Earning more income in the business of physical therapy is rarely about being a better therapist.
Unfortunately, too few therapists learn this lesson until it is too late.
In this article I will share the 3 factors that have the greatest impact on the profitability of a physical therapy private practice.
3 Factors that Influence Profitability for a Private Practice Physical Therapy Business
- Identify a customer with true urgency and need
- Identify a customer with the means to pay for your service
- Identify a customer who can be reached through media or word of mouth
A Customer with True Urgency and Need
My private practice focuses on treating patients who recently underwent total knee replacement surgery.
Why?
Because these are clients who have high urgency and real need for physical therapy. These are clients who have had their legs surgically removed, the ends of their bones cut off and prosthetic implants drilled into their joints.
They are extremely fearful, in significant amounts of pain, and often confused. They need help and their immediately family members don’t have the knowledge or tools to help.
These patients and their family will do anything to get them the help they need.
A Customer with the Means to Pay for your Service
As mentioned above, these clients and their family will do what ever is necessary to get the help they need. If insurance won’t pay for a service they will pay out of pocket.
Fortunately, insurance will pay most of the cost of therapy services, which means that if mom or dad needed a specialized service that cost $500, the family would be eager to pay for it.
If you could target your marketing message to the affluent patient who wants more than the “average” therapy experience then you are servicing a consumer with the financial means to buy what he wants, not just want is covered by insurance.
A Customer Who Can Be Reached
The final part of this three part formula, is finding a customer who you can reach through social media, targeted ads, or word of mouth.
If you can’t communicate what it is that you can offer, then even the best services will go unsued because nobody will know about it.
Summary
A great service won’t help the wrong client. If you don’t have a service that solves a problem with high urgency and need, the value of your solution drops. If you won’t serve a client who has the means to pay for your solution the value of your solution drops. If you can’t communicate with the client who has high urgency, need, and the ability to pay for your solution then again the value of your solution will drop.
Anthony Maritato, PT
Private Practice Owner / Physical Therapist
After starting a private practice physical therapy clinic in 2022 with his wife Kathy Maritato, PT, Tony and Kathy grew their practice to five locations across two states.
Now, Tony and Kathy enjoy spending time treating patients in the morning, coaching therapists in the evening, and being home to play with their dog Tucker and 4 boys.