What do the top 1% of PT practice owners do, that others don’t?
If you were to analyze two physical therapy private practices across the street from each other, one in the top 1% (in terms of revenue and patient satisfaction), and the other struggling to make ends meet while struggling with non-compliant patients, what would you find?
Today, we will explore the the characteristics of the most successful physical therapy business owners in the country.
After almost 10 years conducting events and working with thousands of private practice owners across the world through our workshops, here are some traits that the top 1% share.
They are committed to learning and self improvement. They spend time and money attending workshops and events that give them ‘big picture’ thinking. As a results, they have multiple streams of income, referrals, and have built an outstanding reputation in their community. Their staff is dedicated, motivated with little or no churn.
In fact, practice owners who rise to the top 1% are masters of physical therapy marketing.
I’ve worked with thousands of physical therapists over the years, helping them implement the Referral Ignition consulting programs.
This work, and the work within our exclusive (currently closed) Private Practice Mastermind program, has allowed me to identify several common threads between the top 1% of all physical therapy practice owners.
Such private practice owners are ‘celebrities’ in their communities,. They diversify their business with multiple cash paying programs. In addition:
- None of them are dependent on ‘traditional sources of referrals’
- They market directly to the consumer (and do it very well)
- They have a unique program (and catchy headlines) to attract consumers and interest physicians
- They don’t simply tell the public they are physical therapists, they educate the consumer why they are ‘different’ and ‘better’.
- They delegate tasks others can do, and motivate staff to rally behind them
- They leverage reviews in their marketing to get patients to know, like and trust them.
- They integrate additional business models (massage, wellness, laser, etc) for ‘revenue cushioning’ to minimize dependence on the traditional insurance pay model.
- Approximately 40% of their income comes from ‘non traditional’ sources.
- They live a healthy, happy lifestyle, and work ‘normal’ hours. They are calm and relaxed, have a sense of humor, and don’t take things very seriously.
Across the country, thousands of physical therapy private practice owners grow and thrive every single day.
These elite physical therapists silently create a ‘lifestyle’ practice, an ’empire’ if you will, that is not dependent on their physical presence.
For elite private practice owners, personal satisfaction is more important than numbers or money. Success is about the lifestyle your practice allows you to lead.
It is the freedom to work (and not work) on your own terms. It is about loving what you do, and having a work-life balance. It is the ability to do what you want to do (not what you need to do) when you want to do it.
These clinicians are just like you, and they treat patients the way they want, do what they are passionate about, and are leaders in their communities.
In fact, I know many of them personally, since I work closely with them.
These therapists are the most successful physical therapists on the planet and they are at the top 1% of their profession in terms of revenue and patient satisfaction.
They are successful, because they built their practice on SIX core foundations.
They commit to delivering the WOW experience with each and every patient interaction, making patients feel appreciated, recognized and valued. They don’t just deliver, they go above and beyond. There is a very powerful difference here. For example, they don’t say “Good to see you! How’s the weather?”. They say “It’s really cold / hot outside. Can Amy at the front desk being you some coffee / a smoothie?”
They never copy their competitors and try ‘anything that comes their way’. They put in time, money, effort, and sweat equity to learn skill sets like marketing, testing and tracking return on investment.
They delegate all ‘second tier’ decisions to competent and capable staff. They don’t blame the economy, they CREATE their own economy.
They use different modes of communication (newsletters, Facebook, email, website contact forms, script-based phone calls, personal meetings) and have the right staff in place for engagement and value based communication.
They don’t run their practice… they create the systems and processes, which in turn run their practice. They focus on the critical few and neglect the trivial many.
They are well connected individuals. They can get ‘things done’. They know the right people, and more importantly, when they call someone important, their calls get answered. They have the right relationships with the right people.
You see, you can join the elite group of “The Top 1% of all physical therapy private practice owners”.
And YOU can learn exactly how they do it at when you attend the Private Practice Summit 2019 Event on October 11, 12 and 13 in Las Vegas, NV.
You’ll have access to every tool, resource, and system available to help you reach your goals.
You will discover several advanced strategies and tactics, and here are 10 reasons to attend Private Practice Summit 2017 on October 6, 7 and 8 San Diego, CA.
We look forward to seeing you there.
If you want to learn more about how to take advantage of each of these trends, I go into a lot more detail during the Private Practice Summit 2019 Event on October 11, 12 and 13 in Las Vegas, NV.
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 ORLANDO. REGISTER NOW.
October 11, 12 and 13 in Las Vegas, NV.
We only have a certain amount of tickets available at this price, so act fast.
Have a great week!
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.
• 10+ Speakers
• Discounted Hotel Rooms
• Daily Breakfast