Cathy and Joe had each been in the PT industry for over three decades, with 19 years of experience running their own practice. Based in New Jersey, ProCare Physical Therapy had two locations before being acquired by Professional Physical Therapy. As they neared retirement age, they sought to increase the physical therapy practice value, but faced numerous challenges.
Overwhelmed and Lacking Control Over Financial Numbers
For years, Joe and Cathy were the eyes and hands of their PT practice, regularly putting in 12-hour days several times per week and catching up on backend operations over the weekend.
Family life was difficult, and even though Cathy and Joe got to see each other often, they knew this wasn’t the lifestyle they envisioned for themselves in the future.
As the practice grew (including the addition of a second location), so did their responsibilities, some of which they found themselves ill-equipped to handle.
We’d give bonuses to our employees, but we didn’t really have a system for that. I’d say, let’s give them a week, let’s give them two weeks, and then I’d reconcile it at the end of the year, and there’d be no profit left.
Low Valuation From Potential Buyers
Cathy and Joe knew they didn’t want to keep working 70 hours a week and they knew their options were to either scale up and pull out of the business or sell it.
Throughout the years, Joe and Cathy had been approached about selling their practice. But after discovering what their practice was worth to a potential buyer, it never made financial sense to sell.
“I knew what number I wanted, but I didn’t know how to get it,” recalls Cathy. So when they were approached again right before starting with Breakthrough, she asked what they needed to do to increase their valuation.
This conversation would prove to be life-changing. They now knew exactly where they needed to be if they ever decided to sell, and Cathy credits Killer Marketing with providing them with the tools they needed to get there.
Increasing Profits and Improving Physical Therapy Practice Value By Building Systems in Their Practice
The Scarpittos set a goal to increase profits at their practice and get a better offer from potential buyers. To accomplish this, they joined Breakthrough’s Killer Marketing course and later signed up for the Growth X system.
Catchy and Joe implemented everything they learned and installed new systems into their practice that allowed them to attract more patients from the public and scale their practice profitably.
“We are booming from the workshops and courses already. All time high over 400 visits combined for our 2 offices this week. Having a hard time fitting appointments in and this is usually our slow time! Thank you Chad Madden and BPTM Nation! Just sent out 110 patient satisfaction surveys from January Discharges. Trying to tighten that funnel from all angles!” —Cathy Scarpitto
“[Before Breakthrough]…We never got specific with, where do we want to be? What are our goals at the end of the year, at the end of the day?
We just worked day to day. We just went to work, treated our patients. Never looked at, are we profitable or are we not profitable? I can’t believe all these positive things are happening at one time. But it’s because we set the dream and we wrote it down, and we set our goals and we went after them.”
Doubling Their Physical Therapy Practice Value
Using what they learned from working with Breakthrough, Cathy and Joe increased the value of their practice and were able to sell part of their practice.
“We could not have done it without Breakthrough. We were able to scale our business within our control because of what we learned and we are so thankful! Breakthrough is the first marketing solution that really made total sense and worked for us!”
Buying Their Dream Home
In addition to selling their practice, the Scarpittos set a goal to one day purchase their dream home in Lavallette, NJ.
And when an ideal property became available, they were able to buy it thanks to the recent sale of their practice.
Helping More People Get Back to Normal Naturally
Cathy and Joe are also proud of the fact that their practice was able to help more and more people get back to normal without relying on medications, injections and surgery.