Maury Hayashida, DPT, has achieved what a great deal of established practice owners are looking to do … create a cash-based practice alongside his insurance-based practice AND add cash-pay services to his insurance based practice. The goal is certainly not always to just drop all insurance practices and go completely cash-pay. Maury describes exactly how he has achieved this hybrid business model.
But those two practices are just 2 of over 10 business interests Maury has created. As a result, he is a wealth of information and inspiration to the those looking to become serial-entrepreneurs. Following his model of ‘thinking big, but going small’, Maury has built more than half a dozen businesses to address the needs of his community and his PT staff members.
In this episode, Maury speaks about how he has utilized a vertical integration strategy to allow his insurance-based physical therapists to uncap their income with cash-based opportunities. Using this strategy, his businesses have developed to encompass all realms of human movement, from testing technologies and supporting novel research to training high-level athletes and treating injured patients.
More specifically, we discuss these cash-based practice topics:
- How opening a third clinic location helped him recognize the need for a cash-based practice in Santa Barbara.
- Why Maury chose to base his cash practice in a gym instead of the space he was renting for his insurance practice.
- The concept of “vertical integration” and how Hayashida and Associates’ employees can uncap their earning potential by being employed at a number of Maury’s interrelated businesses.
- M2PSB, a cash-based business that allows employees at Hayashida to train healthy individuals outside of providing skilled physical therapy.
- Motus Enterprises, Inc, which provides movement tracking software for remote patient monitoring.
- How his Variant Training Lab utilizes movement analysis and product testing for train healthy individuals with monthly memberships.
- Why physicians approach Maury for networking instead of the other way around
- Maury’s non-profit venture that allows staff PTs to conduct and publish original research
- The different approaches Maury uses to market his insurance and cash-based practices.
- Why he is no longer looking to grow his insurance based clinics and is instead focusing on cash-pay access points for his patients and PTs.
Resources mentioned in this episode:
- Hayashida and Associates
- Move 2 Perform Santa Barbara
- Motus Enterprises
- Variant Training Lab
- Research Institute of Human Movement
- Movement for Life Group
Interested in the cash-based private practice model?
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[Click to Tweet] Thanks Maury Hayashida @HayashidaPT for your awesome interview on success in the Hybrid Cash Practice model and serial-entrepreneurship w/ @drjarodcarter ! https://bit.ly/2J3kOlO #cashPT #bizPT