Grow Your Practice Podcast

In this episode, Chad talks with Steven Coen, the CEO of Sara Health. Founded in 2018, SaRA Health has been at the forefront of remote therapeutic monitoring long before it was covered by insurance and became popular.Chad and Steven discuss the declining reimbursements in physical therapy and how RTM can increase revenue for providers. Sara Health's daily text messages to patients based on their treatment plan have been effective, with a 90% patient response rate. Steven discusses the outcome study they conducted in Rochester, Minnesota, which showed better outcomes and lower total cost of care for patients who received consistent, automated text communication.In this thought-provoking conversation, Steven Coen provides valuable insights into the future of remote therapeutic monitoring, the challenges faced by clinicians, and his vision for a better healthcare system.SHOW LINKSSara Health: https://sarahealth.io/Sara Health ROI Calculator: https://www.sarahealth.com/pricingContact Steven: steven@sarahealth.comFollow Steven on LinkedIn: https://www.linkedin.com/in/stevenmcoen/

If you're considering selling your practice one day, whether in the next 5, 10, or 15 years — Now is the time to start planning for that future. The earlier you can take action to increase the value of your practice, the better. In this episode, Chad shares how he built his $16.5 million practice (since the time of this recording, the valuation has increased to $20.8 million).Learn Chad's planning process for growing and selling his practice. Discover the magic formula for calculating the value of your practice. And hear one practice owner's story of successfully doubling practice value within a year and retiring to their dream beach home. SHOW LINKSProfitability Under Pressure, Chad's 13-Week Masterclass: https://bit.ly/3Ob8XG6

Winter is just around the corner. And that means it’s time to start planning Q4 marketing campaigns to prevent the traditional slow season.Maintaining steady patient volume throughout the year, and avoiding a seasonal slowdown, is more important than ever. The profitability of your practice could be at risk. A recent report showed that inflation sped up in August, and the Consumer Price Index rose another 3.7 percent this year. Meanwhile, CMS has announced more Medicare Cuts as part of the 2024 Physician Fee Schedule Proposed Rule.These challenges are likely to further squeeze profit margins, which are already dangerously slim across our industry. To preserve your profitability, it’s imperative to do 2 things: 1) fill schedules and 2) fill space.In this episode, Chad goes over a foundational marketing concept that you can use to develop your Q4 marketing campaigns and keep your team operating at capacity throughout the winter months. Want to discover 10+ more ways to increase profitability? Find out about Profitability Under Pressure, Chad Madden's 13-Week Masterclass for practice owners: https://bit.ly/3Ob8XG6

Nick Patel, the National Director of Clinical Services for USPH and Executive Director of APTQI, sheds light on the looming 2024 Medicare Cuts that have been proposed. In this episode, Nick shares the basics of the recent proposal, including more cuts to the conversion factor. Chad and Nick discuss the potential impacts — what more cuts mean for your practice and for patients. They also highlight the importance of advocacy and provide valuable information on how you can make your voice heard. With the potential impact on practice viability and patient care, it's crucial to understand the implications of these cuts. There are only a couple of days left to comment on the Proposed Rule. The deadline to submit comments is Monday, September 11th. Find more details on submitting comments in the show links below.SHOW LINKSAPTQI Take Action Page (How to Submit Comments to CMS): https://www.aptqi.com/take-action/APTQI Website: www.aptqi.comFollow APTQI on X (Formerly known as Twitter): @allianceptqiLearn more about Profitability Under Pressure, Chad Madden's 13-Week Masterclass to help you survive Medicare Cuts: https://bit.ly/3Ob8XG6

The Centers for Medicaid and Medicare Services (CMS) issued the 2024 Physician Fee Schedule (PFS) proposed rule on July 13, 2023. It includes a 3.34% cut to the conversion factor — yet another cut to physical therapy reimbursements. The current conversion factor is already lower than in 1994, when the U.S. dollar held 52% more value (before decades of inflation).  CMS is accepting public comments on proposed policy changes until September 11, 2023.In this episode, Chad speaks with Mary Daulong, President and CEO of BCMS, to get a better understanding of what’s in the 2024 Physician Fee Schedule Proposed Rule and what practice owners can do to maintain profitability in a challenging environment. Tune in for expert insights into the proposed policy changes. Discover how and where to submit comments about the Proposed Rule. Plus, get practical steps you can take to navigate Medicare Cuts. SHOW LINKSPro Forma Tool: https://docs.google.com/spreadsheets/d/1Jhc6XvxAjpeRppJarAjQJg2xQm1VaRc_b9RRP7Bemao/edit?usp=sharingLearn more about BCMS: https://bcmscomp.com/Learn more about Chad's 13-Week Masterclass, Profitability Under Pressure: https://bit.ly/3Ob8XG6APTA Comment Submission Tool: https://forms.office.com/pages/responsepage.aspx?id=-5nntbXE30GOAXjm3Qtnr20gDj1nRa9KiEyVWiRXCKlUMDE0RllYVUU4RElMVDc2SUhRVk1IT1A3RS4uSubmit comments here: https://regulations.gov/Patient Action Center: https://www.apta.org/advocacy/take-action/patient-action-centerRegulatory Action Center: https://www.apta.org/advocacy/take-action/regulatoryFor more information on these and other legislation, go to:Your Voice Matters: https://www.apta.org/advocacy/take-actionPolicy Principles for Outpatient Therapy Reform: https://www.apta.org/siteassets/advocacy/2023/policy_principles_therapy_reform_under_mpfs_june2023.pdfSupervision Regulations by State: https://www.fsbpt.org/Portals/0/documents/free-resources/JLRG_SupervisionRequirements_201006.pdf

One of the most common things we hear from practice owners is challenges around retaining staff. And it's no surprise. After all, 4 Million Americans quit their jobs in 2021. And 3.6% more healthcare workers walked away in 2020 than in the previous year. On top of the labor shortage, the industry as a whole is experiencing declining reimbursements and rising costs — making it more difficult to offer competitive salaries. As a result, many owners are losing staff to HOPTs or POPTs practices.Practice owners who change nothing will continue to struggle...and may eventually be forced to close. Those who take a proactive approach to improving their essential business systems, including finance, personnel, and marketing, have an opportunity to not only survive — but to grow, expand, and leave a lasting impact.In this episode, Chad does a deep dive into the 10 processes that you need to build out to develop and retain a great team. Listen in to learn how to develop employee scorecards, source and screen candidates, engage and incentivize employees, and retain staff. Whether you're currently experiencing staffing issues or want to be proactive in building a strong team, this episode is for you. Chad shares practical advice and valuable insights that can make a significant difference in your practice.Like what you hear? Join us at Breakthrough Live, a 2-day event focused on Hiring and Motivating a Team of A-Players. The event takes place October 5-7 in Denver. Time is running out to get a 50% discount on your ticket. Go here to learn more and register: https://bit.ly/458cw5H

As the Founder and CEO of Include Health, Ryan Eder is committed to fusing design and technology to make physical therapy more accessible. He’s been building the design and technology for Include Health since 2006. In this episode, Ryan shares how technology can enhance the connection between the clinician and their patients in between visits and improve patient outcomes. And how it can be done as efficiently as possible so as not to interfere with the clinician’s workflow. He discusses Remote Therapeutic Monitoring (RTM), applications for AI in physical therapy, and how technology can be leveraged to reduce some of the documentation burden. In the end, Ryan encourages the industry to think of technology as a friend, not an enemy. Tune in to hear from Ryan on how technology can supercharge you.To learn more about Include Health, visit www.includehealth.comInterested in attending Breakthrough Live? TODAY August 18th is the Extended Free Ticket Deadline. Learn more and register here: https://bit.ly/458cw5H

Planning to sell your practice one day? Whether you want to sell in the next 2, 5, 10, or even 20 years, it’s important to start planning and taking action now to increase your practice value. In this episode, I walk through how to calculate EBITDA and the value of your practice.I share the 3 key determinants of practice value.Listen in to discover the steps you need to take in your practice to increase practice value. And learn how the market has changed for practices looking to exit soon. SHOW LINKSWatch the version of the recording with slides here: https://info.getbreakthrough.com/master-the-numbers-replay-wbn-typage Pro Forma Template mentioned in the episode: https://docs.google.com/spreadsheets/d/1Jhc6XvxAjpeRppJarAjQJg2xQm1VaRc_b9RRP7Bemao/edit?usp=sharing To get your own editable version of this template, click the link above then go to ‘File’ and ‘Make a Copy.’Learn more about Breakthrough Live: https://bit.ly/458cw5H By popular demand, the early bird deadline to get a FREE TICKET has been extended! Register by August 18th to attend for free. 

This episode is a recording from the recent Breakthrough Patient Demand Summit on increasing profit margins. Over 200 physical therapy practice owners were in attendance. Tyson Wigfall, Head of Marketing at Breakthrough, leads this session. Tyson is a true marketing expert. With well over a decade of marketing experience, Tyson works directly with physical therapists to drive marketing ROI and build patient demand. In this episode, you’ll discover the 3 most impactful marketing activities to prioritize for revenue growth. You’ll get a refresher on the 5 stages of awareness, one of the most foundational marketing concepts that you need to know as a PT practice owner.Gain an understanding of demand creation and patient demand. Discover how to run effective email campaigns to your past patients, how to attract brand new patients, and how to create a marketing calendar. SHOW LINKSTo claim your custom strategy call with a Breakthrough Program Director, copy and paste this link in your browser: https://bit.ly/44TDCxA Interested in attending Breakthrough Live in October? You’ll learn how to Hire and Motivate Your All-Star Team. Get more info here: https://bit.ly/458cw5H 

With declining reimbursements and shrinking profit margins, it's important to look at your billing and compliance processes. In this episode, Mary Daulong, President and CEO of BCMS, shares the most common mistakes that cause practices to lose money.You'll discover 3 important compliance strategies to prevent financial losses and increase profits.💲📈Tune in to discover revenue-boosting compliance secrets from the Queen of Compliance herself. 👑  SHOW LINKS Learn more about BCMS: https://bcmscomp.com/Join fellow practice owners in Denver at Breakthrough Live. The deadline for free tickets is Monday, July 31. Learn more and register here: https://bit.ly/458cw5H