your finances.

Profitability Under Pressure