Grow Your Practice Podcast

In this episode, I cover the 7 braindead simple steps for preventing no-shows, last-minute cancellations, and drop-offs.  Patient no-shows and cancellations is one of the most common profit leaks we see.  At the end of this episode, you’re going to know how to stop throwing your marketing dollars down the toilet and get a better ROI so you can increase profits and improve patient outcome...

Is your marketing working for your practice? In this episode, you'll discover my 5 best-performing channels for getting new patients. Gain an understanding of the shifting landscape of physician referrals, and why diversifying your channels for getting new patients is critical to ensure business stability and growth. Learn how I track and attribute new patients to marketing sources in my practice,...

Why does the healthcare system undervalue PT? In this episode, I grapple with the reasons why insurance companies, healthcare systems, and politicians may not prioritize conservative care, specifically physically therapy, despite the evidence that it works and it's cost-effective. Your practice is likely impacted by the realities of our current healthcare system on a daly basis. You've likely expe...

How much should you spend on marketing? This is a question I get asked all the time. When profits shrink, marketing is often one of the first line items in the budget to go. This is a mistake. When done correctly, marketing is a signficant revenue-driver. When you cut back on marketing costs, revenue (and profit) declines along with it. I talk through the 5 marketing channels that work best in my...

In a world of skyrocketing inflation and declining reimbursements, practice owners are faced with two options: Stick to the status quo and see profits decline or Innovate and see profits grow. Marketing can no longer be considered optional. To ensure success in this environment, data-backed marketing is a necessity. That's why I'm giving away my 2024 marketing calendar template. This is the exact...

John Twomey, Owner of PRO Therapy in Lake Havasu City, Arizona shares insights on hiring, business growth, and the evolution of direct access. Discover the hiring and marketing methods that have helped John adapt to changes in the market, including the labor shortage and declining physician referrals. Learn about John’s experience transitioning away from physician referrals to marketing directly t...

It's not the first time we've talked here about Medicare Cuts, and it won't be the last. The fact is, declining Medicare payments have an impact on reimbursements across the board and should not go ignored. This episode is a recording of a recent webinar that Mary Daulong, President of BCMS and Chad Madden co-hosted. The episode provides a summary of what's in the 2024 Physician Fee Schedule, incl...

Cheryl Abelow and Lauren Abelow are Private Practice Owners of FlexPlus PT in Massachusetts. In this episode, Cheryl and Lauren share their insights into how private practice physical therapy has changed since Cheryl started the practice 19 years ago. Cheryl, a second-career physical therapist, recounts her transition from the corporate world to the healthcare industry, to opening her own practice...

It's that time of year! Have you completed an annual plan for your practice in 2024? If not, tune in to this episode to gain insights on the purpose of planning and why it's so important to make time for it. This episode includes insights on how to develop a vision for your practice, core values, growth projections, and quarterly priorities. From setting long-term growth goals to identifying quick...

In this episode, Chad Madden reflects on the highs and lows of 2023 and looks ahead to what's in store for 2024. From increased pressure on private practices to the shifting landscape of healthcare spending, Chad highlights the key trends impacting the industry. He also shares the opportunity for private practice owners in 2024 that will go largely overlooked. Discover insights into how you can tu...

Since 2008, the Medicare conversion factor, which helps determine how much you get paid by Medicare and guides rates for many other payers, has dropped by 14%. At the same time, inflation increased by 43%.  It’s no wonder that countless practices are fighting just to make enough money to pay their employees.  But make planning a priority, you can increase your profitability so you never...

Lance Gross, Owner of GTS Physical Therapy in Arkansas, rapidly (and incredibly) scaled his practice from zero to 17 clinics in 5 years. In this episode, Lance shares lessons learned along his practice growth journey, including how he generated a 90% growth in visits and a 70% surge in referrals and within the span of a year! Hear about how Lance's clinic set itself apart from the competition, thr...

Alexander Wielohorski took a unique path towards physical therapy practice ownership.  A mechanical engineer by trade, several years ago Alex managed 30,000 airline employees at a large airline in South America. Flash forward to today, and he co-owns Alaska’s largest physical therapy private practice… And shares that it’s more complex than he would have ever imagined - due primarily to a lack...

Chris Gordos, a PT practice owner in Central Pennsylvania, didn’t believe in marketing. His mindset was “If you offer a good service, patients will come.”  Then he lost his biggest referral source.  When that happened, he knew he had to find another way of getting patients in the door.  So he tried direct-to-consumer marketing - and it worked. After being stagnant for about 10 years...

In this episode, I share the best lessons I’ve learned about money from my 3 mentors. Part of my mindset is to go out and learn from others so I can from their wisdom and experience, and I don’t have to reinvent the wheel. Through that process, I found 3 very good mentors who I’ve been working with for decades. For this episode, I asked all of them one simple question: “What’s the single most impo...

If you've been in practice for awhile, you’ve worked hard to build a practice where you provide high-quality care and have made a positive impact in your community. More reimbursement cuts threaten this hard work. In this episode, I talk about what practice owners can do from a high-level management perspective to get their finances under control.  I draw most of the teachings in this episode...

At a time profits are declining for many practice owners, it's important to refresh ourselves on how money works. The 5 Financial IQs from Robert Kiyosaki are a good starting point for thinking about how to grow wealth and secure a healthy nest egg for you and your family. In this episode, I walk through the 5 Financial IQs from Robert Kiyosaki and share how I've applied them in my life. SHOW LINK...

As of the date of this recording, there are only 61 days left in the year. Have you started thinking about your annual practice plan? There’s one thing you need to do first before you get started.  Most owners will never take the time to do this, and as a result, miss out on thousands of dollars in profit.  Want to create an annual plan that results in profit? Then you need to creat...

Discover a shockingly simple way to uncover hidden profit leaks in your practice. This tool helped me gain financial clarity in less than 36 minutes — and I'm giving it away for free.  In this special episode, I introduce the Profit Leak Audit. I also talk through time management and give you one important exercise you can go through to prioritize your most valuable activities. This exercise...

Profits are reaching historic lows in private practice.  You probably feel like you’re working harder for less money. How did it come to this? And more importantly, what should practice owners be doing to survive? In this special episode, Chad kicks off a brand new Free Training for Practice Owners to Increase Profits.  Tune in to discover the startling truth about shrinking PT profits…a...

If the proposed 3.34% Medicare Cut goes through, physical therapists in 2024 will get paid the lowest rate in 30 years.  When you account for inflation, we'll effectively get paid half as much as physical therapists in 1994.  To survive another round of Medicare cuts, it's imperative to take proactive steps to increase your profit margin. In this episode, you'll learn how to conduct a pr...

Unfortunately, PT school still doesn’t teach us about money. A better understanding of money and finances could really come in handy right now(!) when the majority of private practice owners are experiencing shrinking profit margins.  In this episode, Chad gives an introduction into what he’s learned about making money, including:  The Wealth Formula for What You Should be Worth The Happ...

Reimbursement rates have dropped lower than they were in 1994. Accounting for inflation, they're half as much today as they were then. Practice owners must find ways to increase revenue. One of the most effective ways you can do that is by adding cash-based services. In this episode, Chad talks with Mark Callanen, Director of Education at Enovis™, the parent company of Chattanooga® and LightForce®...

In this episode, Chad talks with Steven Coen, the CEO of Sara Health. Founded in 2018, SaRA Health has been at the forefront of remote therapeutic monitoring long before it was covered by insurance and became popular. Chad and Steven discuss the declining reimbursements in physical therapy and how RTM can increase revenue for providers. Sara Health's daily text messages to patients based on their...

If you're considering selling your practice one day, whether in the next 5, 10, or 15 years — Now is the time to start planning for that future.  The earlier you can take action to increase the value of your practice, the better.  In this episode, Chad shares how he built his $16.5 million practice (since the time of this recording, the valuation has increased to $20.8 million). Learn Ch...