Thank you for the incredible feedback on the article on the richest physical therapists in the world. We got over a hundred emails asking for a more advanced article, and here it is – the 10 drivers of success for physical therapy private practice owners.
My name is Nitin Chhoda PT, DPT and I’ll cover these 10 drivers in more detail and help you quickly implement them in your practice at the Private Practice Summit 2018 Event on October 12, 13 and 14 in Las Vegas, NV.
After almost 10 years conducting events and working with thousands of private practice owners across the world, we have identified 10 things that successful PTs do, and Joanna and Liza are phenomenal at each of these. Here are the 10 drivers of success for PT practice owners.
Point 8 is my personal favorite, because it is contrary to everything we are taught as clinicians.
1. Joanna and Liza know the cost of patient acquisition, down to the exact dollar amount. They know how much they need to spend to acquire a new patient.
Know your metrics so you know what’s working and what isn’t. Do more of what’s working, and stop wasting money on the things that aren’t.
Ask yourself – What’s that number for you? Those who know this can take control of their business.
We’ll teach you how to identify, and dial in all clinical metrics at Private Practice Summit 2018 in Las Vegas, before lunch, on Day 1 – Friday, April 20th at 12 pm. The session is called ‘Track or Die – No BS Metrics to Skyrocket Your Practice In 2017’
2. Joanna and Liza know which payers pay the most, and which CPT codes pay the most.
Everyone knows that clinical efficiency = better cashflow. At the end of each day, does every clinician complete all of their documentation?
Financial efficiency is about knowing what gets you the most return for the least effort. Do you know which payers, which CPT codes make you the most money? Are you creating a diversified ‘funnel’ consisting of a mix of high paying payers and average paying payers, so you are not dependent on one payer?
Expect several techniques to improve clinical efficiency and boost financial efficiency in the first session on day 1 of Private Practice Summit 2018 – ‘How to Survive The Medicare Crackdown with The Reverse Funnel‘.
3. Joanna and Liza have crafted a patient experience that sets the stage for the rest of the relationship… in the first 5 minutes of the patient interaction.
Does the patient get an unexpected and personalized welcome in the first five minutes? Learn 5 strategies to set the stage for an unforgettable visit in the first 5 minutes.
At Private Practice Summit 2018, you’ll learn the proprietary ’emotional threshold’ approach to craft an exceptional patient experience. In fact, we’ll teach you how to automate the before, during and after patient experience on Day 2 – Saturday, April 16th at 9 am. The session is called ‘Complete Automation of The Before, During and After Patient Experience‘.
Click the image to register for Private Practice Summit 2018.
4. Joanna and Liza have diversified their referral sources. They get no more than 10-20% of your referrals from any one source.
In fact, they run multiple marketing campaigns and track ROI on each one.
In other words, you are not dependent on any one (or two).
Identify your top three referral sources. Take away one of them. Will your practice survive? If the answer is no, you’ve got to come to Las Vegas.
Arlan Alburo PT from Orthopedic and Balance Therapy will share all his strategies on Day 1 – Friday, at 3 pm. The session is called ‘How a Practice Owner Created 5 Positive ROI Marketing Campaigns‘.
5. Joanna and Liza have set up cash paying programs, and have different service offerings.
Can you offer your patients 3-4 value added services that can increase revenue?
What is offered to the patient other than physical therapy when he / she walks in? (massage, fitness, injury prevention classes, low back pain prevention bootcamp etc).
Kevin Rausch PT, owner of Rausch Physical Therapy, will teach you ‘How to Identify, Launch, and Profit from Cash Pay Programs’ at 4 pm on Day 1 – Friday, October 6th at 4 pm.
6. Joanna and Liza know that EMR software and online websites are just a means to an end. They know that success is not about software, it’s about the right people and the right systems.
The right person in the right role will grow your practice much more than expensive software and overcomplicated websites.
Sure, software and websites help, but not if internal systems and staffing are broken. Do you have the right people in the right roles? Learn how to identify, attract, retain and motivate the right people at Private Practice Summit 2018.
7. Joanna and Liza avoid the single biggest mistake made by most practices = Zero patient follow up after discharge.
After a patient is discharged, does he / she receive useful, content-rich information from you by email / phone call / SMS?
Get ready to learn several done-for-you scripts at Private Practice Summit 2018.
8. Joanna and Liza are not perfectionists, they are masters of speed and implementation. They plan to branch out to multiple locations since they have things ‘dialed in’ and possibly create a franchise.
In the business of private practice, speed is more important than perfection. As business owners, 80% is often good enough in most cases. The incremental benefit from the final 20% is not worth the painstaking effort towards perfection.
Are you a perfectionist? Do you want everything completely dialed in or are you an 80% person? You’ll learn how to overcome ‘negative programming’. This is important because there are times when our intelligence, and our intellect gets in our own way. Michael Sportini, CEO of IVY Rehab will discuss everything he has done to multiply his practice in the session ‘Branching Out: Expansion into Multiple Locations‘ on Day 1 at 5 pm EST.
9. Joanna and Liza plan long term campaigns = 12 month marketing objectives.
It’s tempting to look for something that brings in more income and more patients, but short-term strategies and techniques only take you so far.
Do you have a 12 month plan to grow your practice, are you deliberate and purposeful in your marketing? You’ll have one by Sunday, October 08.
10. Joanna and Liza know their numbers. They have a financial goal for the rest of 2017.
If you were reading this article 12 months from now, what would have to have happened in those 12 months, so that when you looked back, you were happy with your progress? For example, you want your income goal to be X, 12 months from today. Once you know this number, the rest of your decisions can be gradually reverse engineered.
This is probably going to be one of the most important sessions of the entire conference, and I have crafted a step-by-step blueprint called ‘Planning for Success in 2017 – The 12 Month Roadmap’. This session alone can help you recoup the entire investment in Private Practice Summit 2018.
Vacation with your peers in Las Vegas. Register Now.
I admit that this is work, but I never said it was easy. Joanna and Liza put in the work.
I can tell you this. You will cut the learning curve significantly, when you attend the 2018 Private Practice Summit event in Las Vegas on October 12, 13 and 14.
Here is the link if you want more information:
Get up to 32 CEUs, enjoy the included breakfast, learn from several speakers and have a BLAST with your peers in Las Vegas, NV on 10/12, 10/13 and 10/14. The speaker line-up is amazing, and the who’s who in private practice are going to be there, so don’t miss out!
Private Practice Summit 2018 is ideal for owners, clinicians, front desk staff, managers, and billers in physical therapy private practice. We hope to see you in Las Vegas in October. Newly added sessions include cybersecurity, no-nonsense social media strategies and more.
Click the image below to learn more about the event.
Enjoy the rest of your week!
Nitin Chhoda PT, DPT
So if you’re planning on coming, click here to secure your seats before the price goes up. Private Practice Summit 2018 was sold out weeks in advance (fact).
So act quickly to reserve your seats. Last year’s event was sold out weeks in advance and we stopped accepting registrations several weeks before the event.
Vacation with your peers in Las Vegas. Register Now.
Secure Your Tickets Now.
October 12, 13 and 14 in Las Vegas, NV. Get up to 32 CEUs.
We only have a certain amount of tickets available at this price, so act fast.
Nitin Chhoda PT, DPT
PS – This is ideal for owners, clinicians, front desk staff, managers, and billing staff. Click below to learn more about the educational sessions, schedule and hotel information and secure your fast action price tickets.
• Up to 32 CEUs
• 10+ Speakers
• Sunny San Diego
• Discounted Hotel Rooms
• Daily Breakfast