CashPT Lunch Hour Podcast Is On Air

Aaron LeBauer Launche A New CashPT Podcast

The-CashPT-Lunch-Hour-Podcast-

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.

What Do Patients Really Value?

How To Figure It Out

value is what you get

 

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?

Add A Cash Business To Your Practice

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?

'If you try to serve everyone, you'll end up serving no one.'Click To Tweet

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.

Revitalize Your Patient Onboarding

Give Your Patient Onboarding A Lyft

How To Give Your Patient Onboarding A Lyft

 

How might a company like Uber or Lyft revitalize your patient onboarding experience?

The days are gone when I hailed a cab to get a ride from the airport to my hotel. Now getting a ride is as simple as pulling out your smartphone, tapping a Uber or Lyft app and waiting for your ride to show up.

The experience is much more convenient and enjoyable. While I wait for my driver, I’m entertained by watching little cars drive around on my phone like a video game.The app handles the money exchange, the driver seems to be a regular guy so I normally sit back and strike up a friendly conversation.

I can see how ride-sharing services have rapidly established themselves as an alternative to the traditional paid transportation experience.–driver in control, the rider in the backseat, awkward conversation and payment is through a meter which I never quite trust. They drive, you pay.

I got to wondering what practice owners can learn from the ride-sharing phenomenon and apply it to our patient intake process.  Rather than keeping our patient intake process like a cab ride to be endured, how might we reinvent it to be more like a satisfying ride-sharing experience?

Get Rid Of Those Clipboards!

How To Deliver A Remarkable Patient Onboarding Experience

 

GET RID OF THOSE CLIPBOARDS

Despite years of technological improvements in electronic medical records, most clinics still rely on an obsolete patient onboarding process. Between patients filling out paper forms and staff data entry the whole experience can be an event to be endured. 

Worse yet, impersonal patient onboarding can result in patients abandoning care before it really begins. Resulting in a loss of potential impact and revenues.

Therapists are stuck between a rock and a hard place. Participation with insurance companies  requires precise patient data to get paid properly. A lot of productive clinic treatment time is consumed by filling out and storing patient information.

Email Marketing Strategies To Get More Referrals

Ten Expert Therapists Share What Works

Email marketing from 10 experts

KNOW WHAT’S HARD ABOUT GETTING REFERRALS? 

Staying connected with loyal patients when you’re so busy taking care of the patient right in front of you!

Most therapists have helped thousands of people and have written meticulous notes in clinical records. But therapists typically do a poor job of staying connected with satisfied clients and managing our networks.

Future referrals and incomes are lost because we don’t maintain strong connections with our most precious resource–our loyal clients.

It’s not like we’re just plain stupid but we’ve never really had to really worry that much about it before. Physicians and networks normally fed us all the referrals we ever needed, sometimes too many. Well times have changed and now therapists must compete like crazy for good quality referrals.

And the truth is most therapists don’t know how!

THESE EXPERTS  WILL HELP YOU SOLVE THIS PROBLEM. 

I’ve collected the advice of 10 expert therapists on the email strategies they use to build strong connections with their patients and referral sources. Most therapists already have fantastic relationships with our patients. We just need a few tips and tools to turn them into word of mouth referrals.

Kickstart Your Practice For Growth

How To Use Crowdsourcing To Launch A New Idea

Kickstart For Practice Growth

So, you’re working at a clinic where you’re not completely happy.

I’ve been there, and well… it sucks. There’s no simpler way to put it.

As a result, you might be thinking you’d like to kickstart your practice into high gear.

Worst of all, you’ve got this burning desire to do something special that won’t go away. You’ve had a great practice idea for a couple of years but haven’t done anything with it. You’re concerned it won’t make enough money and it will end up being an expensive hobby. Your mom thinks it’s a good idea but she’s doesn’t really count because you’re not going to charge her.

You might afraid that  you’re going to be stuck in factory-like therapy jobs churning out patients for the rest of your life.

So where do you turn to for sustainable practice growth?

Crowdsourcing

Large brands like PepsiCo and McDonalds have turned to crowdsourcing strategies to help their businesses win in the marketplace. It can be an effective way to test out ideas while keeping costs low. Some of you may have participated in a Kickstarter or GoFundMe crowdfunding  to help bring a creative project to life.

In today’s world, it seems like crowdsourcing an idea, product, or cause is everywhere. But to traditional healthcare professionals, using crowdsourcing as a growth strategy probably means you need to have your head examined. Afterall we’re the experts, we know what our patients need, isn’t that what we get paid for–diagnose problems and deliver solutions.

Hold your horses, not so fast kemosabe!

Why not use the power of crowdsourcing in healthcare? Sites like PatientsLikeMe, a personalized health network has more than 500,00 members is helping people learn treatment options not directly from medical experts but from other people with similiar conditions.

PatientsLikeMe helps people connect with others who know firsthand what they are going through. Members can learn from the aggregated data of a crowd to make treatment decisions and receive support from others just like them.

Why not use the power of crowdsourcing to validate your practice ideas before you invest boatloads of money and time?

McDonaldization of Physical Therapy

How To Overcome "Happy Meal" Healthcare

The McDonaldization of Physical Therapy

The McDonaldization of Physical Therapy

Do you ever feel like you’re expected to deliver patient outcomes like a McDonald’s drive-through?

The next time you’re at a fast-food restaurant and you’re thinking about ordering a “value meal” think twice whether it’s really a good deal or not. 

Value meals are commonly used by fast-food restaurants to facilitate bundling, up-selling, and grouping items together at a lower price. As the healthcare industry moves toward value-based care, bundled payments are a popular pricing model for sharing risk and accountability.

Are bundled payments healthcare’s version of a “Happy Meal”?

Perhaps it’s just me becoming a grumpy old man, but it seems I’m frequently expected to dish out low cost, convenient, ‘fast food’ physical therapy.

You probably know what kind of care I’m talking about. The quick and easy recipe-driven therapy that provides immediate gratification. It fills you up (and your schedule) with empty calories but leaves both you and your patients needing something more substantial.

The fast-food business model has forced its way into mainstream America in all parts of our economy including physical therapy. This phenomenon been researched and analyzed. The term McDonaldization has come define its cultural influence on society.

We are going to take a closer look at the McDonalization of physical therapy and ways you might avoid the downside of its dehumanizing effects.

Expect Referrals

3 Reasons to Expect Referrals From Your Patients

Expect Referrals

 

Imagine a time when therapists didn’t weren’t concerned about referrals.

There was a time not too long ago when all a therapist had to do was work hard at getting people better, develop relationships with a few referral sources and you’d be good to go.

Largely due to the explosions of provider networks every therapist is now an active participant in the creation of new referrals–whether we like it or not.

If you hear yourself saying, “I believe that you get referrals by doing great work not by asking for them” then I want to challenge your mindset for your own good. Good physical therapy is just the admission price. An extraordinary patient experience is what earns us referrals and grows our practices. 

It stands to reason that any patient who experiences an extraordinary outcome and level of service is far more likely to become a part of your referral network.

Remarkable therapists expect to receive referrals from every patient as a natural course of providing care. If fact, expert clinicians are convinced something went wrong when a patient doesn’t refer friends and family.

How about you, do you expect referrals from your patients?

How To Escape Hamster-Wheel Practices

3 Reasons To Start A Micropractice

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!