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FYZICAL Blog

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How to Build a Physical Therapy Business Your Competitors will be Jealous of

Mar 13, 2018 4:03:14 PM

Do you ever find yourself looking over the fence? You’re not the only private practice owner that gets a little envious of larger, perhaps wealthier practices. However, now is the time to turn the tables and make YOUR practice the object of envy.

On the surface, it may seem like you need hundreds of thousands in capital to catch up to your competitors. Perhaps they have more space, newer equipment, more employees, more marketing and advertising dollars, etc.

Sure, you could spend money on a new building, fancier equipment, flashy advertising… but what makes you proud to be a physical therapy provider? The answer is likely helping your patients heal and regain their quality of life.

Material items will come with proper planning. The focus right now should be enhancing your patient care. Your patients should experience five star service and better outcomes in your practice. If your competition also provides quality care, you may consider:

  • Taking continued education courses
  • Offering new services or products your patients may be looking for
  • Updating the décor of your waiting room and clinic to feel more comfortable
  • Gathering feedback from your current patients and taking note of any complaints or suggestions
  • Sharing helpful health and wellness blogs and tips on your company social media (Don’t be afraid to start small. Better now than never).

All of these factors contribute to a better experience for your patients, and costs next to nothing!

One of the best ways to outshine your competition is by providing services that your patient population needs, that others don’t provide. Consider becoming an expert in a specialty that is underserved in your area. For example: women’s health, sports medicine or balance disorders. There are so many educational opportunities and training courses available for you to master a specialty and become the expert in your community.

For example, if you became an expert in balance and vestibular therapy, you would be able to market your business as the best option for these patients. This is likely an underserved patient population in your community, so physicians and other physical therapists will be thrilled to refer those patients to you.

With this new addition of services, you’ll gain higher patient retention and satisfaction, more new patient evals, increased revenue, and so much more. Over time you’ll be able to hire more employees, expand your space, purchase new equipment and ultimately build the business you’ve always dreamed of.

Physical therapy practice owners who have added balance to their existing business have seen these benefits and now have bragging rights in their communities over major PT corporations and even hospitals. They’re proud to be experts in balance, and providing better patient care than their competition.

To learn more about how you can add balance and vestibular therapy to your private practice and build a business your competitors will be jealous of, schedule a call with an advisor today.

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FYZICAL
Written by FYZICAL

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