Owning a physical therapy clinic is a delicate balance of patient care, staff management and strategic planning. One of the best ways to ensure your success as a business owner is through cash-based services.
In this enlightening panel discussion hosted by Breakthrough and Chad Madden, Jason Waz, a seasoned physical therapist and clinic owner in Tampa, Florida, shares his success story of integrating cash-based services into his practice. By implementing a cash-based model, Jason experienced significant financial growth, better patient results and an improved work-life balance for himself and his team. Let's dive into the key takeaways from Jason's career journey.
The Struggles of PT Business Ownership
Jason understands the challenges many physical therapy clinic owners experience first-hand. Running a business while maintaining patient care was exhausting him, and it started to take a toll on his job satisfaction. It was clear that he needed a change in order to achieve a better work-life balance.
Exploring the Benefits of PT Cash-Based Services
Recognizing the potential advantages of adding cash-based services to his physical therapy practice in Tampa, Jason started incorporating optimal health services at his PT clinic in Tampa. He identified three primary benefits once he made this shift:
1. Increased Revenue
- Transitioning to a cash-based model opened up opportunities for higher revenue generation in Jason's practice because he could set competitive prices and attract patients who were willing to pay out-of-pocket for specialized care.
- Cash payments eliminated the need to deal with insurance reimbursements, streamlining the billing process and ensuring prompt payment.
2. Reduced Costs
- Shifting to cash-based services helped Jason reduce costs associated with insurance billing and administrative tasks.
- With fewer insurance claims to process, the administrative workload decreased, allowing staff members to focus on providing quality care.
3. Improved Patient Outcomes
- Cash-based services enabled Jason and his team to dedicate more time and attention to each patient, resulting in enhanced treatment outcomes.
- Without the constraints imposed by insurance limitations, they could provide personalized and comprehensive care plans tailored to each patient's needs.
You can learn more about these business results by reading The NEUBIE Effect Guide.
Add a Massive PT Technology Differentiator: The NEUBIE
Jason also highlights the pivotal role of the NEUBIE device in transforming his practice. This innovative tool significantly boosted cash-based revenue by providing superior patient experiences and outcomes. Coupled with other advancements like HRV (Heart Rate Variability) monitoring, the NEUBIE device became a key differentiator for his clinic.
"By adding a differentiator like the NEUBIE device and charging cash for it, our net revenue per visit across all payers improved by $15 a visit." – Jason Waz
Tangible Results: A Financial Breakthrough in Record Time
The impact of incorporating cash-based services became evident in the numbers. Jason shares that within the first year, his monthly cash revenue skyrocketed from an average of $8,000 to an impressive $50,000. This remarkable growth demonstrates the potential of embracing a cash-based approach in your PT practice.
The 3 Easy Steps to Success for Cash-Based PT Business
First, Jason admits it starts by acknowledging that, as a physical therapist, we are not trained salespeople, marketers or business people - that just wasn’t covered in PT school. That’s why it’s important to take these three steps to get patients’ attention.
1) Introduce the new tech or program in the course of normal PT POC to the patients who are already coming to you for physical therapy. They need an experiential solution. (A new shiny object with a clever name means nothing to a customer if they haven’t experienced it in a meaningful way.)
2) Create a compelling story about why you and the tech you use is a massive differentiator in terms of care and results. In the words of Darren Hardy, the best story always wins.
3) SELL! …or since this is a terrifying word for most clinicians, EDUCATE! Your patients need to understand the problem you are helping them solve (“I will decrease pain in one visit. You will be able to get up off the floor to play with your grandkids in 2-3 visits. You won’t need this walker after only a few visits.” etc.) Sell in the life-changing benefits, not the features or technology. If you lead with, “We have the NEUBIE device!”…they just won’t care. You have to connect it to their lives and wellbeing.
Enhanced Quality of Life for the Physical Therapy Owner
Jason emphasizes that the benefits of cash-based services extend beyond financial success. The improved work-life balance and greater job satisfaction for both the practice owner and staff therapists are invaluable. By leveraging innovative technologies and systems, Jason found the "Holy Grail" of success, and now enjoys a more fulfilling professional life.
The journey of Jason Waz, as shared in this engaging panel discussion, showcases the tremendous potential of adding cash-based services to your physical therapy practice. The increased revenue, improved patient outcomes and enhanced quality of life make it a winning strategy for any clinic owner. To explore further insights from Jason and his expertise, we encourage you to check out more podcasts featuring his industry experience.
Take the first step towards unlocking the potential of cash-based services and transformative technology in your clinic today. We invite you to contact our team to request an exploratory call with Jason Waz to learn more about the technology and programs that will add rocket fuel to your business and patient results! GET STARTED!
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