The P.T. Entrepreneur Podcast EP300 | Dropping Poor Insurance Contracts And Adding More Cash Revenue With Danny Laughlin
Today I've got Danny Laughlin from Laughlin Performance and Physical Therapy in Overland Park, Kansas on the show. Danny's a great example of someone who had a solid, primarily in network hybrid practice but saw the writing on the wall. We dive into how he's strategically shifted away from those crappy insurance contracts, dramatically increased his revenue per hour, and built out more cash based performance and wellness options. We also get into how the recent craziness pushed him to finally launch the digital side of his business he'd been planning for years. Lots of great insights here for anyone navigating the hybrid world or looking to boost their cash services.
π Key Takeaways:- βοΈ Insurance frustrations are real: Major issues include significant cash flow delays (waiting 30β90 days for payment) and insurance companies devaluing PT services (think $55 reimbursement for complex cases).
- βοΈ Shifting focus pays off: Danny went from averaging $90-95/hour with mostly insurance to $125-130/hour by increasing cash services and dropping poor contracts. That's a massive difference.
- βοΈ Reactivate your past clients: Running campaigns like "Open Enrollment" for wellness/maintenance packages can bring in significant cash flow (Danny signed up 30-40 people) and provide ongoing value.
- βοΈ Get comfortable talking price & value: Staff training on articulating value and discussing pricing confidently is crucial. Don't sidestep the money talk; own your worth.
- βοΈ Leverage your admin team: Train your front desk to lead with cash options and explain the benefits of private pay (more comprehensive care, focus on performance) before mentioning insurance.
- βοΈ Build continuity: Don't just discharge patients. Create pathways for them to transition into ongoing wellness, performance, or maintenance programs. They often want it but need the option presented.
- βοΈ Digital is the next frontier: Use platforms like TrueCoach to offer remote programming and telehealth. This expands your reach beyond local limitations and provides scalable options.
- βοΈ Challenges force innovation: The quarantine forced Danny to finally build out the digital platform they'd talked about for two years. Use disruptions as a catalyst for growth.
Stop giving patients decision fatigue with too many options. Clearly state your professional recommendation for their plan of care, whether it's in person therapy, a digital program, or a continuity package. Tell them what you believe is best for them to get the results they want.
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