This is my 50th post since starting this website in February of 2011. How time flies! The traffic for this site is growing quickly and I imagine that many new visitors have not seen much of my earlier content. For that reason, I’m using my 50th post to highlight 5 of my previous articles. I’m not selecting them simply on comments or traffic, but rather on ideas I’d like to make sure all visitors see. This selection has been much harder than I expected, and I decided that although I’ve loved all the “interview” posts, I’m not highlighting any of those because I don’t want hurt anyone’s feelings. 🙂
What happened to my reimbursements?!!
This was my first post and explains what led me to create this website and the reasoning behind my decision to start a cash-based PT practice. I’m guessing that many of my readers have not seen it yet and I think it gives a good background as to why most of us are here in the first place.
Break into Niche Markets, and Create New Streams of Cash-Paying Patients
I like this post because I not only cover three niche markets that have proven lucrative for cash-based PT practices, but I also address a fundamental component to making any private-pay practice successful … no matter what your niche may be.
Networking – A Key Component of Filling your Cash Practice – Part 1
This is the first of a two-part series on Networking. Though they didn’t get much love in the way of comments, networking has been such an important business generator for my practice that I just have to highlight these posts.
The eBook is Available!!
Shameless Plug 😉 Actually, this post and the eBook were a really long-time coming and marked the completion of a project that became much bigger and more time-consuming than I expected. Since it was the post I was probably happiest of all to publish, it has earned a spot in my top 5. Okay, okay, I won’t count this one.
Discharge Marketing – Are You Capitalizing on this Precious Opportunity?
Like many of my posts, this is one that applies to all Physical Therapy Practices, cash-based or not; but as I’ve mentioned many times before, word-of-mouth referrals are the life-blood of a cash practice. The way you market to your patients before, during, and after discharge is a huge component of encouraging word-of-mouth referrals, and I explain how I do so in detail.
Medicare and Cash Based Physical Therapy – a Full Overview
Though the article I wrote on this topic a year earlier has by far the most comments of any of my posts, I’m highlighting this one because it is more comprehensive and reflects all the things I continued to learn on the subject in the past year.
I’d like to finish by saying “Thank You!” to everyone who has visited and supported this site. It means more than I can say, and I hope the information has been highly valuable for you.
Is your favorite post not listed above? If so, put the title in the comments below and mention why you enjoyed it.
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Jared,
Great info and considering I only started following you about 6 months ago, it was good to see your initial posts. These seems to be my best ones too 🙂
I do have a quick question hoping you could provide some insight. I am looking to open up a cash based practice but not have a brick and mortar office, rather I’m going to go to individuals homes (long explanation and can email you if our want). Tis will be similar to a massage therpaist going to homes but better! 🙂 But, wondering what you might see in this business models as major flaws or setbacks, or hoops that would be different than simply opening in a building.
Thanks!
Harrison
Thanks for the comment and the questions, Harrison.
First of all, check with your State Board and make sure there aren’t any legal issues with your plan. I started out my practice with home visits just like you are planning to do. So I know it’s okay in Texas, but your state may be different or there may be different registration requirements and liability issues with a practice that provides home therapy.
As for possible business model flaws, what you’ll find is that travel time puts too much of a limit to the amount of patients you can see in a day while working reasonable hours. So I think it’s a good way to start a practice, but unless you are adequately incorporating travel time and gas into your hourly treatment rate, you’ll find that having a set location is preferable once your schedule gets full enough to justify it. If you can charge twice as much for home visits as you would charge for a session at an office (and keep a full schedule) then you may be happy to do home visits for quite a while.
On another note: Since you’ll be spending a lot of time in your car, make sure to utilize your drive time to listen to good business podcasts. You can also get a recording app on your phone and record blog posts on different topics; then email the recording to a part-time assistant or transcription service to transcribe them.
Ok thanks Jarod! I have already gone through the state and no issues. The cost of vs, travel and time are definitely a concern. I am only planning to do this part time so hate to go to a bldg with costs, etc wheni am not putting in full time. I actually love my job but just an hour away…so thinking of a transition for the future as I don’t plan to travel 60 miles forever!
Thanks for the podcast hint. I will plan to do this.
I am also opening a cash based practice soon. Harrison, i believe i met you at dunning’s courses, but have you thought about leasing one room to start from an already existing medical practice? I found a physician that has just moved into a new building and has extra space. Rent is $400-500/month start. Also, see if any of your current or former patients are involved with a business and if they know of any space. Former patients that you have helped will always be willing to help you. They want you to succeed! My patient owns the building that the physician is leasing and they understand what i am doing and wanting me to succeed. Hope it helps.
Also as i transition into a cashed based practice, i am working PRN at SNF to make ends meet until i have a caseload that can support me and my practice. They always need PTs for evals and recertifications. Believe me, this is only short term, and my plan is to have a nice casload by 6-8 months.
Best of luck to you Ron!!