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 


How I'm Creating My 2024 Annual Plan

Each week, the Grow Your Practice Podcast with Chad Madden of Breakthrough brings you no-nonsense marketing & business growth strategies that deliver new patients and higher profits.

Co-Founder of Breakthrough, Owner of Madden Physical Therapy and Author of "Killer Marketing Secrets for Private Practice PTs", Chad grew his practice 600% in the last five years using direct response marketing strategies. He sees more than 200 new patients each month in his single location Private Practice. Now he's teaching over 800 Practice Owners to do the same.

Business

Investing

Careers

Management & Marketing

Business News

Shopping

If you’re like many owners, your revenue per visit stays the same. For others, it’s slightly decreased. These rates are not keeping up with inflation. This is a problem. 
 We put together an educational session in a webinar to address this issue. 
 In this episode, I go over:A simple 4-step process any owner can do to create a planHow owners have increased their rev/visit up to $20/visitThe 12 tactics you could implement to increase your rev/visitTools successful owners are using to increase their profits

 We have all dealt with reimbursement cuts, inflation, market pressure, undervalued in the market, but it doesn’t have to stay that way. 
 If you’re feeling the pressure of shrinking margins, you’re doing well and you want to stay ahead, and you enjoyed this Secrets to Revenue Per Visit webinar episode, I invite you to enroll in our next course, Profitability Under Pressure. We also have an Early Bird Scholarship. 
 Deadline is April 30th. You want to save your spot so you don’t miss out. 
 Go hear to sign up for our next webinar, Profitability Under Pressure, and apply to our scholarship: https://offer.getbreakthrough.com/application-pup-short-form

Secrets to Increasing Revenue Per Visit

Navigating the Pressures of Private Practice: Revenue, Profit Margins, and Staffing This episode delves into the primary concerns of private practice owners as revealed by a recent national survey: revenue per visit, profit margins, and staff retention.  The discussion highlights the challenges of declining revenue per visit, influenced by factors like insurance company policies and inflation. Strategies for improving financial health, such as understanding and managing expenses, maximizing profitability, and optimizing clinician schedules, are explored.  Chad also touches on effective management and marketing techniques, including the importance of reactivations, referrals, and optimizing insurance relations. Real-life examples and solutions for increasing clinic profitability and revenue per visit are provided, emphasizing the importance of looking into business metrics and planning strategically for growth and stability. Ready to learn how you can improve your practice's financial health? Apply for Profitability Under Pressure and learn how you can see $10K more in profits guaranteed. 

Should You Worry About Revenue Per Visit?

Have you invested in laser therapy or shockwave modalities? If you're like most PT private practice owners, acquiring the device is only the beginning - getting patients to buy in and purchase cash-based treatment packages is a whole other ballgame.  Join Chad Madden as he teams up with Mark Callanen from Enovis during a previously-recorded live webinar to unveil powerful strategies for elevating cash-based revenue in private physical therapy practices.  Discover how integrating cash-based services can counteract dwindling insurance reimbursements and propel practice profitability to new heights. During the live webinar, Chad and Mark delved into pivotal topics, including:Introduction to Cash-Based Revenue Strategies: Learn the essentials of maximizing cash-based revenue and its transformative impact on practice growth.Unveiling the Power of Cash-Based Services: Explore the significance of incorporating cash-based services amidst evolving market dynamics.Strategies for Profit Maximization: Uncover operational tips and insights for seamlessly integrating technologies like light force laser and shockwave therapies into your practice.
Gain valuable insights from real-world case studies showcasing the tangible benefits of implementing these strategies, from amplified revenue streams to enhanced patient outcomes. Plus, discover practical resources to kickstart your journey towards practice prosperity. Want to learn more: visit getbreakthrough.com/enovis today! If you want help elevating your PT practice growth and improving your profitability, cash-based services are only one of many, many strategies. Learn the rest and get 90 days of support during the Profitability Under Pressure Program. You'll increase your profits by $10K guaranteed.  Visit getbreakthrough.com/apply to see if you're eligible for current scholarships. 

Learn The Best Strategies for Generating Cash-Based Revenue For Your Private Practice

Throwback Episode from September 2021:  "Practice Owner & author Steve Line Shares How to Grow Your Practice with “The Feel Good Experience" Join Chad Madden for an insightful conversation with Steven L. Line, the author of "The Feel-Good Experience: Growing Your Physical Therapy Practice with 5-Star Customer Service." In this engaging episode, you'll discover ways you can revolutionize the patient experience in your practice. Tune in to learn about efficiency, management strategies, team development, and using metrics for healthcare practice growth and success. "The Feel-Good Experience" provides a comprehensive game plan for healthcare providers, practice owners, and managers to enhance their practices through an integrated approach focused on the patient experience.  Steven's practical step-by-step guide is a must-read for anyone seeking better outcomes for their patients, their team, and their practice. Take the first step towards creating a truly exceptional patient experience in your healthcare practice.  Are you ready to grow your practice... but are unsure of where to start? Click to schedule a Complimentary Growth Assessment with a Breakthrough Program Director and gain valuable insights for your practice growth potential.  Steve's Book is Available Here

Exponentially Boost Practice Growth With The 5-Star Patient Experience: A Throwback Discussion with Steve Line

Want to take your physical therapy private practice to new heights? Join us for a game-changing episode and learn the $20M Marketing System for Physical Therapy Private Practices.   In a recent webinar, Chad Madden taught a live audience how he used precise marketing systems, honed over 20 years, to grow his PT practice from $4M to $20.8M in 6 years.   Tune in to reveal:The #1 Key Ingredient of a Marketing SystemCommon Marketing Pitfalls5 Pathways of New Patient FlowHow to Set Up A Marketing Department
Discover the critical difference between processes and full-blown systems - and why having robust systems in place is the key to unlocking explosive growth for your practice. Chad pulls back the curtain on his proven system-building framework that has allowed him to consistently attract new patients while avoiding the pitfalls that trap other practices. You'll learn indispensable secrets, such as when and how to leap into online advertising juggernauts like Facebook and Instagram. Chad explains how to track and optimize your marketing efforts for maximum impact and returns. Whether you're just getting started or looking to take your established practice to stratospheric new levels, this podcast is packed with forward-thinking insights and real-world tactics you won't want to miss. Tune in and grow your practice while you gain an edge over your competition. To learn more, take advantage of a Free Breakthrough Growth Assessment: offer.getbreakthrough.com/assessment

How I'm Creating My 2024 Annual Plan

Download our free app to listen on your phone