Many individuals are happy to join a gym, but complain about the monthly membership fee, especially when they skip workouts sometimes (guilty as charged). Interestingly, most individuals stay on, in the hopes that they will ‘use the gym’ soon.
As a physical therapist, have you considered tapping a physical therapy marketing strategy with options such as monthly membership fees for patients post discharge? Patients should be visiting their ‘friendly neighborhood physical therapist’ for exercise and wellness needs. There are huge advantages in working with motivated patients who know you, like you and trust you and could buy a membership plan and come regularly. The patients could reach their goals faster while you can predict monthly income and create a sustainable source of recurring revenue, unaffected by external forces like physicians and insurance companies. The way to structure and sell these programs is a vast, untapped, unique market in physical therapy.
With such a program, you are almost guaranteed to work with patients who are more committed, more likely to respond to treatment, appreciate your services, refer you to friends and remain your patients for several months, sometimes years to come.
The new secret of physical therapy businesses: a one year ‘clinic membership’ program consisting of a package of treatment sessions. This program will generate and sell high value, niche cash based programs based on a recurring revenue model.
With traditional physical therapy, we see a patient and wait to get paid by insurance companies. With a cash based physical therapy membership model, you not only get paid cash for your services, but you can also collect cash in advance for your services before they are actually rendered. In addition, you can get your patients to commit to pay a certain amount, on a consistent basis, month after month by authorizing you to charge their credit card. This is called electronic funds transfer (EFT).
More on this in the coming days…