Physio Balance & Sports Performance Seeks to Make the Right Business Decisions
Physio Balance & Sports Performance is a small private practice located in mid-west Ohio that helps people in the community benefit from physical therapy.
Earlier this year, Verelle Wyatt, the owner of the practice, was feeling overwhelmed. He had a full patient load and had just lost another physical therapist.
He sees about 140 patients a week right now and wants to see between 225 to 250. But he needs more staff to be able to reach his goals.
With the labor shortage, hiring remains a challenge, and some of the candidates coming in were asking for more than the practice could afford.
Verelle seriously considered making an offer to one therapist, but worried about being able to afford the six-figure salary the candidate was asking for. His colleague ran the numbers and felt they could afford it…but something still didn’t feel right to Verelle.
Gaining Better Financial Visibility Saved the Practice
Around that time, Verelle got connected with Chad Madden and Breakthrough. He joined the first cohort of Breakthrough’s new program, Profitability Under
Pressure: A 13-week masterclass to help owners take control of their profitability.
“We needed guidance and we needed structure. I felt this was going to be the program that helped us,” Verelle said.
In the program, Verelle gained access to the Profit Planner, a tool that makes it easy to see your revenue and your expenses. Using the tool, Verelle realized that if he were to hire the candidate at the six-figure salary being asked, it could have spelled disaster for his clinic.
“We would have been out of business by January, for sure. Without a loan, for sure,” Verelle said. “The Profit Planner saved our clinic.”
Verelle is still searching for his next therapist but feels more confident now that he has a clear understanding of what type of candidate he can afford. Gaining visibility into his finances was the first step Verelle needed to take to preserve his profit margins.
Small Changes Result in 15% Increase in Revenue per Visit
Through a profit audit, Verelle was also able to identify opportunities to increase revenue per visit by improving his scheduling and billing processes.
The result? A whopping 15% increase in average revenue per visit — in less than 3 months.
“We started running our numbers more, looking at better reimbursement combinations, all of these higher paying codes. We started billing that now, and
our numbers went from about $83 a visit to $98 a visit on average.”
Now, Verelle has more confidence in his business model going forward. There are still learnings from Profitability Under Pressure that he looks forward to
implementing, such as generating more revenue from cash-based services.
“Breakthrough saved our practice,” Verelle said. “I’ll look again 6 months from now and I think I’ll owe you guys a lot.”