In this episode of the Grow Your Practice podcast, host Chad Madden, owner of Madden Physical Therapy and Breakthrough, delves into creating a plan for profitability in private practice. Madden explains the concept of the 'flywheel' for continuous growth and draws parallels to Amazon's success. He details the steps clinicians can take to diagnose and treat patients efficiently, and similarly, how these practices can be applied for financial planning in a private practice. Key topics include conducting profit audits, creating profit plans using tools like pro forma, and implementing strategic 'profit levers' to increase revenue per visit. Madden also shares insights from his personal journey of opening multiple clinics and purchasing commercial real estate. The episode concludes with a Q&A session where listeners ask about marketing tactics, filling schedules, and maintaining profit margins.
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If you find this episode helpful, we have the 'Profitability Under Pressure' program, a 13-week course with insights into improving time management, managing payer mix, enhancing patient lifetime value, and more. Success stories from various practice owners who implemented these strategies are shared, highlighting significant growth and financial stability achieved.
To learn more and apply for Profitability Under Pressure, visit: https://hubs.la/Q02H_3Sl0
00:00 Introduction to the Podcast
00:19 Creating a Plan for Profitability
00:35 Understanding the Flywheel Concept
01:28 Clinical Application of the Flywheel
03:02 Steps to Increase Revenue and Profitability
03:08 The Importance of a Pro Forma
04:14 Real-Life Example: Buying a Building
06:18 Using Pro Forma for Business Growth
07:04 Training Clinical Directors with Pro Forma
08:36 Common Pitfalls and Misunderstandings
11:18 Strategies to Improve Profitability
13:50 Five Use Cases for Pro Forma
22:54 Q&A Session
34:53 Conclusion and Final Thoughts
