Before we get into this week’s podcast episode, did you hear about the APTA’s announcement that the Medicare cuts to PT reimbursements are now finalized? In 2021, PT reimbursements will drop by 8% and as I’ve explained multiple times before, this trend is only gonna get worse over time!
I know plenty of private practices that already run on such thin margins due to declining reimbursements, a cut like this could be the nail in the coffin … unless they/you do something about it ahead of time. If you wait too long to start figuring out how to decrease your reliance on Medicare and insurance reimbursements, it will be too late and you won’t be able to serve anyone if you go out of business.
In response to these announced cuts, I’m cutting the price of my ebook Medicare and Cash-Pay PT by double the amount … 16% … til this Sunday (tomorrow) at midnight. If you want to learn how to legally provide cash-pay services to MC beneficiaries and capitalize on the massive baby boomer population, this guidebook is absolutely essential reading. Just use the promo code CASHPAY during checkout to get your 16% discount.
Okay, back to the podcast …
After watching her employers in an insurance-based practice “drowning and miserable” for 5 years, Alicia Willoughby knew she wouldn’t work in that business model for the rest of her career. She searched for information on the private-pay model, which led her to the Cash-Based Practice Podcast. As she learned more, she began reaching out to others who were succeeding with their cash-pay practices.
Finally, she was ready to take the plunge and started her own pre- and post-partum physical therapy practice. Three years later, Alicia’s practice is succeeding beyond what she even imagined was possible. She is now exploring online business opportunities and anything outside the crushing constraints of the “medical box.”
In this interview, Alicia explains exactly how she started and built her niche physical therapy practice from inception. She openly shares the details of her journey, including what has worked best for building and marketing her practice.
More specifically, we discuss these cash-based practice topics:
- How she learned the ins and outs of owning a cash-based physical therapy practice before actually opening her own.
- Juggling the demands of a new business and the need to spend time with her young children.
- How an online booking system dramatically improved her quality of life, and solutions to common objections practitioners have to patients booking appointments online.
- Her approach to starting a practice with very little investment at risk.
- How she slowly ramped up the practice to grow without being overwhelmed and unable to handle growth.
- The key role word-of-mouth marketing played in the growth of her practice and ways you can maximize word of mouth referrals for a cash-based practice.
- The pros and cons of listing your pricing/rates directly on your website.
- Teaching a class as a means of reaching your target population in a way that generates paying customers, and creates an additional source of revenue.
- How her membership in local mothers’ groups in the pre- and post-partum niche serves as an effective marketing tool for her practice and how you can do the same in your niche.
- Managing legal issues associated with teaching a class, but not providing “skilled therapy,” to avoid problems down the road.
- How she uses social media to market her services among her target audience and build word-of-mouth referrals.
- Simple techniques that make marketing much easier and more effective… even for a newbie.
- Escaping the trap of trading hours for dollars by creating online products that can generate income.
Resources mentioned in this episode:
Interested in the cash-based private practice model?