Well here is the 1st publication showing the cost effectiveness of a cash based physical therapy practice! Here is the Pub Med link https://www.ncbi.nlm.nih.gov/pubmed/30640238 Feel free to use for you marketing as you fit appropriate! (….especially comparing cost of CBPT vs standard healthcare!) Here is the PDF below Service_Utilization_and_Costs_of_Patients_at_a.6_FINAL PROOF Enjoy,...
Lets see…. I used to just ask myself this and just choose a number and as long as it is less than the revenue I generated, then I was OK with this. Spend $400 on marketing. Get one new patient Spend $250 on marketing. Get one new patient Maybe even spend $1000 on a radio ad. Get a patient or 2. but I had no reasoning why I picked this number. Now, there has to be a better way to figure this out. Let do it better and maximize efficiency! 1st step: How much is your average revenue per patient? You need to know this number before you ask yourself how much you want to spend. My current average revenue per patient is $1181 this year. Great! What is your average revenue per patient this year? (you must know this) 2nd Step: Set a new standard and optimize customer acquisition cost per patient Lets shoot for 20%! Knowing my average revenue per patient is $1181, I am willing to spend roughly $230 on marketing in hopes of getting one new patient. WHY DO THIS? Because when you start a paid marketing campaign you need to ask yourself this question when deciding on how much is worth spending on a marketing strategy At a worst case scenario, how much money are you willing to spend if your marketing strategy only generated 1 new patient. Problemed Solved! My new standard is 20% for paid marketing strategies (the lower the cost per customer acquisition the better!) As you fine tune your marketing and show better conversion rates, the next question...
Here is an example business plan that I used when I started my small business and to help others PT’s start their cash based physical therapy practices 1 year CBPT business plan For more information about my business strategies, objectively measuring your business, statistics, and cash based mentorship Enjoy, ...
This will show you exactly how to start a cash based physical therapy practice, without needing huge bank loan or going into massive amounts of debt. This is what I did when I first started. This is more of the “Hustle and Grind” approach. Decreasing your life expenses, living within your means, downsizing, and lving very minimally until your business takes off and generates profits. Many huge CEOs and multi-million dollar tech companies have started out just like this. This is not for everyone, but when first starting a business with very little money (start up capital), this approach may be best for you at this time. Its hard, but it works if you run your business right See how I started my cash practice, what I did in the first year of my business, my systems and processes that I implemented and how I went from start up to $77K in revenue in year 1! To Download Our Proven 19-Step Cash Based Start-up Checklist Click Below...
There was an interesting discussion in the Medicare group that I thought I would share with everyone regarding being a covered entity(CE) and using email and text to patients. My question: if the patient gives written and signed authorization to use PHI in communication with them (ex. texts, emails, etc) and the patient is fully aware of the risks, is this allowed or is this still a violation of the rule? The rule states, “a CE may only use or disclose PHI if either (1) the HIPAA Privacy Rule specifically permits or requires it; or (2) the individual who is the subject of the information provides a written authorization” Nancy Beckley (a very credible resource) responded: Yes, You are correct, but us compliance folks like to go to the source Source 1 https://www.hhs.gov/…/does-hipaa-permit-health-c…/index.html Source 2 also, Lawyer Kim Stanger gives a multidimensional answer on his blog that you may find helpful: https://www.hollandhart.com/hipaa-emails-texts Here is your answer for many of you in a cash based practice, who want to use texting and email to communicate to your patients. This will help a lot of you get some clarity on this topic. Hope it helps Regards, ...
Part 1 – The Vision of Cash Based Physical Therapy, Business Mindset, and Healthcare Trends Part 2 – Blue Ocean Strategy, Creating Value, and Adapting to the Future Part 3 – The Art of Selling Your Services, Online Marketing, Sales, and Marketing...
