Physical Therapy Marketing Plan: Assembling Your Team

Physical Therapy Marketing Plan: Assembling Your Team

Running your business alone will make you lose focus on what you do best.  Assembling a team of advisors and consultants play a major role in keeping your business practices accurate and successful.  Nitin Chhoda further explains the importance of creating the right team of experts for your practice.

physical therapy marketing assembling teamNo physical therapy or any other practice owner works alone. Even if at first it is a one-person shop, there will be accountants, financial advisors, and physical therapy marketing consultants that will help in guiding the practice to the road of success.

The truth is that every small business owner wants to do as much of the work on their own as they can, because that means a larger portion of the income can go to them.

But it is very easy to over-extend yourself in too many directions. Even if you do have a staff, it is important to figure out which tasks are things you can learn to do and which tasks are best left to physical therapy marketing and business specialists like advisors and consultants.

Learning to Do-it-Yourself vs. Paying a Professional

Why is it important to assemble a team of physical therapy marketing professionals to help you with the specialized tasks associated with running a successful business? Because they are already trained to do the things that you would have to learn to do.

Start with accounting. If you are an accountant or have training in finance and taxes, perhaps handling the accounting for your private practice will be a breeze.

Most people who own a physical therapy private practice are not specialists in financial fields. So to begin being your own accountant means learning whole new aspects of tax law and financial planning.

The Role of An Accountant

The reason that people hire accountants for physical therapy marketing business is that an accountant already knows how to do the work. An accounting firm can take on additional clients without adding a lot of time, because they are essentially doing the same thing for the new client as they do for all their current clients.

But if you had to learn how to do all that yourself, you’d put a lot of time and effort and energy into it when you probably have more important things to focus on.

physical therapy marketing teamToday, the same thinking is true for many aspects of running physical therapy marketing business and private practice.

Medical Billing to Physical Therapy Marketing Tasks

From hiring out your medical billing and coding to coming up with a physical therapy marketing plan, the knowledge you need to acquire to do these tasks is much more time-consuming than will be worthwhile.

Other professionals who are trained to do similar jobs include physical therapy marketing consultants and website, IT, and SEO professionals.

For all of these skills, it might take a practice owner a lot of time to learn the basics, and you still wouldn’t get the kind of quality you can get from a physical therapy marketing professional whose job is based on these skills.

You Have a Job to do Already

The bottom line is that you already have enough work to do. You need to run your practice and ensure that things go smoothly on a day-to-day basis.

That is why it makes more sense to identify the advisors and consultants you may need, so that when you need them, you don’t have to search around for the right person. Gathering a physical therapy marketing team or referrals now will help you in the long run.

Physical Therapy Marketing: Full-Time and Part-Time Staff

Physical Therapy Marketing: Full-Time and Part-Time Staff

Hiring a full-time or part-time staff really depends on what your practice needs. Take note of some of the pointers that Nitin Chhoda discusses to avoid having too little or too many staff members for your physical therapy business.

physical therapy marketing staffAs you already know, without a skilled, satisfied, and capable staff, your physical therapy marketing plan for your practice is doomed.

You may be able to do it all on your own, but that might not live up to your expectations and goals.

At first, you may consider hiring just a very small staff, so that you can get things rolling without spending a lot of money.

But if you decided to invest a lot in a physical therapy marketing and management strategy, you may want to open up with a full staff so you are ready for high capacity from the get-go.

A Staffing Plan

Most physical therapy marketing practice managers or owners don’t think about writing up a staffing plan from the start.

If you wait and see how many staff members you’ll need, you may end up with too many or too few staff members, and you may end up hiring the wrong person if you do so in a hurry. Coming up with a staffing plan should be simple and exciting.

The hard part of a staffing plan will be deciding just how many staff members you will need for your practice, including your physical therapy marketing  plan. But start with the basics and work your way up.

At first, you will probably need at least one receptionist or medical assistant who can be dedicated to greeting patients, scheduling appointments, and preparing medical records for the physical therapists as patients come in.

Part-Time or Full-Time Physical Therapists

physical therapy marketing planYou probably have an idea of how many physical therapists you want working in your office at a time.

But think about the process as a step-by-step management and have a good physical therapy marketing plan instead of a single hiring bundle.

Perhaps at first, you should consider hiring physical therapists only part-time, scheduling them to come in and work when you have work for them.

Those part-time employees of the business that has physical therapy marketing goals may be the first full-time physical therapists in the future, and they’ll be trained and ready to go once you need them.

Additionally, you should think about when you’ll need in-house billing staff. Some practices like physical therapy business start right up with an in-house medical biller and coder, but you can also hire that out to a company at first so you aren’t adding the cost of another employee.

Your physical therapy marketing staffing plan should include expectations for increases in income, due to increases in demand for your services. When you have a big physical therapy marketing push, perhaps it will be a good idea to hire another physical therapist first, in case you have a lot of interest all at once.

Full-Time vs. Part-Time

It’s also your job to keep your business and physical therapy marketing staff happy and satisfied with the job they have. Many practice owners and managers overlook the fact that a staff member who leaves the practice costs the practice money. You’ll have to train someone new and that causes inefficiencies.

When considering whether to hire full-time or part-time, think about how each staff or your physical therapy marketing and management will benefit from the options you give them. Will they stay longer and be happier with their job if they know they might be working full-time soon? Or do they really want a part-time gig? There is no right or wrong way to hire, as long as you are paying attention to what the practice and the staff need.

Physical Therapy Marketing: Planning Ahead

Physical Therapy Marketing: Planning Ahead

Nitin Chhoda shares the real value of planning ahead and setting your goals for your practice. Although collections from your physical therapy services can be unpredictable, allocating your expenses with regards to your marketing and business plan can help determine your goals for the practice.

physical therapy marketing plansPhysical therapy marketing and budgeting is an absolute necessity for every physical therapy business, but it is especially important for someone who is hoping to run a successful physical therapy practice.

Healthcare and physical therapy marketing professions are especially difficult to budget for, because in so many cases, you will not know whether patients and their health insurance company will compensate the practice as you bill.

Collection Is Unpredictable

Even if you do collect the full amount, the timing of collection may be very impractical and unpredictable.

Because there are so many unknowns, it is even more important to plan ahead when allocating expenses. For the first few years, it is possible that your practice and physical therapy marketing will not run at a profit.

This means that you should factor extra cash into any loan you take out. If you plan ahead for expenses, you will eventually come out on top when you do begin to make a consistent and significant profit.

Most Expenses are Obvious

The majority of the expenses of any practice are completely predictable. You know what rent will cost every month, and you even know when and if your rent may increase.

You also can determine pretty quickly what utilities will cost, and of course physical therapy marketing and management staff salaries will also be set and predictable. These are the major expenses that you can expect to pay every single month.

In many ways, expenses are much more reliable than income. This is one reason that many people are afraid of budgeting; nobody wants to stare down a long list of known expenses and only see a few uncertain income streams.

At first, you will likely take out a physical therapy marketing plan and business loan to cover the predictable expenses. You will only be able to include legitimate income expectations once the physical therapy marketing practice has opened and your patients start to pay for visits.

physical therapy marketing planIncome Can be Estimated, Too

But it’s not all doom and gloom for a new physical therapy practice. With a good physical therapy marketing strategy, you can get the word out about your business even before you open your doors.

You can start scheduling appointments for the first week you’ll be open, even before you start paying your bills. And the truth is, you know how much you’ll charge for each appointment, and you know how many hours there are in every workday.

Of course, not every day will be full of paying clients, even if demand is booming. There will time  when all other things must happen in a physical therapy marketing practice. But you can probably come up with a rough estimate of how much you can expect to make if you have a decent flow of patients coming through the doors.

Bringing it Together

The really important thing to do is to figure out how you will pay your bills. If your income estimates can never cover the estimated expenses, you’re going to have a problem. But if you budget your physical therapy marketing plan and business ahead and do a good job in advance, you can find solutions before you are faced with a failing practice.

Physical Therapy Marketing – Knowing Limits and Setting Realistic Income Goals

Physical Therapy Marketing – Knowing Limits and Setting Realistic Income Goals

Making income goals for your practice is a must, just make sure they are limited and realistic especially if your just starting out. Nitin Chhoda explains why setting your goals with realistic income is important in order to meet the expectations of your practice.

physical therapy marketing goalsIn addition to hiring a qualified physical therapy marketing staff and organizing your practice to be efficient and effective, you should already have a plan on how you’ll pay your bills before you even sign the lease.

That means coming up with at least an estimated physical therapy marketing budget based on a few known quantities, such as expenses like rent and an estimate of how many referrals you can expect from alliances with other medical practices. There seems to be a tendency among practice owners to fluff up numbers or at least be very optimistic when budgeting.

Limiting Expectations

Don’t make your own success harder than it has to be; budget according to real numbers and realistic expectations. If your goals are attainable, you can reach them and make even bigger goals. But if you start with goals that are almost impossible to reach, you’ll find yourself barely treading water.

Every practice owner has to be at least a bit of an optimist. Now is a great time to start a business with a great physical therapy marketing plan, especially with incentives from the government to hire people and to take out loans.

In fact, the physical therapy marketing plan is likely to pick up in the coming decade like never before. The baby boomers are aging, and that means the largest elderly generation the United States has ever experienced.

The Good News

This is good news for physical therapists, but it means that things like physical therapy marketing are going to become even more important than ever before. There may be many potential patients, but there are also a lot of other physical therapy practices that are expecting an increase in business.

Physical therapy marketing is a necessity these days, so don’t forget to budget for a great physical therapy marketing plan and implementation strategy.

Just don’t expect everything to work out perfectly at first. Starting any business takes a lot of work and a huge financial risk. The only way to mitigate that risk is by keeping your expectations low and reflecting low expectations in your budget.

If you know how much it will cost to pay for your physical therapy marketing each month, find out how to make at least that much with the minimum amount of effort and time.

Take Your Time

Another easy-to-adopt mistake is to rush into a fast-paced and busy physical therapy marketing environment. Remember that every member of the staff is essentially new and they are all learning to work together.physical therapy marketing limits

Everyone needs to start with enough time to do their jobs right, so they can form good habits rather than bad ones.

A rushed and over-worked staff member will make mistakes and work inefficiently. That includes the owner and manager.

Plan for a slow ramp up, expect limitations at the beginning, and set realistic income goals and targets. You should always err on the side of pessimistic, if only because it’s better to overshoot your physical therapy marketing goals than to not reach them at all.

Physical Therapy Marketing – Diversifying Income with Cash Paying Programs

Physical Therapy Marketing – Diversifying Income with Cash Paying Programs

Having a variety of cash-paying programs can increase the profit of your physical therapy business. Nitin Chhoda elaborates the importance of setting-up different cash-paying programs so that your practice does not depend on insurance claims alone.

physical therapy marketing incomeIn any other service industry, cash paying programs are a given. Consider the food service industry; every time a service is provided, the customer pays immediately.

In healthcare practices, like in physical therapy business, the system is quite different.

The patients are not usually the ones paying the bill, and if they are, they probably only pay a part of it. Additionally, patients have little to no idea what their financial responsibility is, as it relates to their insurance plan.

Physical Therapy Billing is Different

So in general,  physical therapy practices, even with good  physical therapy marketing, are in a position to provide a service which they do not know will be paid for, until the cash comes in.

Add to that fact, insurance companies will use any excuse to reject or deny a claim, and the cash flow of the practice can look very bleak. More and more practices are looking for ways to bring in cash through cash paying programs.

Physical Therapy Services Are Not Just For Injuries Anymore

One way that you can start to bring in cash is by starting a great physical therapy marketing campaign that focuses on the many ways that physical therapy can help people. For example, as we age our muscles and bones get weaker and we are more prone to injuries.

Most elderly people do not consider going to a physical therapist until they are injured and need to recover. But more and more physical therapy marketing messages focus on prevention rather than just dealing with an injury. Physical therapists can help elderly people to stay stronger and healthier, which will reduce the risk and likelihood of an injury.

Offer a Variety of Programs

For many physical therapy marketing strategists, this is a message that is often targeted towards the children of elderly parents. If you can bring in a few clients who are simply there to get into better physical shape through targeted exercises, the income you make will be in cash.

When we say cash in any business, we don’t necessarily mean dollar bills. Cash refers to any form of legal tender that immediately becomes available once the transaction is complete. This can include cash, credit card payments, and checks.

physical therapy marketing diversificationFor a  physical therapy service like strength training for the elderly, the physical therapy marketing program will need to be marketed carefully and the right audience needs to be targeted.

That way, when people walk through the door they will be expecting to pay for the visits they get.

Using an EMR to Better Track Patient Payments

Another important way to ensure you have some cash flow is by implementing a more efficient physical therapy marketing system for determining just how much each patient will pay.

Medical EMRs make it easier to track a patient’s responsibility in regards to payment, and well-organized physical therapy marketing of practices now ask for up-front payment of the portion that patients are responsible for, whether that is a co-pay or refers to the amount of their deductible that they still owe. The state of insurance is complex, and getting a little bit of help from an EMR is almost necessary to track it accurately.

Physical Therapy Marketing: Cash Paying Programs That Work

Physical Therapy Marketing: Cash Paying Programs That Work

It’s never to late for your physical therapy business to provide cash-paying programs in order for your practice to receive income in real-time.

Nitin Chhoda shares how by putting up some cash-paying programs for your patients you will help them stay connected, as well as provide an alternative source of income for your practice.

physical therapy marketing programsThe secret recipe for a successful physical therapy marketing plan of a practice sounds like something that any owner would pay a lot of money to obtain. Sadly, there is no secret recipe.

There are, however, very open and public ways that physical therapy practices have been able to increase their cash flow.

This doesn’t mean that physical therapists are charging more for services or scheduling shorter sessions and charging the same amount. Cash paying programs from an effective physical therapy marketing are ways that a practice can offset the lag that comes from billing insurance companies for most patients’ expenses.

Making Insurance Companies Pay

The best way to get the cash to your practice is to streamline and improve your claims submission process. For some practices this will mean hiring a medical billing and coding service.

For others it will mean implementing a medical EMR that integrates the clinician’s notes with the coder’s system and the biller’s system. An EMR can drastically improve the rate of accepted claims and that is big physical therapy marketing business plan for any type of service.

Changing the Way Patients Pay

Some EMR systems of business actually improve the way medical billing and physical therapy marketing happens to the point that the biller or receptionist can collect the patient portion of the payment the same day as the appointment. Getting to that point may take a bit of time and energy, but getting payment up front is well worth your time and effort.

An incorrect claim to the insurance company will be rejected. If you have done the research and figured out just what the insurance company will cover before you send the claim, you can not only improve the rate of accepted claims, but you can ensure that cash owed by the patient is paid in a timely manner.

physical therapy marketing cash programsChanging the Way Patients View Physical Therapy

This point cannot be made strongly enough. If you want a real cash paying program to exist as part of your physical therapy marketing practice, you must incorporate preventative and non-billable programs.

Because the challenge for physical therapy practices, as well as almost every other healthcare practice, lies in the billing of insurance companies, it can be hard to change the way you think about cash income.

These can be as simple as exercise classes for elderly patients who want to avoid injury. Each patient may pay in cash for the class, and overall, the practice earns the money that is paid.

It’s Never Too Late

But it’s never too late to start a physical therapy marketing campaign, or to encourage current clients to continue to come to your practice, even when they’ve healed from their injury.

Physical therapy marketing is similar to the way we market good health in general. Everyone wants to be healthy, and good health makes people happy.

If you start a physical therapy marketing campaign that encourages people to get healthier through physical therapy marketing and programs that your practice offers, you may be adding exactly the kind of cash paying program that your practice needs to stay ahead of the game.