Regardless of the size of your physical therapy practice, here are three strategies that will help you get ready for the next decade!
In other words, independent practices must find ways to diversify in order to create new opportunities and attract new patients.
As our society moves toward a more preventative health model, the conditions are right for physical therapist and rehab practices to continue to boom over the next decade. Fast Co. reports that the value of the wellness industry has increased by over 12.5% in the past two years and is now worth $4.2 trillion. Specifically, cash-pay healthcare services will continue to grow. Therapy providers who would like to remain in private practice over the next decade must start thinking strategically about how to specialize, diversify and differentiate their clinics.
Balance therapy, laser, hearing aids, orthotics, and medically-based fitness are among the top opportunities to diversify revenue. They can also enhance the awareness and reputation of your practice in the community.
In other words, data is foundational to growth. To ensure their place in the coming decade, the focus of individual practices must adjust to include comprehensive data collection and meaningful application. Knowing what to do has never been more important.
The world is beginning to think about health from a preventive—as opposed to reactive—perspective, and rehab therapists are in the unique position to lead the charge. The successful rehab therapy clinic of the future will use data to solidify and reinforce their standing as wellness experts, as well as to optimize efficiencies to ensure a thriving practice.
Efficiencies are particularly important now with Medicare’s reimbursement cuts and cuts to assistant-provided services. To offset the impact of these cuts, it is inevitable that clinics must improve efficiencies and use assistants more effectively. Operational data will be essential to this effort. For the next decade, healthcare services must leverage data more than ever. Business optimization will be the goal, developing efficiencies in both the clinical and business side of a practice. Data will be essential to market optimization, determining specialties of preventative, holistic care for development, in addition to identifying new areas for patient referral streams.
As rehab therapy continues to evolve, it is safe to say that the next decade must be about advocacy and activism, advocacy for pro-rehab therapy will continue to be more important than ever. We can also tap our patients to advocate for us—and ultimately, themselves through direct access.
Get active. If not already, become a member with APTA, ASHA or AOTA. Write to the Center for Medicare Advocacy or the Medicare Rights Center.
FYZICAL members gain strength as a community of independent private practice owners with like-minded goals. Their proven business model is leading the physical therapy industry into the next decade, poised to help amplify the voice of the independent private practice owner and support consumers’ right to choose their place of therapy through direct access. With over 425 locations, there is real power in being independent, but not alone.