Increase Your Physical Therapy Practice’s Revenue with a Few Simple Tweaks
Research has shown that physical therapy has benefits for many people and not just people with injuries. As an owner of a physical therapy practice, you might find yourself wondering how you can increase your revenue without increasing your patient load. If you have a full patient load but are finding yourself needing a bit more revenue, there are ways to increase your profits without sacrificing your patients” care.
Offer Products In-Office
You might feel like a peddler trying to sell various products to your patients, but you can avoid toeing that moral line by providing quality products to your patients. Besides their doctor or surgeon, there probably isn”t anyone your patient trusts more than you to recommend a stellar product. If you”ve been sending your patients to other places or practitioners to buy creams, gels, tapes, or other assorted items, you”re msising out on an almost 5 percent increase in revenue in just one year.
Increase Your Diagnostics
The biggest benefit of in-house diagnostics is increased quality of care for your patients. They don”t have to run all over town to get an ultrasound or various neurological testing for a diagnosis. Instead, they”ll have the convenience of a physical therapist who can order their tests, perform the recommended test, and carry out the treatment all within one practice. This can improve patient retention as well because patients aren”t going from care provider to care provider to find a solution to their injury or ailment. The diagnostic testing that is usually used be physical therapists can usually be purchased for a relatively low start up cost, meaning the investment will pay for itself more quickly, not to mention bringing in new clients because of the convenience.
Clinch Your Clients at their Initial Evaluations
This is your sales pitch, the time for you to convince this new patient that this is the best practice for them to visit at least once a week. But oftentimes the hardest part of these initial meetings is getting the person to actually show up to them. If the majority of your patients are referred by a doctor for things like sports injuries or post-surgical therapy, then a lot of these patients won”t show up for the mere fact that they”re “fine”. While having someone you”ve never worked with not show up doesn”t sound that detrimental, you need to keep in mind that each patient has the potential to bring you at least seven visits, more depending on why they”re needing physical therapy. You can clinch these potential new patients by keeping in touch prior to their appointment and offering incentives for showing up, like free diagnostic testing or free visits.
Offer Fitness Classes
Recovery accompanied with activity can make or break a patient”s long term goals. Many practices are starting to incorporate gentle fitness classes to aid in their patients” recovery. Things like yoga, pilates, and low impact aerobics are great ways to get people moving outside of their therapy appointments and have it be done in a setting that”s knowledgeable about their limitations and needs. This is an excellent way to bring in extra money for the practice without greatly increasing your patient load or cutting into your clinic hours because these classes can be offered outside of regular appointment hours.
Don”t feel like you have to hire more therapists and bring in more clients to bring in more revenue. There are plenty of ways to maximize your business plans without sacrificing your ability to provide good care.