I recently caught up with Aaron LeBauer, PT to get the scoop on the launch of his new podcast, The CashPT Lunch Hour Podcast. I’ve been a big fan of Aaron’s and I wanted to get the inside story on his new adventure for my tribe.
Aaron is really excited about The CashPT Lunch Hour Podcast and the potential it has to show other therapists what’s possible in the cash-based practice model. Aaron has been treating patients in a cash practice since 1999 so he knows what he’s talking about. He started his career by owning a massage therapy private practice. He soon figured out that clients are willing to part with their hard-earned cash for what they value.
His entrepreneurial mindset and free spirit allowed him to challenge the naysayers in his life, by starting a cash practice right after PT school. Aaron never looked back and has become a trusted guide for therapists who desire to launch their own cash PT practice.
The CashPT Lunch Hour Podcast is dedicated to empowering and inspiring passionate physical therapists to create, grow and market successful cash-based physical therapy practices. Aaron intends to feature interviews with therapists who have successfully managed a cash-based practice loaded with practical advice and business strategies.
You can learn more about Aaron and his podcast at the podcast page on his website. Below is the summary of our conversation about the podcast and what Aaron is up to now.
Warren Buffet, the ‘Oracle of Omaha”, is a mega celebrity in my home state of Nebraska. His reputation for value investing has reached mythical proportions.
Investopedia stated in a 2015 article that $8,175 invested in Berkshire Hathaway in 1990 was worth more the $165,000 by September 2013 as compared to $42,000 in the S&P 500. Needless to say, his value investment philosophy has made investors in his company a lot of money.
Warren Buffet is known worldwide for being a genius at value investing. Value investors buy securities that are currently undervalued by the market based on their intrinsic worth. Investopedia goes on to say “Buffet chooses stocks solely based on their overall potential as a company…Buffet seeks not capital gains but ownership in quality companies.”
Therapists regardless of their employment situation can learn a lesson or two from Mr. Buffet on value investing. All therapists need to take ownership of their own value regardless of their employment situation. You can do this by understanding patient’s hierarchy of values and a few simple business fundamentals.
Do you want to add a cash business to your practice that can generate enough dependable revenue to unchain you from insurance companies?
Then solve real problems for real people.
Chasing the latest treatments fads you’re not qualified to address will lead to nothing but dead-ends. I’m talking about “businesses” like acupuncture, Pilates, TRX bands or with products you don’t understand or personally care about.
You’ll want to add a cash business that engages your strongest interests and passions. But at the end of the day, that cash business needs to operate in a profitable niche where you’ll be able to help people overcome very specific challenges.
Narrowing your focus and building your knowledge in a specific area of cash practice may seem counterintuitive. But in a competitive marketplace vying for your patient’s attention, it’s the only way to rise above the competition.
Instead of developing a cash business that applies to a variety of patients. Why not be the go-to authority in a smaller slice of cash services pie that has been overlooked?
There is a competitive advantage to being a category authority where your extensive knowledge and expertise helps you get noticed. Getting noticed is half the battle in establishing a cash business at your clinic.
Once you’ve established yourself as an authority in a specific practice niche you can often expand your practice into other patient populations.
There is a common dissatisfaction among therapists with very traditional, very busy practices. Mega-practices with enormous overheads are employing large numbers of therapists in high-volume, hamster-wheel clinics. There is also growing trend among healthcare providers to jump off the high volume treadmill for a more satisfying experience.
Innovative primary care doctors, nurse practioners and therapists are escaping the hamster-wheel starting micropractices. As a result they are finding professional and financial freedom never dreamed possible.
In large practices therapists are expected to crank through patients like a factory worker cranks out widgets. The problem is that neither therapists nor patients are widgets. When therapists are forced to pack out their schedules they feel like they hardly get to know their patients and quality care goes by the wayside.
After a couple of years of hamster-wheel production, therapists feel like their careers aren’t going anywhere and look for something different. Unfortunately, simply changing locations or clinical emphasis doesn’t deal with the organization’s underlying business model or values.
The mega-practice business model causes constant pressure on producers to see the maximum number of patients to cover the huge amount of expenses. Therapist’s career aspirations get lost in the daily overload and overwhelm.
But what’s a therapist to do?
Do therapists in high volume clinics have any options?
I believe we do have options so please read on!
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Today I’d like to share an interview about starting a cash practice with Karen Litzy for her podcast Healthy, Wealthy and Smart. Karen and I had a lively conversation about starting and growing a therapy practice in today’s ever changing healthcare ecosytem. We cover a variety of issues that private practice owners face when wanting to go into business for themselves.
We delve into the 6 essential steps that I believe every therapist should take if they want to launch their own pratice with the least amount of risk and money. We discuss my new Cash Practice From Scratch Course that’s launching on January 3rd, 2017 for therapists who want to start a private practice.
In this episode, we discuss:
- How to build an entrepreneur mindset and achieve professional freedom
- How to align your strengths with your ideal client base
- Why crafting a memorable patient experience will boost your practice and ultimately the profession
- The six essential steps therapists should take to launch a successful practice
-And so much more!
Do You Want 2017 To Be Your Best Year Ever?
The biggest question every therapist has to answer when facing a new year isn’t “How?”
You’d assume it is, but I don’t believe it is!
The real question, the deeper question that’s underneath the what and the how, is “Why?”
Any therapist can explain what they do, some even can explain how they do it. But very few can clearly explain why they do what they do.
Maybe you desire to have more direction and control over your career and life in 2017, but why?
What Should I Do With My Life?
Healthcare is rapidly shifting towards a winner-take-all economy. Large scale mergers and fierce competition have created a situation where therapists need to be recognized as the best–period. There will always be “therapy jobs” but there is less room for average performers to find a promising career path. How are you to find and keep a primo therapy job?
Building a strong professional reputation and brand
is the best way to advance and protect your career.
From a broader perspective the most important skill for therapists to develop will not be clinical, it will not be technological, it is not economical/business acumen. It will be the ability to manage their own careers.
There has been an unprecedented change in the physical therapy profession. For the first time a substantial and increasing number of therapists can choose what they want to do with their careers. Therapists have an almost unlimited number of options of what they want to do with their lives. In addition, the average work life span is now close to sixty years and most therapists will have more than one career during that time.
For many therapists employment will not only be an economic necessity but will be a choice based upon preference and values. Individuals now factor into their job selection where they can use their knowledge and expertise to contribute to the good of not just society but the world.
The good news it’s up to therapists to choose employment that is meaningful to them.
The bad news is that most therapists are unprepared for the burden of responsibility and uncertainty that self-determination brings.
We live in a world that desparately needs our services.
Nearly 1/2 of the world’s population, 3 billion people, are living on less than $2.50 a day, with more than 1.3 billion of them dwelling in desperate poverty. According to UNICEP 22,000 thousand children die each day due to poverty. Many of the world’s population are starving, dying of preventable diseases and beyond the reach of affordable healthcare services
The average North American enjoys a standard of living for most of human history has been unfathomable. Therapists in the United States earn on average $82,000/yr. Therapist’s income is 22 times higher than the global average placing most of them in the top 4% of the richest people in the world. If you want to check how your salary ranks go to How Rich Am I? . The fact that most therapists in the US are rich could skew how we percieve the problem of poverty and accessible, affordable healthcare.