After PT school, Cameron Garber found himself increasingly frustrated by the standard approach to healthcare that focuses on treating illnesses rather than preventing them. This led him to buy an existing partially cash-based practice that would allow him to offer the kind of care he felt was best for his patients. However, this decision proved troublesome for many reasons, and Cameron struggled to make it work (which we discuss in detail)—eventually letting go of virtually all the existing patients, referral sources, insurance contracts, and employees he’d acquired!
With some courage, guidance from coaches, and a real interest in helping people live life on their own terms, the business of his dreams gradually emerged from the ashes and is now growing nicely with a monthly payment model … a model designed to stabilize cash-flow and provide patients with more than just an injury fix, but a life-changing focus on long term health and wellness.
In this interview, Cameron shares details of what worked, what didn’t work, and what he’d do differently. He also explains the approach that works best for communicating with potential and new patients for highest conversion rates and buy-in to long-term care plans. And finally, we discuss how upfront transparency about costs contributes to the value patients see in the service, and how his cash-pay monthly payment plans work well for the business as well as the patients’ compliance to a truly transformative plan of care.
More specifically, we discuss these cash-based practice topics:
- The unexpected downsides of buying an existing practice from an individual who will not stay on.
- Considerations for determining how much a practice is really worth so you get a fair price.
- The need to cultivate relationships to convince insurance-based physicians to refer patients to a cash-based practice.
- The value of securing business financing early on to build and grow your practice.
- The mindset that allowed him to manage the stresses of running a struggling business.
- How he sets clear, attainable expectations that persuade patients to commit to a plan that can deliver lasting results.
- Getting the right team in place so you’ll have time to focus on building the business.
- Leveraging interns and automation to get a practice off the ground.
- Why understanding patients’ underlying emotional goals can help keep them motivated and compliant with the treatment plan.
- Creating treatment packages with monthly payments that allow patients to afford the care they need while providing the practice with predictable, stable revenue.
- How metabolic testing has been a game changer for attracting and keeping patients.
Resources mentioned in this episode:
- Body Smart’s YouTube Channel
- Body Smart PT on Facebook
- Metabolic Testing for Clinicians Facebook Group
- Jarod Carter’s Medicare and Cash Pay Physical Therapy Book
- Square payment system
- Fitstop Physical Therapy
- Greg Marshall’s business coaching website
Interested in the cash-based private practice model?
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[Click to Tweet] Thanks Cameron Garber for all the online and in-person marketing tips on the Cash-Based Practice Podcast w/ @drjarodcarter ! (https://drjarodcarter.com/88) #cashPT