Grow Your Practice Podcast

In a world of skyrocketing inflation and declining reimbursements, practice owners are faced with two options:Stick to the status quo and see profits decline orInnovate and see profits grow.Marketing can no longer be considered optional. To ensure success in this environment, data-backed marketing is a necessity.That's why I'm giving away my 2024 marketing calendar template. This is the exact tool I use across my 7 practices.Tune in to get:A 12-month marketing calendar template that saves hours of timeThe 4 marketing channels for new patients — that have proven successful for hundreds of ownersClear next steps for generating consistent patient visits year-roundLINKSAccess the 2024 PT Marketing Calendar Template: https://hubs.la/Q02hkPLB0Get my Direct-to-Consumer Marketing Course and Marketing Strategy Call (Free!): https://hubs.la/Q02hkTW70

John Twomey, Owner of PRO Therapy in Lake Havasu City, Arizona shares insights on hiring, business growth, and the evolution of direct access. Discover the hiring and marketing methods that have helped John adapt to changes in the market, including the labor shortage and declining physician referrals. Learn about John’s experience transitioning away from physician referrals to marketing directly to patients and people in the community. Hear the key learnings, setbacks, and successes along his journey. John reveals the one strategy that helps his practice generate consistent patient flow year-round, even during the traditional slow season. Learn why it has become his most crucial and successful tool for community engagement and clinic promotion. LINKSInterested in reaching out to John? Visit 1protherapy.comJoin John and dozens of other owners at the Breakthrough Bootcamp in Orlando, FL this February: https://getbreakthrough.com/orlando2024How would you like consistent patients year-round? Get Chad’s free course on Direct-to-Consumer Marketing, including 6 modules and a 2024 marketing strategy call. Reserve your free training at https://getbreakthrough.com/cal-bundle

It's not the first time we've talked here about Medicare Cuts, and it won't be the last.The fact is, declining Medicare payments have an impact on reimbursements across the board and should not go ignored.This episode is a recording of a recent webinar that Mary Daulong, President of BCMS and Chad Madden co-hosted. The episode provides a summary of what's in the 2024 Physician Fee Schedule, including a 3.34% cut to the Medicare conversion factor. It goes over the impact that 15 years of flat or declining reimbursement rates has had on private practices.You'll discover how to prepare your practice for the impact of yet another round of reimbursement cuts and learn how to create a financial plan for the year ahead. Chad is giving away his own Financial Planning Template - the exact tool he uses to create a financial plan for his practice. You can use this free template to get a clear picture of your revenue and costs and create a roadmap for increasing profits in 2024. Get your copy of my free 2024 planning template here: https://hubs.la/Q02cTt100

Cheryl Abelow and Lauren Abelow are Private Practice Owners of FlexPlus PT in Massachusetts.In this episode, Cheryl and Lauren share their insights into how private practice physical therapy has changed since Cheryl started the practice 19 years ago.Cheryl, a second-career physical therapist, recounts her transition from the corporate world to the healthcare industry, to opening her own practice nearly 20 years ago. Lauren reflects on her unexpected journey into the family business. Together, they discuss their experiences in hiring, direct access, marketing, and navigating the changing landscape of private practice. Join us as we dive into their story and discover the valuable insights they've gained along the way.Learn more about the next Breakthrough Bootcamp and Register Soon: https://getbreakthrough.com/orlando2024

It's that time of year! Have you completed an annual plan for your practice in 2024?If not, tune in to this episode to gain insights on the purpose of planning and why it's so important to make time for it. This episode includes insights on how to develop a vision for your practice, core values, growth projections, and quarterly priorities. From setting long-term growth goals to identifying quick wins you can capitalize on in January, this episode offers a comprehensive exploration of how you can create a plan to achieve your practice goals in the year ahead. This episode is an older recording, but the issues discussed are super relevant right now. For more recent content on this topic, be sure to check out the episode released on December 15 (How I'm Creating My 2024 Annual Plan).Don't forget to get your free copy of the 2024 Profit Planner - a free planning template for practice owners: https://hubs.la/Q02cTt100

In this episode, Chad Madden reflects on the highs and lows of 2023 and looks ahead to what's in store for 2024. From increased pressure on private practices to the shifting landscape of healthcare spending, Chad highlights the key trends impacting the industry. He also shares the opportunity for private practice owners in 2024 that will go largely overlooked.Discover insights into how you can turn challenges into opportunities, differentiate your practice, and adapt to the changing landscape. Tune in to gain actionable strategies to support your practice goals in the year ahead. SHOW LINKSLearn more about the Breakthrough Bootcamp: Master Your Profits in Orlando, Florida: https://getbreakthrough.com/orlando2024Steal my 2024 Profit Planner - a free template private practice owners can use to design a profitable practice plan for 2024: https://hubs.la/Q02cTt100

Since 2008, the Medicare conversion factor, which helps determine how much you get paid by Medicare and guides rates for many other payers, has dropped by 14%. At the same time, inflation increased by 43%. It’s no wonder that countless practices are fighting just to make enough money to pay their employees. But make planning a priority, you can increase your profitability so you never have to worry about making payroll or providing for your family.All of the successful practice owners I know create an annual profitability plan. I believe that if you can’t make a clear plan for your practice, you're never going to be able to make it happen in real life.The alternative is to rely on what the insurance providers or marketplace is going to tell you you’re worth. And I can promise you that’s not going to turn out well. In this episode, I discuss my annual planning process and share the tool I've been using for 20 years to plan for profitability. Recently, one practice owner I worked with, Verelle, told me that this exact template saved his clinic. There is power in understanding your finances. This tool is worth its weight in gold…SHOW LINKSGo here to steal my Profit Planner Template: https://hubs.la/Q02cTt100

Lance Gross, Owner of GTS Physical Therapy in Arkansas, rapidly (and incredibly) scaled his practice from zero to 17 clinics in 5 years. In this episode, Lance shares lessons learned along his practice growth journey, including how he generated a 90% growth in visits and a 70% surge in referrals and within the span of a year!Hear about how Lance's clinic set itself apart from the competition, through strategies such as specialization, hiring top-notch clinicians, and leveraging direct-to-consumer marketing.The conversation also sheds light on Lance's successful team-building strategies, emphasizing the creation of a winning team environment. As the podcast concludes, Lance addresses future challenges, particularly the intricacies of navigating declining reimbursements and rising costs.Tune in for incredible insights on how Lance built a thriving outpatient physical therapy practice in a competitive market. SHOW LINKSLearn more about the Breakthrough Bootcamp: Master Your Profits in Orlando, Florida: https://getbreakthrough.com/orlando2024

Alexander Wielohorski took a unique path towards physical therapy practice ownership. A mechanical engineer by trade, several years ago Alex managed 30,000 airline employees at a large airline in South America.Flash forward to today, and he co-owns Alaska’s largest physical therapy private practice…And shares that it’s more complex than he would have ever imagined - due primarily to a lack of processes and resources. In this episode, Alexander discusses the challenges and business gaps he helped identify in the practice and how they’ve been able to scale effectively.Alexander tells the story of how the practice has expanded and prevented stagnation against all the odds, including reimbursement cuts, increasing local competition, and staffing shortages. SHOW LINKSHave a question for Alexander? You can reach him at awielohorski@aptak.comCheck out the book “Execution: The Discipline of Getting Things Done” Available on Amazon. Exclusive Offer for Podcast Listeners: Schedule a free strategy call with a practice growth expert at Breakthrough to increase profitability and grow your practice. Sign up at https://getbreakthrough.com/podcastoffer

Chris Gordos, a PT practice owner in Central Pennsylvania, didn’t believe in marketing. His mindset was “If you offer a good service, patients will come.” Then he lost his biggest referral source. When that happened, he knew he had to find another way of getting patients in the door. So he tried direct-to-consumer marketing - and it worked. After being stagnant for about 10 years, his business started to grow. He soon reached his business goal of doubling patient visits. In this episode, Chris tells that story and talks about what worked for him. He also talks about the current market challenges including low reimbursements, staffing issues, and mounting student debt.Have questions for Chris? You can reach him at his office number 610-944-8140 or email at imgphysicaltherapy@gmail.com. Exclusive Offer for Podcast Listeners: Schedule a risk-free strategy call with a practice growth expert at Breakthrough and get a $50 Amazon gift card. Sign up at https://getbreakthrough.com/podcastoffer