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CBP 068 How to Build a Cash Practice: Checking in With the Guys from the Duck Legs Podcast

On this episode of the podcast, the guys from Duck Legs Podcast hosted me for a Facebook Live video interview, and as always was a very entertaining discussion. This was a long chat, so it’s split into two separate episodes. 

As PT students, they are already super in-tune with the future of cash pay PT and ask awesome questions to learn more. We cover a ton of topics including why I started my cash practice, what you should do if you’re planning to start a cash practice soon, strategy, legalities, mindset, setting rates, and the future of Medicare. These episodes are jam-packed with information, so be sure to have your notepad ready!

An exciting personal note before we dive in: I’m a dad! Our twins are here! They’ve been home about a week as of this posting and everyone is doing great. My wife is truly a champ and I’m so proud of her!

Duck Legs Podcast

In this episode, we discuss:

  • Why I started my cash-based practice several years ago and how insurance influences business decisions in typical PT practices
  • “Clouds and Dirt”: How theory and practice come together to create business success
  • My suggestions for a PT (or PT student) with a year to work towards starting a cash practice
  • Why I’m working harder with a multi-therapist practice than I was as a solo practitioner
  • How I’ve stepped up my marketing efforts
  • Starting a cash practice on a bare-bones budget
  • Things to keep in mind when you’re looking into office spaces
  • Why there’s no “typical” timeline for turning a profit when PTs start cash practices
  • Why it’s important to get a bad-ass mentor and my cautions to students thinking of starting a cash practice right after graduation
  • Why mindset can be more important than income in prospective patients
  • How cash practices can be adapted to different patient populations (such as pediatrics or neuro)
  • How to utilize outsourcing to keep your head above water when you’re starting your practice
  • How to set your prices and decide what appointment options you offer at your clinic
  • How Medicare influences insurance coverage and vice versa
  • What phrases and wording to use to get potential patients in the mindset that cash pay PT is a valuable option that may cost them less than using their insurance
  • How all practices are cash-pay in some way

Resources

Gary Vee

Patientsites.com

Duck Legs Podcast

Find the guys on Facebook!

My Cash Based Practice e-book

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