Hard to believe it’s already time for another annual year-in-review podcast! As usual, I listened to the recordings from prior years to find out how my previous expectations fared against reality. And once again, I was pleased to discover most of the predictions were pretty well on target, which makes me more confident than ever to share with you all my latest lessons learned… plus my advice for 2023.
In this episode, I talk about the concerns and challenges currently facing healthcare practices, and how you can get proactive to keep your business thriving despite continuing reimbursement cuts and recession fears. You’ll hear specific suggestions for overcoming the paralysis of fear, adding new revenue sources, promoting your services, and making your practice stand out from competitors. I also share some lessons learned in the area of HR that could have saved my own Austin-based physical therapy practice big last year.
More specifically, we discuss these year-in-review topics and lessons learned:
- What is actually killing private practices these days and why the solution is easier to implement than ever before.
- A simple tactic that will increase your private-pay revenue (without dropping any insurance contracts) and can be planned and implemented in less than a week.
- Ideas for how to cover any “missing” logistical elements involved with adding a new service to your practice.
- How to promote your new offer to your audience in a way that creates a sense of urgency.
- Tips for helping insurance-based practice owners get over their fears associated with exiting the cycle of ever-declining reimbursements.
- Low-risk options for cultivating cash-based revenue that don’t require you to drop a single insurance contract.
- Why those who intend to sell their practice should not put it off.
- How you can avoid a costly mistake regarding unpaid time off for contractors.
- My top recommendation for easily adding reliable, recurring revenue to your practice.
- How to ensure you will run regular promotions throughout the year that will help keep your practice schedule full.
- The best way to help differentiate your practice from the growing pool of cash-based competition.
Resources mentioned in this episode:
- The free online training I shared with PPS conference attendees