Grow Your Practice Podcast

In this episode, I share the best lessons I’ve learned about money from my 3 mentors.Part of my mindset is to go out and learn from others so I can from their wisdom and experience, and I don’t have to reinvent the wheel.Through that process, I found 3 very good mentors who I’ve been working with for decades.For this episode, I asked all of them one simple question: “What’s the single most important lesson you’ve learned about money?”The answers were surprising and insightful. I think you’ll really enjoy this episode. SHOW RESOURCESLearn more about Profitability Under Pressure, my 13-week masterclass on increasing profits in spite of declining reimbursements.There’s currently a waitlist. However, if you complete the application and let us know you’re a podcast listener, we’ll do everything we can to squeeze you in to the course (it’s our last course of the year). Learn more and apply at: getbreakthrough.com/profitcourse

If you've been in practice for awhile, you’ve worked hard to build a practice where you provide high-quality care and have made a positive impact in your community.More reimbursement cuts threaten this hard work.In this episode, I talk about what practice owners can do from a high-level management perspective to get their finances under control. I draw most of the teachings in this episode from the book, “The Essential Drucker,” which provides a comprehensive overview of the works of Peter Drucker, the “Father of Modern Management.” Tune in to learn:-The principles of management-The three areas of management I see practice owners struggle with the most -The single largest reason for the failure of new ventures-The objective function of (and importance) of profitWant to dive deeper and learn specific strategies for increasing profit? Get a roadmap for increasing profitability and learn from other practice owners and experts in my new 13-week masterclass, Profitability Under Pressure. The course starts this month and applications close Tuesday, November 14th. There are only a few remaining spots. Learn more and apply risk-free at getbreakthrough.com/profitcourse

At a time profits are declining for many practice owners, it's important to refresh ourselves on how money works. The 5 Financial IQs from Robert Kiyosaki are a good starting point for thinking about how to grow wealth and secure a healthy nest egg for you and your family. In this episode, I walk through the 5 Financial IQs from Robert Kiyosaki and share how I've applied them in my life. SHOW LINKSIncrease Your Practice Profits in 2024 with my Free Profit Planner and Profitability Training. Access it immediately at https://getbreakthrough.com/profitnow

As of the date of this recording, there are only 61 days left in the year.Have you started thinking about your annual practice plan? There’s one thing you need to do first before you get started. Most owners will never take the time to do this, and as a result, miss out on thousands of dollars in profit. Want to create an annual plan that results in profit? Then you need to create a Profit Plan. In this special episode, I introduce the Free Profit Planner for forecasting profits. To see the full video and get your copy of the Profit Planner, go to https://getbreakthrough.com/profitnow You don’t have to settle for pitiful profits. Practice owners like Verelle, Peg, and Jeff have used my Profit Planner to gain visibility into their finances and forecast profits. In their own words: “We would’ve been out of business by January…It saved my clinic.” —Verelle, Practice Owner in Ohio"Big win->I'm getting my finances under control!!!!" —Peg, Practice Owner in Connecticut “It made me delve into my analytics more than I ever have.” —Jeff, Practice Owner in New YorkTo get my Profit Planner and watch the complete video showing you how to use it, go to https://getbreakthrough.com/profitnow P.S. We're just a couple of 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

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/