Each quarter, Breakthrough hosts a live event featuring training sessions focused on private practice growth.
Our most recent event was the “Increasing The Value Of Your Practice Virtual Summit” where we brought together the best from within the Physical Therapy Industry to address how you can find opportunities in the current market.
Here’s a breakdown of the day and key takeaways from each session.
Click here to access all the recordings from the Summit.
The State of Private Practice PT with Chad Madden
Key takeaways:
- Being “the best” and offering the highest quality is not a sustainable business strategy for private practice owners.
- Patient-focused marketing is the biggest opportunity for practice growth right now. PTs going directly to the consumer is more important than ever after the pandemic.
- Don’t ignore the importance of “conversion conversations” to turn more of your direct access leads into paying patients.
Getting the Most Out of Your Space & Team with Ryan Christoff
Ryan is the president of the Physical Therapy Institute and his session focused on space and personnel utilization.
Key takeaways:
- Complete a pro forma prior to expanding into a new space and forecast your expected expenses and revenue.
- EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is the key metric to look at when trying to determine the value of your practice.
Take the time to watch the replay of this session to see the math Ryan uses for looking at space and personnel utilization.
Practice Value in Today’s Marketplace with Chris Reading
Chris, the president of USPH, shares how practice valuation has changed because of the pandemic.
Key takeaways:
- Hiring strategically can help you diversify the services offered at your clinic in an intelligent way that doesn’t distract from your core offer. It’s better to hire someone who is already passionate about a new service instead of trying to start from scratch yourself.
- There’s a lot that smaller PT practices can learn from corporate practices. Don’t dismiss good ideas because they come from a corporate setting. Instead, find ways to adapt and adopt them into your smaller company.
3 Things Driving the Value of Your Practice Today with Paul Welk
Paul Welk is a PT and transactional attorney at Tucker Arensberg, P.C. In his session he covers the the top 3 things driving practice value in the current economy.
Key takeaways:
- While your 2020 financial numbers may not accurately reflect the true value of your practice, resiliency – the ability to bounce back to pre-COVID numbers – is something that potential buyers will look for.
- “Never let a good crisis go to waste.” Use hard economic times as a forcing function to fix issues in your practice.
- One of the largest assets in your practice is your staff and company culture.
- Having systems and process in place at your practice makes your business more attractive to potential buyers.
Grow Your EBITDA with Robert Kowalick
Bob Kowalick built a very successful private practice before transitioning into revenue cycle management at CRS. And in his session he shares some actionable insights on maximizing EBITDA.
Key takeaways:
- Many private practices are leaving money on the table and not achieving the highest amount of revenue per visit.
- Data points to pay attention to: revenue per visit, Average Days Outstanding (ADO) score – how long is it taking you to get paid, and billing process efficiency.
- In general, a good margin for PTs to aim for is 20%.
Opening De Novo Clinics (New Clinics) with Dave Del Vecchio
Dave is the Regional Director of Operations at Professional Physical Therapy and he has a very unique perspective on opening de novo clinics.
Key takeaways:
- In some cases, sellers can use a projection of EBITDA for a de novo clinic to increasing the value of their practice.
- On average, Dave expects de novo clinics to become profitable in 3 months.
“How Can I Scale My Business In The Next 4 Years With Direct To Consumer Marketing?” with Kathy Borkoski & Carl Mattiola
Kathy Borkoski, the Head of Product at Breakthrough, and Carl Mattiola, Breakthrough’s CEO, share the steps involved in creating an end-to-end direct marketing strategy at your practice.
Key takeaways:
- Many practices have a solid foundation with physician referrals, past patients, general marketing (website, email, SEO), but have not figured out how to attract people with musculoskeletal issues who don’t know that PT can help them.
- Free screens and workshops (both virtual and in-person) are the best converting offers to use with cold audiences.
- Improving the ROI from paid advertising must involve taking steps to properly nurture and convert the leads generated from ads. This process involves following up with the people who engage with your ads, presenting a strong close at the end of workshops, and using standardized conversion techniques during free screens.
There is a right way to grow a practice, especially during a time of crisis like we’re experiencing now. Watch the full session replays from the Virtual Summit for free when you sign up at the link below.
