Increase My Physical Therapy Prices, Really??
Don’t be negative.
Should you decrease your physical therapy prices? Accept lower reimbursement? Spend more time and energy on sessions even when not/hardly getting paid?
A lot of negative news is ringing throughout the physical therapy private practice world, but I want you to know…these are the best of times. There’s so much to be thankful for and so many opportunities abounding! Do NOT get caught up in the negativity, do not listen to the complainers. A metamorphosis is happening and you can thrive and shine.
Here’s how you can shine.
- Don’t worry so much about what others are saying. Focus on the path ahead of YOU. Take a hold of your future and move forward.
- Be conscientious. Don’t allow yourself to be consumed by worries and concerns. It can drag you down. Instead, be aware of the needs of those around you and I guarantee you that, in that state of mind, you will find more creativity, opportunities, and greatness.
- Raise your prices. I know I know, it sounds a bit crazy during this economic down turn but success is often counterintuitive. Do the opposite of what everyone else is doing and often you will get different than what everyone is getting. Offering $2,000-$5,000 packages can change your practice. I get notifications every week from clients I coach on how they are selling thousand dollar packages and are extremely happy!
Do the opposite of what everyone else is doing and often you will get different than what everyone is getting. –James Ko, PT
Many are making mistakes.
Many are lowering their prices and nearly giving away their services for free. That doesn’t work. It sends the wrong message. Don’t let anyone dictate your worth, not the economy, insurance companies, no one.
Misconceptions to Avoid:
- “My community is low-income, they will never pay out-of-pocket for their therapy.”
Never judge a book by it’s cover and do NOT underestimate what an individual thinks is important. I am always surprised by those I least expect would pay. It’s VALUE they are looking for, give it to them. Do it better and send that message out.
- “No one is going to pay $2,000 for me.”
Stop devaluing yourself. That bad energy transmits to others, and they will devalue you, too. You have high value and worth, don’t forget that. I went to school for 8 years, costing over $100k, and struggled all the way through it. Now, I’m in the BEST profession in the world. And I deserve to be here. Doctor’s save lives but we PROMOTE life, to those who need it most! What happens if the earth stops spinning, rivers stop flowing, heart stops pumping, muscles stop moving,…we die. Who is the person that gets people moving again, those who need it most? Us, physical and occupational therapists. We are in the best profession on earth. Stop forgetting that. No one can do it better than us–not chiropractors, physicians, nurses, personal trainers, no one.
Be Wary Of
Stop relying so heavily on insurances, third party payers, and medicare. Start tapping into the community of people paying out-of-pocket for pain relief services. It’s a multi-billion dollar a year business. Get in on it!
Your Next Step!
- Start offering cash versions of your therapy services. Do not sell session-by-session, that doesn’t work, they will stop coming. You have to sell packages, upfront. Most will put it all on a credit card. They get better faster. Have several payment options, not just one. Give discount to those who qualify. If you accept assignment with medicare, make sure your cash rates are HIGHER than medicare rates (financial “hardship” patients exempted).
- Make a list of 5 things you are grateful for right now–relating to therapy and private practice. This is an important step! Get your mind right first before taking any more steps. Your state of mind greatly influences the outcome of your actions. Make them positive.
- Get your butt to the next IndeFree “Private Practice Secrets” conference. We are turning practices around and catapulting them to levels of success never dreamed possible. It’s not common sense and you won’t figure it out by reading blogs and watching videos (especially from people who don’t have private practices and have never done it before). REGISTER HERE>>>
You are right now living through one of the most important times for physical and occupational therapists. You can be a part of history. Don’t let this special season go by and miss it because you are too caught up with the negative–with your head in the sand.
More Reasons Why This is the BEST Time for Therapy Private Practices!
Oh, and btw, here are more reasons why it’s the best time to be in private practice:
- 30 million MORE people will have access to healthcare in 2014.
- Medicaid is becoming more and more generous. Underserved populations are needing more therapy.
- Any Willing Provider law is gaining momentum.
- Wellness and preventative services starting to pay.
- Physician referrals becoming less and less significant for growth.
- Patients are converting into consumers and exercising their rights to choose who they go to, where they go, how much they are willing to pay, etc.
- Technology is saving more babies and lengthening life, subsequently creating more populations of those who need therapy. Pediatric private practices are growing like crazy!
- Health, wellness, and fitness becoming a national priority.
- Physical therapy field is rapidly growing (according to US News and World report)
- Higher patient copays leading to more cash service sales.