On this episode of the podcast, the guys from Duck Legs Podcast hosted me for a Facebook Live video interview on starting a cash practice. As always, it was a very entertaining discussion. This was a long chat, so it’s split into two separate episodes.
As PT students, they are already super in-tune with the future of cash pay PT and ask awesome questions to learn more. We cover a ton of topics including why I started my own cash physical therapy practice, what you should do if you’re planning to start a cash practice soon, strategy, legalities, mindset, setting rates, and the future of Medicare. These episodes are jam-packed with information, so be sure to have your notepad ready!
An exciting personal note before we dive in: I’m a dad! Our twins are here! They’ve been home about a week as of this posting and everyone is doing great. My wife is truly a champ and I’m so proud of her!
In this episode, we discuss these topics related to starting a cash practice:
- Why I started my cash-based practice several years ago and how insurance influences business decisions in typical PT practices
- “Clouds and Dirt”: How theory and practice come together to create business success
- My suggestions for a PT (or PT student) with a year to work towards starting a cash practice
- Why I’m working harder with a multi-therapist practice than I was as a solo practitioner
- How I’ve stepped up my marketing efforts
- Starting a cash practice on a bare-bones budget
- Things to keep in mind when you’re looking into office spaces
- Why there’s no “typical” timeline for turning a profit when PTs start cash practices
- Why it’s important to get a bad-ass mentor and my cautions to students thinking of starting a cash practice right after graduation
- Why mindset can be more important than income in prospective patients
- How cash practices can be adapted to different patient populations (such as pediatrics or neuro)
- How to utilize outsourcing to keep your head above water when you’re starting your practice
- How to set your prices and decide what appointment options you offer at your clinic
- How Medicare influences insurance coverage and vice versa
- What phrases and wording to use to get potential patients in the mindset that cash pay PT is a valuable option that may cost them less than using their insurance
- How all practices are cash-pay in some way