Before we get into this podcast episode, a quick reminder that I’m hosting my an in-person 2-day workshop for PT practice owners who want to start/grow a cash-pay practice and develop a 1-year action plan to make sure you’re successful.
This is an invaluable opportunity to learn from me in person and launch your practice forward in 2018! Check out all the details here and I hope to see some of you in Chicago the first weekend in November.
This episode is a lengthy Q&A full of questions sent in after I presented a webinar with WebPT called “Cashing in on Private Pay: The PT’s Guide to Out of Network”. We crammed a ton into that webinar and there were such great questions that we didn’t get to answer live, so I’ve done my best to get through as many as I can here.
In this episode, you’ll learn:
- How I make treatment accessible for lower income patients (and why I don’t think cash-pay practices present an ethical dilemma when it comes to payment)
- How I feel about the ethics of insurance and cash pay practices
- Why I don’t treat many elderly, Medicare-age patients
- How I deal with online reviews and how to make sure your good reviews aren’t being filtered out
- Why more and more practitioners are converting their practices from insurance-based to cash-based, and why new practitioners are considering cash practices to begin their careers
- How I launched my business in a nutshell and what I’d do differently with my website if I could do it again
- Why I don’t market to insurance-pay physicians
- How we create content for my clinic’s web presence
- How I utilized MeetUp.com for networking
- Why I would consider operating two completely different practices/businesses instead of running one and splitting so that some therapists take cash patients and the others handle Medicare patients
- How I prefer to set up my clinic’s email marketing for videos and reports
- Why phone calls are crucial to build relationships with patients (and potential patients)
- My thoughts on the quality of care that in network versus out of network practitioners can provide
- How to find patients with the mindset to understand the value of one-on-one cash-pay PT, and how to tap into their emotions to guide your conversations about the value you provide
- What the fee schedule at my clinic looks like and why I use discounts and surcharges
- Why I rent space in my clinic to a massage therapist instead of employing one right now.
- My conversion rate of inquiries to patients after we discuss that my practice is cash pay…and why relationship marketing is so important
- Why I don’t accept LOP (letter of protection) for patients who are dealing with a lawsuit, and why they don’t pay me any differently than my other patients
- How I decide on what equipment I have in my clinic
- Why I don’t charge different rates for my initial eval and follow up treatment sessions
- My advice for increasing your rates without pushback and loss of clientele.