Can you believe it? We are already more than half-way through October 2018!
Things are changing fast in the world of healthcare now that we have a new administration, and regulations are changing each day.
After over 10 years conducting events and working with thousands of private practice owners across the world, we have identified 10 things that physical therapy private practice owners need to do in 2018. Let’s jump right in!
Point 8 is my personal favorite, because it is contrary to everything we are taught as clinicians.
1. Know the cost of patient acquisition, down to the exact dollar amount. This allows you to calculate how much you need to spend to acquire a new patient.
Ask yourself – What’s that number for you? Those who know this can take control of their practice. For example, does it cost you $100 to acquire a new patient ? (regardless of how you do it). If you know the answer to this question, you can reverse engineer all your marketing.
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.
2. Know which payers pay the most, and which CPT codes pay the most for each of those payers.
Everyone knows that clinical efficiency = better cashflow. At the end of each day, every clinician must complete all of their documentation.
But that’s just the beginning.
Financial efficiency is about knowing what gets you the most return for the least effort. Do you know which payers and 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?
3. Craft 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?
At Private Practice Summit 2018, I will teach you 5 strategies to set the stage for an unforgettable visit in the first 5 minutes.
4. Diversify your referral sources. Get no more than 10-20% of your referrals from any one source.
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 change something.
5. 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).
6. Recognize that EMR software and websites are just a means to an end. Success is not about software, it’s about the right people and the right systems.
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 to take your practice to the next level.
The right person in the right role will grow your practice much more than expensive software and overcomplicated websites.
7. 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. Don’t be a perfectionist, focus on speed and implementation.
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? Are you willing to accept speed of implemenation versus precision?
9. Plan long term campaigns = Think 12 months into the future and plan your marketing accordingly.
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?
10. Know their numbers. Have a financial goal for the rest of 2018.
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.
If you’re looking to spend more time with, and learn from the most successful physical therapists in the country, then attend the Private Practice Summit 2018 Event on October 12, 13 and 14 in Las Vegas, NV.
We look forward to seeing you there.
So act quickly to reserve your seats.
VACATION WITH YOUR PEERS in San Diego. REGISTER NOW.
October 12, 13 and 14 in Las Vegas, NV.
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 tickets.
• 10+ Speakers
• Discounted Hotel Rooms
• Daily Breakfast