Grow Your Practice Podcast

It's not the first time we've talked here about Medicare Cuts, and it won't be the last.

The fact is, declining Medicare payments have an impact on reimbursements across the board and should not go ignored.

This episode is a recording of a recent webinar that Mary Daulong, President of BCMS and Chad Madden co-hosted.

The episode provides a summary of what's in the 2024 Physician Fee Schedule, including a 3.34% cut to the Medicare conversion factor.

It goes over the impact that 15 years of flat or declining reimbursement rates has had on private practices.

You'll discover how to prepare your practice for the impact of yet another round of reimbursement cuts and learn how to create a financial plan for the year ahead.

Chad is giving away his own Financial Planning Template - the exact tool he uses to create a financial plan for his practice.

You can use this free template to get a clear picture of your revenue and costs and create a roadmap for increasing profits in 2024.

Get your copy of my free 2024 planning template here: https://hubs.la/Q02cTt100

Cheryl Abelow and Lauren Abelow are Private Practice Owners of FlexPlus PT in Massachusetts.

In this episode, Cheryl and Lauren share their insights into how private practice physical therapy has changed since Cheryl started the practice 19 years ago.

Cheryl, a second-career physical therapist, recounts her transition from the corporate world to the healthcare industry, to opening her own practice nearly 20 years ago.

Lauren reflects on her unexpected journey into the family business.

Together, they discuss their experiences in hiring, direct access, marketing, and navigating the changing landscape of private practice.

Join us as we dive into their story and discover the valuable insights they've gained along the way.

Learn more about the next Breakthrough Bootcamp and Register Soon: https://getbreakthrough.com/orlando2024

It's that time of year! Have you completed an annual plan for your practice in 2024?

If not, tune in to this episode to gain insights on the purpose of planning and why it's so important to make time for it.

This episode includes insights on how to develop a vision for your practice, core values, growth projections, and quarterly priorities.

From setting long-term growth goals to identifying quick wins you can capitalize on in January, this episode offers a comprehensive exploration of how you can create a plan to achieve your practice goals in the year ahead.

This episode is an older recording, but the issues discussed are super relevant right now.

For more recent content on this topic, be sure to check out the episode released on December 15 (How I'm Creating My 2024 Annual Plan).

Don't forget to get your free copy of the 2024 Profit Planner - a free planning template for practice owners: https://hubs.la/Q02cTt100

In this episode, Chad Madden reflects on the highs and lows of 2023 and looks ahead to what's in store for 2024.

From increased pressure on private practices to the shifting landscape of healthcare spending, Chad highlights the key trends impacting the industry.

He also shares the opportunity for private practice owners in 2024 that will go largely overlooked.

Discover insights into how you can turn challenges into opportunities, differentiate your practice, and adapt to the changing landscape.

Tune in to gain actionable strategies to support your practice goals in the year ahead.

SHOW LINKS

Learn more about the Breakthrough Bootcamp: Master Your Profits in Orlando, Florida: https://getbreakthrough.com/orlando2024

Steal my 2024 Profit Planner - a free template private practice owners can use to design a profitable practice plan for 2024: https://hubs.la/Q02cTt100

Since 2008, the Medicare conversion factor, which helps determine how much you get paid by Medicare and guides rates for many other payers, has dropped by 14%. At the same time, inflation increased by 43%. 

It’s no wonder that countless practices are fighting just to make enough money to pay their employees. 

But make planning a priority, you can increase your profitability so you never have to worry about making payroll or providing for your family.

All of the successful practice owners I know create an annual profitability plan.

I believe that if you can’t make a clear plan for your practice, you're never going to be able to make it happen in real life.

The alternative is to rely on what the insurance providers or marketplace is going to tell you you’re worth. And I can promise you that’s not going to turn out well. 

In this episode, I discuss my annual planning process and share the tool I've been using for 20 years to plan for profitability. 

Recently, one practice owner I worked with, Verelle, told me that this exact template saved his clinic. 

There is power in understanding your finances. This tool is worth its weight in gold…

SHOW LINKS

Go here to steal my Profit Planner Template: https://hubs.la/Q02cTt100

Lance Gross, Owner of GTS Physical Therapy in Arkansas, rapidly (and incredibly) scaled his practice from zero to 17 clinics in 5 years.

In this episode, Lance shares lessons learned along his practice growth journey, including how he generated a 90% growth in visits and a 70% surge in referrals and within the span of a year!

Hear about how Lance's clinic set itself apart from the competition, through strategies such as specialization, hiring top-notch clinicians, and leveraging direct-to-consumer marketing.

The conversation also sheds light on Lance's successful team-building strategies, emphasizing the creation of a winning team environment. As the podcast concludes, Lance addresses future challenges, particularly the intricacies of navigating declining reimbursements and rising costs.

Tune in for incredible insights on how Lance built a thriving outpatient physical therapy practice in a competitive market.

SHOW LINKS

Learn more about the Breakthrough Bootcamp: Master Your Profits in Orlando, Florida: https://getbreakthrough.com/orlando2024

Alexander Wielohorski took a unique path towards physical therapy practice ownership. 

A mechanical engineer by trade, several years ago Alex managed 30,000 airline employees at a large airline in South America.

Flash forward to today, and he co-owns Alaska’s largest physical therapy private practice…

And shares that it’s more complex than he would have ever imagined - due primarily to a lack of processes and resources. 

In this episode, Alexander discusses the challenges and business gaps he helped identify in the practice and how they’ve been able to scale effectively.

Alexander tells the story of how the practice has expanded and prevented stagnation against all the odds, including reimbursement cuts, increasing local competition, and staffing shortages. 

SHOW LINKS

Have a question for Alexander? You can reach him at [email protected]

Check out the book “Execution: The Discipline of Getting Things Done” Available on Amazon. 

Exclusive Offer for Podcast Listeners: Schedule a free strategy call with a practice growth expert at Breakthrough to increase profitability and grow your practice. 

Sign up at https://getbreakthrough.com/podcastoffer

Chris Gordos, a PT practice owner in Central Pennsylvania, didn’t believe in marketing. His mindset was “If you offer a good service, patients will come.” 

Then he lost his biggest referral source. 

When that happened, he knew he had to find another way of getting patients in the door. 

So he tried direct-to-consumer marketing - and it worked. After being stagnant for about 10 years, his business started to grow. 

He soon reached his business goal of doubling patient visits. 

In this episode, Chris tells that story and talks about what worked for him. He also talks about the current market challenges including low reimbursements, staffing issues, and mounting student debt.

Have questions for Chris? You can reach him at his office number 610-944-8140 or email at [email protected]. 

Exclusive Offer for Podcast Listeners: Schedule a risk-free strategy call with a practice growth expert at Breakthrough and get a $50 Amazon gift card. Sign up at https://getbreakthrough.com/podcastoffer 

In this episode, I share the best lessons I’ve learned about money from my 3 mentors.

Part of my mindset is to go out and learn from others so I can from their wisdom and experience, and I don’t have to reinvent the wheel.

Through that process, I found 3 very good mentors who I’ve been working with for decades.

For this episode, I asked all of them one simple question: “What’s the single most important lesson you’ve learned about money?”

The answers were surprising and insightful. 

I think you’ll really enjoy this episode. 

SHOW RESOURCES

Learn more about Profitability Under Pressure, my 13-week masterclass on increasing profits in spite of declining reimbursements.

There’s currently a waitlist. However, if you complete the application and let us know you’re a podcast listener, we’ll do everything we can to squeeze you in to the course (it’s our last course of the year).

Learn more and apply at: getbreakthrough.com/profitcourse

If you've been in practice for awhile, you’ve worked hard to build a practice where you provide high-quality care and have made a positive impact in your community.

More reimbursement cuts threaten this hard work.

In this episode, I talk about what practice owners can do from a high-level management perspective to get their finances under control. 

I draw most of the teachings in this episode from the book, “The Essential Drucker,” which provides a comprehensive overview of the works of Peter Drucker, the “Father of Modern Management.”

Tune in to learn:

-The principles of management

-The three areas of management I see practice owners struggle with the most

 -The single largest reason for the failure of new ventures

-The objective function of (and importance) of profit

Want to dive deeper and learn specific strategies for increasing profit?

Get a roadmap for increasing profitability and learn from other practice owners and experts in my new 13-week masterclass, Profitability Under Pressure.

The course starts this month and applications close Tuesday, November 14th. There are only a few remaining spots. 

Learn more and apply risk-free at getbreakthrough.com/profitcourse