The ONLY 3 Ways To INCREASE Revenue In Your Practice

I’m in Las Vegas with my mastermind group and we just finished another 2 days of intense masterminding, uncovering new ways to grow and automate our private practices.

I took this picture of Ritika at the Venetion Hotel in Vegas

We talked about several things, and discovered that there was ONE thing that was holding us back in our private practices in the early years, before we built seven figure private practices.

That one factor was the number of moving parts in the practice. If there are too many variables, you make your practice more complicated. The simpler everything is, the better. Ideally, You want to minimize employee, insurance and day-to-day hassles as much as possible. If you want proof of this, then just ask some of my Referral Ignition clients who are generating multiple six figures in their private practice with simple, automated done-for-you systems like Therapy Newsletter.

We talked extensively about the factors that determine success, and the truth is, the success of your private practice depends on 3 factors.

There are only 3 ways to increase revenue in your private practice:

a) Get more patients
b) Charge cash from patients (so you get paid sooner)
c) Raise your prices

That’s it in a nutshell. Every course you sign up for, every consultant you pay and everything you read all boils down to these.

Incidentally, I will be working closely with Jordan Belfort, the infamous wall street tycoon, also known as the ‘billion dollar man’ to bring my mastermind members the latest strategies to build their businesses.. He has made it all and lost it all, and his book “The Wolf on Wall Street” is currently being turned into a major Hollywood movie with Leonardo Decaprio starring and Martin Scorcesse directing. Expect that movie in theaters in summer 2011.

Nitin Chhoda and Jordan Belfort

Coming back to lessons from the mastermind meeting, appreciating and nurturing existing patients to refer family and friends is as important as getting new patients. I went into a lot more detail about this in my sold-out Referral Ignition program, which is currently closed. If you are a Referral Ignition member, you have ALL those systems and strategies in done-for-you templates.

Once you have patients, you want to systematically nurture each patient to become a raving fan and a referral source for your practice.

The following strategies will help you retain more patients and increase referrals from existing patients.

a) Talking to patients when they visit your clinic, addressing them by their first name and being friendly. The sweetest sound for a person is the sound of their own name

b) Calling present and past patients once a month and staying in touch, thanking them for being a patient and reminding them that you are always available to serve them.

c) Send patients unannounced gifts in the mail to maintain contact and encourage reciprocity. Preferably, these gifts should be books, audio CDs and DVDs that are original and created by your practice, so they position you as an expert.

d) Organizing an annual ‘patient appreciation day’ where you invite present and past patients to attend. Have a stage or a podium, deliver a fun speech and thank patients for their trust in you and support of your business. Invite success stories to come up on stage (plan this in advance) and share their experiences so everyone attending can listen to the social proof and testimonials. Reward patients for their achievements and promote your practice at the same time.

e) Give patients an exercise and accountability journal and make it mandatory for them to fill it out, so you can monitor and track their progress when they are away from your clinic. Include gift coupons and free consultation offers in these books, and position them as “8 coupons worth $1000 inside – feel free to pass them along to your family and friends”

These low cost and no cost strategies will work well to transform your practice, as long as you are willing to get out of your comfort zone and grow your business. A successful private practice owner is able to master mindset and overcome the state of fear, competition, greed and scarcity. All these things will only cause self sabotage.

We need to STOP proscrastination, implement new ways to grow our practice or close down our doors. I am extremely passionate about this since I talk to private practice owners every day, and I know the pain of struggle, having lived hand to mouth less than 4 years ago. My personal story is less important than the expansion and growth of your practice, which is why I dedicated time to this blog each week to delivery the latest and the best physical therapy marketing tips to you.

As private practice owners, we are in the BUSINESS of physical therapy, not the PROFESSION of physical therapy.

Your clinical skills and intentions to help patients MEAN NOTHING without a sufficient flow of high quality, cash paying patients who can support the lifestyle and freedom you and your family desire.

Go out there and get it.

If you want me to walk you through the process, that’s possible.

Here’s How You Can Join My Elite Mastermind Group.

If you want to learn more about getting involved in my masterminds group (the 7 Figure Private Practice) then just shoot an email to my assistant Priti at support@therapynewsletter.com and she’ll ask you a few questions and if you qualify she’ll send you an application.