Couple weeks ago I sat in a room with a PT Owner from Washington D.C…
…She was an “In-Network” provider and so when the conversation turned to “Cash-Pay” – she raised her hand and said:
“All of these price strategies are great –
but I don’t get much cash-pay, so this
doesn’t apply to me”…
Hearing this familiar story – I asked her to calculate what proportion of her business actually came in as “cash-pay”…
A few moments later she told me the figure was “7%”…
What she actually said was “ONLY” 7%.
I probed a little more and asked for the number of visits and what she currently charged that cash-pay client…
She was at “$135” per visit.
(Incredibly LOW for any State – never mind D.C)
We ran some more numbers and then talked through some strategies and agreed that given there was another PT in the room who’s clinic was just two-blocks away, who charges $225 for Cash, she should be charging at least $195.
The difference of implementing that new price strategy on her business?…
$3500 PER MONTH (pure profit).
The look on her face was amazing when she realized what was already sitting there idle in her business…
The real difference?
She now has options:
A. Bank the cash and or spend it freely (it’s 100% profit)
B. Use the money to spend more on Marketing and dominate the entire D.C area with a bigger presence in Newspapers, on Google and Facebook and SM to bring more clients to her door to fill-up up a severely under-utilized Staff PT.
Either way, this PT is going to be better off.
What I’ve just described is called “leverage”…
It exists in EVERY business – and is often sitting there idle overlooked by businesses who choose to spend a dis-proportionate amount of time and energy on things that at best, only balance the equilibrium and never advance the business forward.
Chasing more doctors for more referrals despite getting paid less and less as insurance companies slash fees.
These types of “unknown” profit boosting windfalls are happening more and more to my clients – in-network and cash – and in particular, to those who get in a room with me where I get to know them personally.
Want me to find an extra $3500 per month for your clinic?…
If so, go here for the details and find out when the next one is in a city near you:
It’s aptly named “More Cash More Profit” because for almost every single person reading this, that is what they need.
Most WANT more patients…
…yet they need more cash and more profit.
Would you agree?
How would your life be with more Cash and more Profit at the end of the month?
P.S Here’s a couple of recordings housed on my Podcast that took place at the last Event (which was sold-out), in Virginia.
Sitting behind a desk and listening to videos/podcasts online is one thing – but I know from experience the biggest breakthroughs happen when you get face to face with me so that I can see with my own-eyes where your blind spot is.
When you listen to the podcast, be sure to subscribe on iTunes so you can listen in on the go, when you don’t have wi-fi, or don’t want to eat up your data,
For more PT Business Education Material:
- Violating Social Norms and Outdated Levels of Thinking - 22nd October 2020
- MORE from LESS: The Go To Strategy During A Financial Downturn (Like here in 2020) - 15th October 2020
- How To Confidently Sell Your Physical Therapy Services - 29th April 2020
- Telehealth: What Does The Future of PT Look Like? - 17th April 2020
- How To Get More Buy-In From Patients - 16th April 2020
- Telehealth: Have You Already Done It Without Realizing? - 16th April 2020
- Telehealth: What Is the Most Important Thing You Can Sell Right Now? - 15th April 2020
- Telehealth: Is A Marketing Funnel Needed Right Now? - 14th April 2020
- Telehealth: What Happens To Discovery Visits? - 13th April 2020
- Telehealth: How Will I Compete With “Big Box” Insurance Companies? - 10th April 2020