This 22 page ebook will explain exactly how to start your own cash-based physical therapy practice including how to set up, market, and create a niche in the cash-based space. 💵
What It Means To Go Out Of Network 🤔
There's the all cash model and the hybrid model. Both involve going out of network. Which one is right for you?
Who's That Perfect Patient? 😷
Your "perfect patient" should have characteristics that you enjoy working with. For example, if you don’t like treating high school athletes, you shouldn’t speak to this group in your messaging.
What's Needed To Get Set Up? 🏗
If you are going to have a cash-based physical therapy practice, you've got to start with the basics. We recommend forming an LLC, checking to see if you need a specific business license, getting your space registered with the physical therapy board, and purchasing liability insurance.
Rules and Regulations 💰Before you dive into your practice, it is very important to become clear on your state practice act and Medicare rules and regulations.
“Starting a cash-based PT practice can seem like a daunting task. You will have doubts and fears along the way, but you can succeed in this model even as a new grad. Whether your goal is to have a consistent side hustle, or to have a full time practice, if you stay organized, have a plan, and seek business mentorship you will succeed.”
So you want to start a cash-based physical therapy practice, but don't know where to start or think it might even be possible. 🤨
In this ebook, we hope to demonstrate that cash-based physical therapy is indeed possible with the right mindset.
Creating a cash-based physical therapy practice is hard. But telling patients you are out of network won't be the hardest part! Rather, the most difficult aspect will probably be keeping tabs on all of the little things that go into running a business.
For as hard as it is to get started, a cash-based physical therapy practice is totally worth it.
You can download the ebook for FREE — it will highlight every step with specific instructions on how to get started and establish your practice from someone who did it!
The Cash Mindset: What It Means To Go Out Of Network 💰
There are a few different cash-based physical therapy practice models:The all cash model
• A hybrid approach
All cash model:
As the name implies, the all cash model means that companies will accept cash, checks, debit/credit cards, health savings accounts, and flex spending accounts. With this model, patients will pay the full price for a session at the time of service.
Hybrid cash model:
Clinics that use the hybrid cash model may be in-network with some insurance companies—like Medicare, for example—and out-of-network with other companies. This is common in clinics that may be transitioning to an all cash model.
Whatever model you choose, you'll need to be able to justify the cost of cash pay physical therapy to your patients, and there are a few key ways you can do that!
Who Is Your Perfect Patient?
Your perfect patient should have characteristics that you enjoy working with. For example, if you don’t like treating high school athletes, you shouldn’t speak to this group in your messaging. Likewise,
if you’re really good at treating a certain condition and you enjoy doing it, that condition could be a characteristic of your perfect patient.
What Do Cash-Based Physical Therapy Practices Look Like?
There are a few different options:
- Brick and mortar
- Sublease Space
- Mobile Practice
Each has pros and cons.
I'll explain what option I chose and why in the ebook! Download it for free! 📒
Cash-Based Physical Therapy Practice Niches
It is important to have a niche population you want to serve. This prevents you from trying to be everything to everyone all the time. It also allows you to focus the message that you send to prospective clients. Your niche should overlap with your perfect patient.
You might think you have to take a bunch of courses in a certain field before you're considered an expert in a niche area, but that is not the case. As a PT, you are already a musculoskeletal expert, and there will be certain patient populations that you gravitate towards and enjoy treating. When you begin to speak to this, your niche may naturally reveal itself.
The best way to become the expert in your niche is to develop free content for community. This could be:
- Facebook posts
- In-person presentations, etc.
Setting Up A Cash-Based Physical Therapy Practice
There are a few things you need to do in order to get started with cash-based PT.Form an LLC
- Check with your state to see if you need a state or city specific business license
- If renting space, you'll need to register your facility with the state physical therapy board
- Purchase liability insurance
- Create a business checking account
- Develop a website
- Choose an EMR
- Get familiar with email marketing
- Choose a credit card processing system
- Get a business phone line
- Get treatment supplies
- Get office supplies
After you've done all this, you'll need to get comfortable with marketing! If there was ever something PTs should learn more about, it’s marketing. Start by sharing your knowledge with your community. You can get active on social media and start building up your email marketing campaign.
There are however some major pitfalls and mistakes you MUST avoid! 🚨
If you want to start a cash-based physical therapy practice, don't worry—we'll cover all of that in the ebook!
This ebook will help you start the next adventure in your career!
🏎️️ Get started
- Choose a model
- Target patients
- Start the paperwork
👮♂️ Be Aware Of These Rules and Regulations
- Direct access
- Reimbursement for patients out of network
- The superbill
📊 Market Your Practice
- Share your knowledge
- Meet people in your community
- Leverage email marketing
😭 Avoid Common Mistakes
- Don't overspend on these items
- Make sure you account for these time intensive things
- Set your fees appropriately