Physical Therapy Marketing: Maintaining Income Goals in Tough Times

Physical Therapy Marketing: Maintaining Income Goals in Tough Times

Nitin Chhoda says that facing a lot of challenges like maintaining your income goals can be tough at times, but this should not stop you from moving forward.

He insists on improving your physical therapy marketing strategies in order to get more patients, which will help make your business thrive even during the economic crisis.

physical therapy marketing incomeThese days, having the goal of surviving even just your physical therapy marketing goals seems to be enough to work towards.

The economy has not been kind in recent years and small businesses have suffered.

If you are running a private physical therapy practice, you’ve probably already cut some of the expenses that you don’t want to cut, physical therapy marketing included, in an effort to keep your head above water. Is it possible that by setting your income goals first, you can maintain the practice even in tough economic times?

Don’t Give up on Staff

One important thing to keep in mind is that the staff even in physical therapy marketing alone is the life-blood of the practice. If there is no staff, the patients can’t be seen. And when patients are not seen, the practice doesn’t make any income.

Some businesses cut staff because it is the first and easiest big expense to cut back on. However, time and time again, this has been proven to be bad for physical therapy marketing plan and business.

Efficiency is Important

Improving efficiency is always a good thing – especially when you have less income to go around. But cutting back on staff can burden the rest of the team in a way that actually decreases efficiency.

You also lose the investment you’ve made to train your staff, which means that when things get better, you’ll pay to get things back up to speed while patients are waiting to be given appointments.

If anything, consider cutting a few hours for each physical therapy marketing and business staff member. By making these small changes, you can stem the outflow of cash while at the same time preserving your ability to pick up business once it comes back.

physical therapy marketing income goalsYou Are a Staff Member, Too

So if you do take steps to reduce costs by cutting hours, do the same for yourself.

Your income goals should always align with expenses at home and in your business as well, physical therapy marketing included, but your clinical goals have to be more long term than your personal income goals.

Setting a good example for your staff will be critical to keeping up morale when things look bleak. And no staff member will be happy to have hours cut and their paycheck reduced.

At the same time, you’ve got to keep yourself happy, right? The staff, including the owner of a practice and physical therapy marketing management, will keep the practice alive. Your hard work should be rewarded and your role acknowledged.

Neither you as the owner, nor your practice as a whole, can afford to lose sight of the important income goals that have been set. But during tight financial times, it may be necessary to re-evaluate your goals to the new reality you face.

Don’t be Afraid of a Physical Therapy Marketing Push

Another way to boost your chances is to make physical therapy marketing a goal. When there are fewer potential patients, and even fewer patients who can pay or who have health insurance, you have to be more aggressive in your strategies to bring them to your practice.

It may be that you have to invest in physical therapy marketing, even when it feels like you can’t afford a marketing budget.

Physical Therapy Marketing – Reverse Engineering Your Goals

Physical Therapy Marketing – Reverse Engineering Your Goals

Budgeting for your physical therapy business income goals seems complicated. However, as you understand its importance in order to achieve your target income, you will realize that budgeting can be fun. Nitin Chhoda explains how creating a budget for your practice can be simple and enjoyable.

physical therapy marketing engineeringLet’s say that you’ve already set a schedule with a skilled financial planner either for your personal goals or physical therapy marketing plan and other business concerns.

And you know exactly what your income needs to be this year, next year, and into the future until you retire, at the age you want to retire.

As the owner of a physical therapy practice who commonly uses physical therapy marketing, you should be able to estimate how much you’ll need to bring in to fund the practice as well as to pay you the income you are hoping to make.

And figuring out just what your clinical goals should be will make budgeting straightforward.

Budgeting Can be Fun

Everyone says they hate budgeting and they hate spreadsheets. They don’t like to look at reports and they feel that their accountant is probably laughing at them for being inept at the financial side of things.

Don’t be afraid of physical therapy marketing budgeting. It may sound funny, but if you give yourself the right incentives, budgeting can be fun.

The Success of Your Business is an Incentive

As the owner of a physical therapy practice with a good physical therapy marketing plan, your incentive is going to be the success of the business and the income goals you’ve set for yourself. How do you reach those goals if you aren’t willing to spend time budgeting? And what exactly does it mean to budget?

The simple break down is that building a budget is just looking at your current and future expenses, then figuring out how you’re going to pay those expenses. Where will your income come from? How many patients per day do you need to see for the practice to succeed?

What will your physical therapy marketing strategy be? Will physical therapy marketing actually bring in enough patients to justify the cost? It probably feels like there are an infinite number of questions like these and that finding the answers will be hard and will take a lot of time. It’s going to be easier than you think. And the time will be time well spent.

Eye on the Big Picture

Sometimes that initial budgeting session is a bit of an eye-opener. Maybe you realize that to pay yourself the target income you’ve set, you’ll have to see hundreds of patients per week.

physical therapy marketing goalsOr maybe you’ll realize that each physical therapy marketing staff member is going to need to be paid more than you realized, if you want a really skilled staff doing an efficient and quality job every day.

As the owner, it’s your job to look at the practice from the bigger picture viewpoint. Will you have to adjust your income goals so that you aren’t making quite as much initially?

Short-Term to Long-Term Goals

Maybe the trade-off for a good physical therapy marketing campaign will be worthwhile. In the short-term, it may be more important to invest in physical therapy marketing or staff rather than yourself.

Because what you do in the short-term is going to have a big effect on the long-term. If you make those tough choices today, you may be able to make your long term income goals a reality.

Physical Therapy Marketing — Perspective in Clinical Goals

Physical Therapy Marketing — Perspective in Clinical Goals

Creative and effective physical therapy marketing is essential to your physical therapy business. Nitin Chhoda emphasizes reasons why marketing your practice is not actually an expense, unless you already have a big number of patients coming in.

physical therapy marketing goalsAll of your physical therapy marketing goals should be broken down into manageable pieces. While it is important to start with a big picture, long-term visions for the practice, your goals are what will take you there.

Make some five-year goals as well as your retirement goals. Consider the short-term goals of the practice as well as long-term goals. If you can see a broader set of goals, you will always know what you are working towards.

But to get there, you’ll have to break things down into smaller and smaller pieces of your physical therapy marketing plan and business that are actually attainable.

If you know when you want to retire and how much money you want to have in your retirement account by that time, you can figure out just how much money you need to make each year. But will your clinic support that figure for you the way things are going right now?

Physical Therapy Marketing: More Important Now Than Ever

Some managers and owners of small private practices opt to cut the physical therapy marketing budget at the first signs of trouble. It seems that physical therapy marketing is often overlooked because there seem to be so many more important things to do and to budget for.

However, getting through a financial squeeze may depend on the effectiveness of your physical therapy marketing campaign.

Naturally, if you’re not having trouble bringing in new patients, physical therapy marketing may not be a necessity. But the thing about a physical therapy practice is that most clients only need or want your services for a set period of time. So each time a patient moves on, you need to be ready to fill that space with a new client.

Physical Therapy Marketing Techniques

physical therapy marketing clinical goalsThere are a couple of physical therapy marketing tactics that work fairly well for people in this particular market.

The first is to aim your physical therapymarketing campaign towards clients who simply want to get healthy and stay healthy.

Reminding folks that they can benefit from physical therapy even when they are not injured can be powerful.

The second strategy is to engage other healthcare practices in a mutually beneficial referral agreement.

Physical therapists are used to getting referrals from surgeons and specialists, but these days the referrals are going the other way around, too.

Physical therapy is sometimes the first form of healthcare that a patient tries when something doesn’t seem quite right. When the physical therapy practice determines that their patient needs another kind of doctor, you should know who you are going to refer your patients to.

Incorporating Short-Term Strategies into Long-Term Goals

More than anything, remember that every part of your physical therapy marketing campaign should support your short- and long-term goals. A steady stream of patients translates into a steady stream of income.

If you can keep your long-term personal income goals in mind, you can design your practice so that you get the best results for everyone involved. Patients and staff will benefit from a physical therapy marketing campaign that keeps goals in mind.

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.