Grow Your Practice Podcast

A competing PT practice just moved in down the street from Madden PT. There was a point in time where this would bother me tremendously. But surprisingly, I’m not worried about the competition. This podcast will explain how I reached this point in my practice, and how you can, too.

Lately I’ve been working on training for owners who want to “exit with equity” i.e. those who increase the value of their practice so that they can earn more when they sell. Now, if selling/retiring is a bit far off for you, you might be thinking that this type of training doesn’t apply to you right now. But it does. I sum up my thoughts in the video below, but this is for you if you’re an owner who wants to maximize the value of their practice NOW regardless of when (or if) you plan to sell.

Here’s what really happens to private practice owners on the way to a million dollar practice and beyond.

When it comes to talking about building systems into your business, it’s easy to get lost in the weeds. What are systems? What systems do I need? How do I do it? Etc. Rather than dealing with these questions and figuring out the answers (and dealing with certain self-limiting beliefs) a lot of entrepreneurs decided to avoid systems altogether. This audio details my personal experience building systems at Madden PT vs what I’ve seen from other entrepreneurs. It’s a little longer than normal, but this topic is incredibly important. And it’s worth the time to get this right early on.

There’s A LOT of marketing advice out there - and about half of it contradicts the other half. With all the noise out there, it’s easy to get a little overwhelmed. When that happens, the best option is to work directly with mentor. Someone who’s a level you aspire to. But how to you pick a good mentor? In this video I share the one question you absolutely must ask anyone you’re getting advice from. The question is a little surprising, but I’ll walk you through the thought process behind it.

Here’s what we did at Madden PT when the hospital systems started moving in nearby. Faced with this level of competition, we had to ask ourselves some pretty tough questions about growing the practice WITHOUT physician referrals. Check out the podcast to hear how we more than doubled the size of our practice even while losing 90% of our referral sources since 2008/2009.

Some PT owners are content being self-employed. Meaning, they get to be their own boss, but their income is tied directly to the number of hours they spend treating in the clinic. The next stage up from self-employed is being a business owner. That’s when you have systems in place that free up your time and allow you to stop working 50+ hours a week. In this episode, I break down the most common mistake I see PTs making as they try to transition from self-employed to business owner. It involves neglecting the most valuable asset in their practice, and it’s likely that you’re making this same mistake.

Want to be scientific and diligent to create multiple channels for direct access patients to help your clinic grow and leave a larger impact in your community? Key Takeaways We'll look into Peter Drucker's quantity, quality and viability from his book, The Practice of Management. Do these three barriers get in your way as a Private Practice owner Over reliance on mastering just one media channel (for example print advertising) Don't stop your advertising completely as you research new media outlets to market to your target audience Know your Market

Discernment is vital to understanding which media outlet is best for your practice Killer Marketing Secrets for Private Practice PTs: How to Thrive in the New Healthcare Economy - chapter 11 written by Carl Mattiola discusses how to better use single question email Ask your target market what media they use, for example "What have you purchased in the last 30 days for your back pain" How does your target market use their media preference (iPad/tablet, mobile phone, laptop or computer) Use the results of your research to better target your audience

Using Lay Language by Chad Madden, Co-Founder of Breakthrough