Grow Your Practice Podcast

Discover a shockingly simple way to uncover hidden profit leaks in your practice.This tool helped me gain financial clarity in less than 36 minutes — and I'm giving it away for free. In this special episode, I introduce the Profit Leak Audit. I also talk through time management and give you one important exercise you can go through to prioritize your most valuable activities. This exercise can help you gain more time to focus on making your practice more profitable.To see the full video and get your copy of the Profit Leak Audit, go to https://getbreakthrough.com/profitnowP.S. We're a few days away from launching a program exclusively for practice owners looking to increase the profitability of their practice. To be amongst the first to learn the details, sign up at the same link: https://getbreakthrough.com/profitnow

Profits are reaching historic lows in private practice. You probably feel like you’re working harder for less money.How did it come to this? And more importantly, what should practice owners be doing to survive?In this special episode, Chad kicks off a brand new Free Training for Practice Owners to Increase Profits. Tune in to discover the startling truth about shrinking PT profits…and what you can do about it. This episode is best watched on video and represents only a short clip of the full video. To watch the complete video and gain first access to the rest of this free training series, go to getbreakthrough.com/profitnowP.S. Keep your eye out for an extra episode this week. "How to Conduct a Profit Leak Audit in Less than 36 Minutes" airs Saturday, October 28th.

If the proposed 3.34% Medicare Cut goes through, physical therapists in 2024 will get paid the lowest rate in 30 years. When you account for inflation, we'll effectively get paid half as much as physical therapists in 1994. To survive another round of Medicare cuts, it's imperative to take proactive steps to increase your profit margin.In this episode, you'll learn how to conduct a profit leak audit and increase profitability. Discover how to pinpoint where you’re losing money and 4 levers to increase profit. Plus, hear real stories about other practice owners who have successfully increased profit.Interested in the 13-week masterclass, Profitability Under Pressure? Get in before the Early Bird Deadline in early November. Apply here: https://bit.ly/46Coupc

Unfortunately, PT school still doesn’t teach us about money. A better understanding of money and finances could really come in handy right now(!) when the majority of private practice owners are experiencing shrinking profit margins. In this episode, Chad gives an introduction into what he’s learned about making money, including: The Wealth Formula for What You Should be WorthThe Happiness SecretThe Money ProblemAssets vs LiabilitiesProdigious Accumulators of Wealth (PAWs) vs Under Accumulators of Wealth (UAWs) Three books influenced Chad’s thinking on this topic: The Millionaire Next Door by Thomas J. Stanley, Increase Your Financial IQ by Robert Kiyosaki, and The Richest Man in Babylon by George Samuel Clason. In a future episode, Chad will share the 5 Financial IQs outlined by Robert Kiyosaki. __________________The private practice physical therapy industry is in turmoil, facing an unprecedented profit crisis. Declining reimbursements, surging business costs fueled by inflation, and shrinking margins are sending shockwaves through the profession.While the profit crisis in private practice PT is undeniably daunting, it is not insurmountable. By implementing strategic changes, private practice owners can emerge from this financial storm stronger than ever.We’re here to help.Soon, Breakthrough will launch a new program, Profitability Under Pressure: A 13-week masterclass to help owners take control of their profitability. The class includes 13 weekly modules and live calls with industry experts and other practice owners. To find out if you’re eligible, apply to the program here: https://bit.ly/48KOb8B This application is risk-free and does not include any sort of obligation to move forward.Don’t wait. Each cohort is limited and the class fills up fast. The Early Bird deadline to sign up is October 25th. Ensure increased profitability in 2024. Apply Today: https://bit.ly/48KOb8B 

Reimbursement rates have dropped lower than they were in 1994. Accounting for inflation, they're half as much today as they were then.Practice owners must find ways to increase revenue. One of the most effective ways you can do that is by adding cash-based services.In this episode, Chad talks with Mark Callanen, Director of Education at Enovis™, the parent company of Chattanooga® and LightForce® Lasers. They discuss the most common barriers to implementing cash-based services and ways to overcome them. They share strategies to attract cash-pay patients and to train and incentivize your staff to sell cash services. Chad and Mark also share the details of a new program for practice owners to increase revenue from cash-based services. SHOW LINKSInterested in increasing revenue from cash-based services? Learn more and schedule your discovery call: https://bit.ly/3rJy0aP

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