Cash-Based Therapy- It’s Not About the Cash

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Megan Trainor’s hit song “All About the Bass” received a Grammy Award nominations and has sold over 6 million copies worldwide.  I took the liberty to apply her catchy bubblegum pop tune to a cash based therapy model.  You know the tune.  I know you don’t want me to sing if for you. Just sing it out loud for yourself.  It works.  No really sing it.

“ Because you know I’m all about that cash,

‘Bout that cash, not people

I’m all about that cash, ‘bout that cash, not people

I’m all about that cash, ‘bout that cash, not people

I’m all ‘bout that cash, ‘bout that cash”

I attended the APTA’s CSM 2015 conference in Indianapolis last week. I will be sharing with you my key take aways from the conference if you were unable to be there.  I attended several packed sessions on a cash based therapy model.  As deductibles rise, some as high as $10,000 (ouch), the cash based alternative becomes more appealing to patients because they are paying out of pocket anyway.  Several rock star therapists in cash based practices taught us that it’s not about the cash, ‘bout the cash, ‘bout the cash but people.  I won’t ask you to sing again unless you want to. The speakers didn’t impress me at all that they were money hungry or profit focused.  Quite the opposite.

These therapists were empathetic, highly skilled therapists that any professional organization would be proud of.  They were willing to take business risks to offer a unique valuable service to their ideal patients.  They just got paid in a different way.

5 Insights from a Cash-Based Therapy Practice.

1. Focus on Mindset

Several speakers referred to the importance of having the right mindset.  Aaron LeBauer PT owns a 100% cash based practice emphasized having a primary care mindset.  Thinking of yourself as an viable entry point into the healthcare system is key in freeing your practice from medical gatekeepers and middle men.  Who are you?  How do you introduce yourself to your patients?

2. Focus on Unique Value

Ann Wendel PT, ATC of Prana-PT asked the audience the question, “Why should your ideal customer purchase from you rather than anyone else?  Any therapists can benefit from focusing on delivering a high value remarkable experience that leads to loyal patients. Therapists can develop skill and strategies that create memorable moments for their patients every week.  Develop and communicate your Unique Value Proposition, UVP, to your ideal patients and staff.  What is your UVP?

3. Focus on Your Ideal Patient

Once you’ve clarified your value in your UVP you’ve taken a very important step in building a relationship with your ideal patient.  You can confidently set your rates based upon the mutual value you and your ideal patient place on your unique service that benefits them.

Your Ideal patient understands your unique value and you don’t need to convince them.

Sarah Haag PT  determined that her ideal patient would include older women.  She decided to participate in Medicare in order who would benefit from her women’s health expertise.  Describe your ideal patient.

4. Focus on Direct Communication

Let go of needing physician referrals.  Dr. LeBauer shared a story of how he waited 6 weeks for a meeting with a physician group.  Only to have it cancelled at the last minute because he wasn’t bringing lunch for their 60 employees.  The internet and Google has provided a means to market directly to your ideal patients.  Patients are looking for you online.  Sell your services to them.  Free yourself from relying upon gatekeeper referrals.  Market directly to your potential patients online, fitness clubs and community organizations.  Do you regular reach out to connect with people in your community online and offline?

5. Focus on Being Generous

Find your ideal patients where they are.  Cash based therapists reach out into their communities to develop relationships with people.  Every therapists can learn from these therapists the importance of getting out of the clinic.   Help people where they live, work and play and you’ll make a direction connection that often can lead to a referral.  Aaron says “ I never worry bout giving away too much because there always more to give.”   Do you operate from a scarcity or a generous mindset.

We can all learn from cash based therapists that it’s not all bout the cash but about people.  However, we can focus on delivering unique valuable services to our ideal patients that they more than willing to pay us for.  We can focus on being generous with our expertise and time as we directly connection with our people where they are at through the internet and in the community.

How about you?  Are there any insights that apply to your practice right now?

Please note: I reserve the right to delete comments that are offensive or off-topic.

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