Are you looking for ways to increase revenue in your private physical therapy practice? Although so many things contribute to your revenue growth, there are a handful of steps you can implement right now to get the ball rolling.
Simply keeping your appointment schedule full and maximizing the value of your patients is the key to increasing your revenue. Here are 5 ways to accomplish this:
Cancellations and no-shows are going to happen no matter what, but that’s no reason to turn a blind eye to them! Most cancellations and no-shows can be prevented if you and your team remain diligent.
Related Blog: Eight Business Metrics You Should Track in Your Physical Therapy Practice
Do you know your referral conversion rate? (That’s the rate of referrals that come into your business and get scheduled). If not, you may be letting many referrals slip through the cracks. You need a smooth system for collecting incoming referrals and following up to ensure they get put on the schedule for evals. We've developed a suite of referral tracking and management tools resources, including this free guide that will teach you how to implement the most effective methods for a PT private practice.
Related Blog: Four Strategies to Increase Productivity in Your Physical Therapy Practice
By offering bonuses for great performance, your staff physical therapists will be incentivized to keep their schedules full and will achieve higher productivity. Money can be a great motivator in many cases, and if your employees are performing better, so will your revenue.
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If you don’t already offer products in your practice – you should! There’s no need to be pushy with these products; offer products that will benefit your patients. You are the expert on the best PT products available to improve health and wellness; why not offer them right there in your practice and save your patients time searching for them elsewhere? If you’re already offering retail products in your clinic, here’s how you can skyrocket those sales to increase revenue.
Although this could require additional staffing, offering extra services to your patients is a huge revenue generator and increases the overall value of each patient. Additionally, services like massage or weight loss would benefit so many of your patients and give you a chance to keep your patients around longer after discharge.
Unfortunately, running a successful private practice requires dealing with numbers – not just treating patients. In order to be profitable and grow in this competitive industry, you need to manage your business like a business.
People Also Ask:
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Resources You'll Love:
E-BOOKS AND GUIDES:
Three Ways to Use Google To Drive Referrals to Your Practice
14 Business Metrics that Every PT Owner Should Track
Physical Therapy Referral and Tracking Management
WEBINAR: The Business of Balance
Download our free eBook, 7 Guiding Principles to Working on Your Practice, Not In It - prepare your practice to operate smoothly and profitably when you're ready to step back from the day-to-day operations.
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To learn more about how you can improve your financial numbers and gain business expertise, schedule a call with one of our FYZICAL Advisors today.
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Attention PT's! Are You Looking to Increase Your Referrals to grow your revenues and billings? Download our free guide to learn how today!
Add balance retraining and fall prevention services to your physical therapy private practice. A guide to add new services and increase revenues.
