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Bob Cohen has had a cash-based PT practice since 1996! In this episode we learn the key ways he was able to have success for this long; and long before most people thought this business model was even possible.
More specifically, we discuss these cash-based practice topics:
- What compelled him to start his practice, and to choose the cash-pay route back in 1996
- How he did so with a 6 year old son and little other income
- the backup plan that he had in case it didn’t work out
- the niche market that he targeted with his initial marketing
- how he approached this niche market and compelled them to say yes to his marketing presentations
- the results of his attempts at marketing to physicians
- key advice he received from his mentor
- a creative way he utilized a “letter to the editor” of his cities newspaper that resulted in a lot of business over time
- how he dealt with his hesitance to ask for full cash payment out-of-pocket from patients in his new practice
- how he explains his treatments and justifies his fees to prospective new patients
- why he decided to keep his practice a one-man show
- must-hear advice for success in the cash-based model
Resources and Links mentioned in this episode:
- The article he wrote about the cash-practice model in 1998 that an editor claimed was impossible.
Interested in the cash-based private practice model?
Click Here to learn how to start your own Cash-Based Practice like Bob and Jarod
hi, i’m wondering if i am a Non Participating Medicare provider (PT) is it necessary to do the PQRS reporting? i am accepting a lower ‘Non Par’ rate to start.
As far as I know, yes, even Non-Par providers are supposed to be doing PQRS reporting and can have their allowable rates reduced if they are not. Since you’re already charging less than the “limiting fees” you may be fine but there may be other penalties or issues with not being in compliance with PQRS reporting requirements. I would check this with a compliance expert.