BreakthroughPTMarketing: 3 Growth Rates In Private Practice

BreakthroughPTMarketing: 3 Growth Rates In Private Practice

www.breakthroughptmarketing.com

877-903-8616

PRIVATE PRACTICE GROWTH NEWSLETTER

INSIDE: • 3 Growth Rates in Private Practice • Group Call Schedule

• Breakthrough Win Spotlight • How To Get Support

Physical Therapy marketing to generate new patients and grow your practice.

www.breakthroughptmarketing.com

877-903-8616

3 GROWTH RATES IN PRIVATE PRACTICE

Hello Breakthrough Owner,

with a strong trajectory. I’ve done the math with the 3 different growth rates: 5%, 10%, and 20%. We’ll get to what this looks like at year 20 and year 30 in a minute - but first a few important points. 1. Youmay have remembered DanHinnerschitz (one of my partners at Madden PT and the Director of our 3rd location) saying: “growing from zero to 100 visits per week is a lot easier than growing 100 to 200 visits per week.” I would say most owners agree - myself included. So is it fair to say an owner could really grow to 100 visits in less than a year OR even faster? Certainly true. Our first clinic did 100+ visits in a week within 6 months of opening. Dan’s clinic in Dauphin? 107 visits within 2 months. Doesn’t that skew the model? If anything, it simply moves it forward, making the difference in growth rates even more pronounced earlier. 2. On a recent podcast interview (“Grow Your Practice” which I had the honor of hosting), Steve Salzer andMike Piekutoski of 8150 Advisors shared “growth rate” is the one of the key factors determining practice value. Anything less than the 6.2% year-over-year averagemay be considered less appeasing - and ultimately less valuable for the buyer. Hopefully the episode is available for you to listen to by the time you’re reading this. 3. When asked, “How fast do you want to grow?” - what do you think most owners say? “5 to 10%” is what I hear most often. There’s not a right or wrong answer. However, realize that whether your personal answer is 5, 10 or 20%… the business questions you ask yourself and your team - and your resulting strategies - are going to be affected significantly. I view this answer as a choice; and hope you do the same. Alright, so back to our 3 Owners. At 20 years into our private practice journey, here’s where the 3 Owners are at in weekly visits: Owner C has surpassed the 100 visit/week mark and is at 126 visits/week. Owner B is at 306 visits/week. Owner A? 1597 visits/week and $7,000,000+ in annual revenue. This is now likely a nice sized multi-location practice with 32 FTE clinicians. At 30 years in the disparity is even more pronounced: Owner C is doing 206 visits/week and nearly $1,000,000 in annual revenue. Owner B is at 793 visits/week and roughly $3,500,000 in annual revenue. Owner A is at an astounding 9,891 visits/week and ~ $45,000,000 in annual revenue with 198 clinicians. What do you want to build? Chad PS - If you have not read about the 20 Mile March, Google it and enjoy. Look for the 1911 story of the two teams who raced to the South Pole.

For 5 minutes, forget about 2020… 3 Private Practices open their doors on the same date.

Within one year, each practice has achieved an average of 50 visits per week. (If you think about visits in terms of per month - this would be ~215 visits/ month. Per year - 2,500 visits/year). Owner C does not want to get too big too fast (loving friends and family members who had his best interest at heart and didn’t want to see him get hurt encouraged him not to grow too quickly). Practice C aims to grow at 5% year-over-year. Owner B knows PT is growing at an average of 6.2% per year - and wants to be above average, she decides to aim for 10% growth year-over-year. Owner A is the most ambitious. She took a risk opening her own practice - the same as Owner B & Owner C. However, she has big dreams and a vision of how she can make a huge impact in a growing area over the course of her private practice journey. She aims for a whopping 20% year-over-year practice growth. With the same starting point, considering the different growth trajectories, at the end of the first 10 years in Private Practice, where do you think each owner is? Let’s look at Owner C first. Where do you think Owner C is at in terms of average visits per week?

A. 258 visits/week B. 118 visits/week C. 78 visits/week D. 53 visits/week

Answer: sea (I didn’t want you to cheat yourself. Sea = C).

So not bad, right? Probably still a 1.5-2 FTE PT clinic. ~ 4,000 visits per year. Maybe $350,000 - $400,000 in annual revenue. Keep the expenses low. Don’t get hurt…How do you think Owner B & Owner A have fared? Owner B - and her 10% above-the-industry-average growth rate? She’s at 118 visits per week. (Answer B above). This is likely ~ 6,000 visits per year. 2-3 FTE PTs. $540,000 - $600,000 in annual revenue. Owner A? That’s right - Owner A surpassed 100 visits per week 5 years ago - in Year 5. With her steady 20 mile march - in good weather and bad - A’s Practice is at 258 visits/week. This is just short of 13,000 visits per year. Likely 5 going on 6 FTE PTs. Annual revenue greater than $1,000,0000. This is a Million Dollar Practice

GROUP CALL SCHEDULE

OWNER IMPLEMENTATION CALLS • The 3rd Tuesday of each month • 12-1PM EST Registration Required

GROWTH X CALLS • The 4th Wednesday of each month for Staff • The 4th Thursday of each month for Owners • 12-12:30PM EST Registration Required

BREAKTHROUGH UNIVERSITY LIVE TRAINING CALLS • The 2nd Tuesday of each month • 1-2PM EST Registration Required

KILLER MARKETING CALLS • The 4th Tuesday of each month • 1-2PM EST Registration Required

Keep an eye on your email inbox for all applicable call invitations and virtual meeting registration information.

DEBBIE DUFFIN LAMBSON, High Desert Physical Therapy

Had an in person RTC workshop last night. Registrants took the time to tell us how great and thoughtful and sincere it was that our PT presenter was the one to make the day before reminder calls. Plus I’m so proud of my PT/owner. He made fantastic calls- really getting into it, engaging so well with each person and even asked people to come with a joke to share. We had 46 people registered, 17 free screens scheduled before the workshop, 21 showed to the workshop. We have 12 POCs so far with more on the horizon (that need referrals, etc). More wins...this month I was able to touch base in some form (phone, email, text) with 100% of the registrants! (You know there’s always a few stragglers who won’t return your attempts so this was big for me.)

WANT A CHANCE TO BE FEATURED?

Winners are: • Showcased in this Breakthrough Community Newsletter (which is mailed out each month to the entire Breakthrough Nation). • Celebrated on a Breakthrough internal Town Hall meeting. • The winner will also get printable Flip the Pyramid photo props to use with their team and/or next patient testimonial photo!

1. Post a win in the Breakthrough Inside Circle or PT Experts Facebook groups 2. Include “Breakthrough Win” or “win” anywhere in your post 3. Also include what made your win possible. What worked (and even what didn’t)? 4. We’ll email the winner every month.

www.breakthroughptmarketing.com

www.breakthroughptmarketing.com

HOW TO GET SUPPORT

With Breakthrough nation growing rapidly, as well as our Breakthrough operating team, we want to help layout the best ways to contact us in order to get support.

TECHNICAL/LOGISTICAL SUPPORT Portal help, program schedule, email notifications, billing, etc. Breakthrough University Subscription, Masters Courses (i.e. Killer Marketing), and Growth X Members should email [email protected]

CONTENT SUPPORT Questions on content within your program’s modules, feedback, & PT advice. Post In Our Facebook Groups Breakthrough Inside Circle, Max Value, or PT Experts Facebook Groups

PLEASE DO NOT TRY TO CONTACT BREAKTHROUGH TEAM MEMBERS THROUGH THEIR PERSONAL FACEBOOK PROFILES FOR SUPPORT INQUIRIES. IN ORDER FOR OUR TEAM TO GIVE YOU THE BEST AND MOST EFFICIENT SUPPORT, WE WILL NOT BE RESPONDING TO SUPPORT QUESTIONS VIA ANY OF OUR PERSONAL FACEBOOK PROFILES. AND PLEASE DO NOT CONTACT THE STAFF AT MADDEN PT.

ONLINE TRAINING & EVENTS FOR PRIVATE PRACTICE OWNERS GROW YOUR PRACTICE & HELP MORE PEOPLE IN PAIN GET BACK TO NORMAL NATURALLY EXCLUSIVE PRACTICE GROWTH TRAINING AND EVENTS IT’S EASY TO VIEW UPCOMING & ON-DEMAND EVENTS REGISTRATION IS FREE!

Visit breakthroughptmarketing.com/ events to sign up for future events.

Attend trainings from anywhere in the world from your computer, iPad, or smartphone. Most practice owners went to school to become a physical therapist and not a business owners. They spend years trying to “figure it out” and settle for a fraction of the success they truly deserve. When you sign up for an online training , you’re signing up to learn from private practice industry experts such as Chad Madden, Neil Trickett and Chris Reading. And you’ll have the opportunity to pick their brains and use their experience to fuel your insights! You can literally learn fromprivate practice experts with decades of experience for free, from your couch!

BREAKTHROUGH MANUAL THERAPY

Achieve your COMT and earn CEU's as you learn manual treatments proven to increase patient outcomes and retention. Es t ab l i sh your c l i n i c as t he l eade r i n pa i n r e l i e f i n your r eg i on .

Two wa y s t o l e a r n :

Host a course at your clinic: This is a great way for all of your staff to learn and bond together while eliminating travel costs. It ensures a consistent level of knowledge among staff, and allows them to use each other as resources as they implement their learnings.

**Discounts offered to those who commit to hosting the four-course COMT Series**

Attend an upcoming course: If you or a couple staff members want to take a course, or you want to get a new staff member up to speed, attending a course at another clinic is the way to go.

April 17 & 18 - Lumbopelvic One; Charlottesville, PA May 1 & 2 - Cervicothoracic One; Harrisburg, PA (Madden PT) June 5 & 6 - Cervicothoracic Two; Quarryville, PA (Neff PT) June 26 & 27 - Lumbopelvic One; Midland, TX June 26 & 27 - Lumbopelvic Two; Harrisburg, PA (Madden PT) September 17 & 18 - Lumbopelvic Two; Washington PA September 25 & 26 - Cervicothoracic One; Clarksville, TN UPCOM I NG COURSES * C o u r s e s a r e a d d e d f r e q u e n t l y . C h e c k b r e a k t h r o u g h p t ma r k e t i n g . c om f o r mo s t c u r r e n t l i s t .

TO REG I S T ER

Con t ac t Abbe Kl e i n a t abbe@br eak t hroughp tma r ke t i ng . com

Hea r f r om owne r s !

“ B e s t t h i n g w e e v e r d i d w a s h a v e y o u r t e am c ome a n d p u t o u r t h e r a p i s t s t h r o u g h t h e w h o l e s e q u e n c e ! T h e y a r e s o p r o u d o f h o w t h e c e r t i f i c a t i o n i mp r o v e d t h e i r a b i l i t i e s t o a c h i e v e a m i r a c l e e v e r y s i n g l e v i s i t . " - C h r i s t i n a P a n e t t a

" B y f a r t h e g r e a t e s t c o n e d c o u r s e I ' v e t a k e n . N e v e r b e f o r e h a v e I b e e n g i v e n s u c h u s e f u l t e c h n i q u e s t h a t I c a n u s e t h e v e r y n e x t d a y " - C h r i s O s t l i n g

I h a v e b e e n a b l e t o p r o v i d e mo r e r a p i d i mp r o v eme n t i n p a t i e n t o u t c ome s w h i c h h a s h e l p e d d r a s t i c a l l y t o i mp r o v e p a t i e n t b u y - i n a n d h e l p e d t o i mp r o v e o v e r a l l p a t i e n t f u n c t i o n a l i mp r o v eme n t a n d r e t e n t i o n r a t e s . Wo u l d d e f i n i t e l y r e c omme n d t h i s g r o u p t o o t h e r t h e r a p i s t s l o o k i n g t o i mp r o v e p a t i e n t o u t c ome a n d h o n e t h e i r ma n u a l s k i l l s ! - C o r e y D a i l e y

Con t ac t Abbe Kl e i n a t abbe@br eak t hroughp tma r ke t i ng . com