physical therapy marketingThe ceramic fly I saw in Munich on Wednesday reminded me to stay on target. The arrows I shot yesterday (I didn’t lose any) also reminded me to keep my eyes on the target. Stay focused.

You can do cash physical therapy. Even if you haven’t started building a cash practice you’re closer than you think to having one. Since expenses with a cash practice can be kept so low, here’s how easy it can be.

If for example you need to gross at least $100,000 to feel satisfied as a PT how easy is it to get there?

I charge $150 for one 45-minute house call and can feasibly do six of these per day. This has never happened because most of my customers opt for the $800/8-session package. A better package would be labeled “buy six sessions ($900)and get three free”. Always establish and maintain a high perceived value in your own and your clients’ minds.

The Math:

For $100,000 yearly at $100/visit I must make 1000 visits per year. If I choose to work only 50 weeks per year I’ll need to make only 20 visits per week or four visits per day. If you choose to make 5 visits per day you can accomplish this in four days and have the other day off too do office work or start your weekend early.

If you have one cash paying client paying you $200/week all you need are nine more.

Another cash-paid PT I know charges $220 for his executive wellness (on site) visits though they are an hour long. If people buy 40 visits they get twelve for free. He can probably do five of these per day without too much trouble.

Many cash paid PT’s have no front office personnel which is a high contrast with the average of 2.5 front office or supportive personnel with an average insurance-based practice. That’s 2.5 potential headaches versus no potential headaches with no supportive personnel. Though some of the cash practice PT’s in our courses do have front office personnel they all started without it.

One cash paid PT recommended hiring (or contracting via an agency) the office help once a physical therapist has 70% of his or her schedule filled. This lets the PT get back to doing valuable therapy. Many cash-paid PT’s however use an aswering machine as a part time secretary because answering machines don’t require the filling out of a W-2 or 1099 form at the end of the year. We give a lot more specific details about start-up and ongoing expenses in the electronic physical therapy course and physical therapy product versions of our home study course.

A question I asked all the interviewees in the home study course was, “Why did you opt for a cash practice when it’s a lot easier to build up a case load when one is “in\network”? Most therapists really prefer to do therapy over paperwork. If you do your marketing as relationship building as giving customers what they want that will help them, you will succeed in building the practice of your dreams.

Where to start to stay on target?

Get your first cash paying customer! Do a GREAT job. Get his or her testimonial and permission to share it, and then get your second cash paying customer. If you read the September Issue of ADVANCE Magazine for Directors in Rehabilitation, I’ll give you some beginning steps of how to make it happen.

You can’t have too much integrity. Advise your clients as you’d advise your own family. Would you rather have your parent or grandparent pay $3-5000/month for a nursing home or pay $800-1200 / month for some “maintenance” physical therapy? It really makes sense. We can’t guarantee anything except their satisfaction and that we’ll use our best judgment.

So how did a painted ceramic two-dimensional fly remind me to “stay on target”? I’ll give you a hint. My wife didn’t see it. But any man deplaning in Munich after drinking a normal amount of fluid would have seen one of the ceramic flies.

How is it that I’m shooting arrows when my associate is making my prepaid-to-me cash visits back in Mesa? I DO believe that wealth should be therapeutic and this is the time for my therapeutic time off. There is a lot to be learned on this continent too. Stay tuned and I’ll share more!

All the best,

Lance
Cash Practice Secrets