Grow Your Practice Podcast

Discover how to elevate your private practice’s profitability through strategic planning and essential tools. Learn about the 'flywheel' concept for continuous growth, inspired by Amazon’s success. Uncover the secrets of profit audits and how to create effective profit plans. Explore the benefits of expanding your team to enhance revenue per visit and the importance of effective marketing and patient reactivation. Gain insights from personal success stories and tackle challenges like declining profit margins while building a sustainable financial future.

Join Chad Madden in this episode of 'Grow Your Practice' as he dives into strategies to identify where you're losing money and boost your practice's profitability. From personal stories and real-world examples, learn how to audit at a granular level, discover hidden pitfalls, and leverage the Profit Leak Audit. Explore how understanding detailed metrics instead of just surface numbers can transform your practice. Plus, learn about the Profitability Under Pressure program designed to help practice owners thrive even in challenging economic times. Tune in for actionable insights and proven methods that have helped many practice owners increase their revenue.Are you a practice owner who would like to join these live calls?Register here: https://info.getbreakthrough.com/gyp-weekly-call-wbnIf you find this episode helpful, we have the 'Profitability Under Pressure' program, a 13-week course with insights into improving time management, managing payer mix, enhancing patient lifetime value, and more. Success stories from various practice owners who implemented these strategies are shared, highlighting significant growth and financial stability achieved. To learn more and apply for Profitability Under Pressure, visit: https://hubs.la/Q02H_3Sl000:00 Introduction to the Podcast00:21 Identifying Revenue Losses01:08 The Importance of Metrics01:54 Granular Analysis in Practice03:48 Auditing for Improvement05:18 Real-Life Examples of Auditing06:16 Addressing Clinician Performance08:04 Handling Documentation Issues09:32 Discovering Billing Errors11:13 Theft and Financial Mismanagement14:49 Positive Outcomes from Auditing15:03 Profitability Under Pressure Program24:40 Success Stories and Testimonials30:21 Conclusion and Final Thoughts

Join Chad Madden, owner of Madden Physical Therapy and Breakthrough, in this episode of the Grow Your Practice Podcast. Chad discusses setting clear goals for your practice and overcoming common challenges faced by practice owners. Featuring insights from practice owners John and Eric, Chad walks through a powerful exercise to help you envision your ideal practice. This episode also introduces the 'Profitability Under Pressure' program, a masterclass designed to help private practice owners build financial stability and increase revenue.Are you a practice owner who would like to join these live calls?Register here: https://info.getbreakthrough.com/gyp-weekly-call-wbnIf you find this episode helpful, we have the 'Profitability Under Pressure' program, a 13-week course with insights into improving time management, managing payer mix, enhancing patient lifetime value, and more. Success stories from various practice owners who implemented these strategies are shared, highlighting significant growth and financial stability achieved. To learn more and apply for Profitability Under Pressure, visit: https://hubs.la/Q02H_3Sl000:00 Introduction to the Podcast00:19 Understanding Practice Goals01:08 Personal Goals and Aspirations03:44 Financial and Operational Challenges06:26 Creating a Vision for Your Practice10:36 Team and Staff Development16:06 Marketing and Community Impact17:18 The Power of Clear Goals24:22 Conclusion and Upcoming Events

Chad Madden, owner of Madden Physical Therapy and Breakthrough, shares his insights on overcoming limiting beliefs in private practice. He discusses his personal journey and how challenging these beliefs transformed his practice. Listeners learn a three-step process to identify and tackle their own hurdles. Chad also highlights the importance of crafting effective job ads and promotes the 'Profitability Under Pressure' program, showcasing success stories from practice owners who achieved significant growth and financial stability.

In this engaging conversation, Stacy Hicks, owner of Carlisle Place, shares her inspiring transition from physical therapist to private practice owner in rural New Hampshire. Erin Langmaid, head of marketing, discusses innovative strategies to boost community engagement, highlighting the powerful role of workshops. They explore the shift from traditional marketing to social media, adapting to unexpected workshop attendance, and forging strong patient relationships. The duo emphasizes profitability while navigating the unique challenges of rural healthcare. Tune in for actionable insights!

In this episode of the Grow Your Practice podcast, host Chad Madden, owner of Madden Physical Therapy and Breakthrough, discusses how to effectively manage and strategize around Medicare cuts that impact revenue for private practices. Chad dives into the macroeconomic factors influencing healthcare costs, shares a personal story about navigating the healthcare system, and introduces a six-step flywheel process for practice owners to audit, plan, strategize, implement, measure, and repeat strategies to stay profitable. He also discusses the importance of targeting younger demographics, improving payer mix, and marketing effectiveness. Additionally, the episode highlights the 'Profitability Under Pressure' program, which provides a comprehensive system to help practice owners increase their profit margins amidst declining reimbursements.If you find this episode helpful, we have the 'Profitability Under Pressure' program, a 13-week course with insights into improving time management, managing payer mix, enhancing patient lifetime value, and more. Success stories from various practice owners who implemented these strategies are shared, highlighting significant growth and financial stability achieved. To learn more and apply for Profitability Under Pressure, visit: https://hubs.la/Q02H_3Sl000:00 Introduction to the Podcast00:19 The Impact of Medicare Cuts03:15 Personal Story: Navigating the Healthcare System06:30 Strategies to Mitigate Revenue Loss09:42 Marketing and Profit Levers10:47 Pelvic Floor Program Success13:56 Profitability Under Pressure Program21:37 Final Thoughts and Advocacy25:43 Conclusion and Farewell

In this episode of 'Grow Your Practice Podcast,' host Chad Madden, owner of Madden Physical Therapy and Breakthrough, delves into setting up an effective marketing budget for private practices. Chad outlines a rule of allocating 10% of gross revenue towards marketing, discussing how this evolved over time and its implications for growth. He breaks down the different avenues for attracting new patients, from cold traffic marketing to reactivations, and shares insights on tracking ROI and optimizing marketing expenditures. Tune in for actionable tips, principles, and strategies to help your private practice thrive.If you find this episode helpful, we have the 'Profitability Under Pressure' program, a 13-week course with insights into improving time management, managing payer mix, enhancing patient lifetime value, and more. Success stories from various practice owners who implemented these strategies are shared, highlighting significant growth and financial stability achieved. To learn more and apply for Profitability Under Pressure, visit: https://hubs.la/Q02H_3Sl000:00 Introduction to the Podcast00:19 Setting Up a Marketing Budget00:45 The 10% Rule for Marketing Budgets02:42 Historical Context and Evolution of Marketing in PT03:16 Breakdown of Marketing Budget Allocation06:05 Cold Traffic Marketing Strategies06:08 Case Study: Shrewsbury Clinic21:35 Tracking ROI and Attribution Challenges26:39 Effective Patient Outreach Strategies29:53 Conclusion and Final Thoughts

In this episode of the Grow Your Practice podcast, host Chad Madden discusses common challenges faced by private practice owners, particularly the feeling of wearing too many hats and juggling numerous responsibilities. Chad shares effective systems and strategies for prioritizing tasks and delegating less valuable activities to free up time for more critical functions, such as team building and process improvement. The episode includes practical exercises on listing out weekly activities and assigning dollar values to them, helping owners focus on high-leverage tasks to enhance the overall growth and profitability of their practice. The discussion touches on various operational aspects like marketing, billing, and team management, providing actionable insights to help owners streamline their practice management and regain control of their time.If you find this episode helpful, we have the 'Profitability Under Pressure' program, a 13-week course with insights into improving time management, managing payer mix, enhancing patient lifetime value, and more. Success stories from various practice owners who implemented these strategies are shared, highlighting significant growth and financial stability achieved. To learn more and apply for Profitability Under Pressure, visit: https://hubs.la/Q02H_3Sl000:00 Introduction to the Podcast00:19 The Challenge of Wearing Too Many Hats00:42 Prioritization Systems for Practice Owners02:38 The Importance of Processes and Systems02:57 Detailed Example: Clinician's Workflow04:46 Applying Systems to Business Operations05:58 Exercise: Identifying and Valuing Tasks13:26 Profitability Under Pressure Course Introduction15:21 Valuing Your Time and Delegating Tasks24:18 Final Thoughts and Next Steps

Mike Hyde, owner of Hayden Physical Therapy, transformed his sports injury experience into a thriving private practice. He shares his journey from athlete to entrepreneur, discussing the importance of workshops and marketing for patient flow. Mike highlights strategies for financial optimization, including working with tax professionals and the challenges of real estate ownership versus leasing. He emphasizes personal growth through leadership literature and community connections, showcasing how practice owners can navigate challenges effectively.

Chad Madden, owner of Madden Physical Therapy and Breakthrough, shares his expertise on attracting higher-paying patients. He emphasizes the power of consistent messaging and strong community partnerships. Chad discusses effective strategies for reactivating past patients, focusing on educational workshops instead of discounts to engage high-value clients. He also tackles reimbursement challenges, highlighting the need to improve payer mix by drawing in private pay clients. His insights are invaluable for private practice owners seeking growth and collaboration.