Healthy Wealthy & Smart Dr. Nick Schmit: Exploring New Revenue Streams in Physical Therapy
In this episode of the Healthy, Wealthy, and Smart Podcast, host Dr. Karen Litzy welcomes Dr. Nick Schmidt, a practicing physical therapist and founder of PT Assist and the Physical Therapy Project. Dr. Schmidt shares his journey from a pre-pharmacy student to a passionate advocate for innovative revenue streams in physical therapy. The conversation delves into the importance of cash-based services, the potential of retail sales in clinics, and the creation of a supportive community for physical therapists. Dr. Schmidt emphasizes the need for sustainable business practices and the role of physical therapists as musculoskeletal experts.
Takeaways
- The transition from traditional to cash-based models can enhance revenue.
- Retail sales in clinics offer a viable revenue stream with the right products.
- Building a community among physical therapists fosters growth and innovation.
- Understanding the market and patient needs is crucial for success.
- Integrating new technologies requires careful consideration and planning.
- Consistency and passion are key to professional growth.
- Collaboration with other practice owners can provide valuable insights.
- The importance of aligning new revenue streams with clinic capabilities.
- The role of physical therapists as primary musculoskeletal care providers.
- The value of connecting with like-minded professionals in the field.
Chapters
[00:00] Introduction and Welcome
· [02:15] Dr. Nick Schmidt's Background and Journey
· [05:30] Exploring Cash-Based Services
· [10:45] The Role of Retail Sales in Clinics
· [15:20] Building the Physical Therapy Project Community
· [20:00] Innovative Technologies and Their Implementation
· [25:30] Challenges and Opportunities in Revenue Streams
· [30:15] Advice for Practice Owners
· [35:00] Closing Thoughts and Contact Information
More About Dr. Schmidt:
Nick Schmit is a practicing physical therapist and the founder of The PT Assist and The Physical Therapy Project community on Skool. Throughout his career, Nick has developed a deep passion for helping practice owners build sustainable businesses while reinforcing the role of physical therapists as the musculoskeletal experts.
This passion led him to create The PT Assist, a platform that helps clinic owners successfully integrate retail sales into their practices. His newest venture, The Physical Therapy Project, is both a community and a resource hub for physical therapists exploring cash-based services and modalities such as dry needling, saunas, shockwave therapy, laser, retail offerings, wellness services, and more. The community provides guidance on what services are available, how they work, which might be the best fit for a clinic, and practical strategies to implement them smoothly and effectively.
Nick grew up in central Minnesota, earned his bachelor's degree in Zoology from North Dakota State University, and went on to complete his Doctor of Physical Therapy at the University of Nebraska Medical Center in Omaha. He now lives in North Dakota with his wife and their growing family.
Grounded by his faith and family, Nick is grateful for the many blessings in his life. His mission is to add as much value to the profession as possible and to connect with others who are boldly pursuing their dreams and passions.
Resources from this Episode:
Nick's email: nick@theptassist.com
The Physical Therapy Project Website
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