Developing your philosophy of life

A good friend of mine recently gave the book, A Guide To Living A Good Life: The Ancient Art of Stoic Joy by William Irvine.

I’m almost finished with it and I’ve enjoyed it so much I wanted to share my thoughts on it with you.

Overall, I’ve found it very interesting and there’s one key point that I really think everyone should know.

It has to do with your philosophy of life.

I’ve read or listened to a decent amount of philosophy books (nerd alert!) but never quite grasped the concept of having a philosophy of life.

When I think philosophy, I think about high level conversations about the meaning of life and all the questions we have that there are no answers for.

This may be true in some capacity but the real benefit to philosophy is to create and live by your philosophy of life.

Think of this as your guiding principles or your general attitude towards life.

It’s very similar in my experience to core values in a business.

We define what our company stands for through core values.

We display these on our walls and ultimately, they are what we use to make decisions.

Our core values are the compass of our business making decisions.

Your philosophy of life is the same but on the personal side.

This is your personal compass for actions you should or shouldn’t take. Also, for helping make the right decisions on directions you should or shouldn’t go in life.

I think the best part is that it’s all inclusive.

I want to share what’s helped me because I think rejection and the fear of rejection are some of the biggest obstacles we have to overcome if we want successful businesses.

It doesn’t matter what your religion is or is not, what you look like or where you come from.

Your philosophy in life is unique to you but the hard part is….you actually have to put some effort into deciding what you value and what your philosophy will be.

There are plenty of resources that can help with this and the book I’m reading is a good example of one of those.

I can say that my journey in defining my philosophy in life has had a very positive impact on my overall life.

I’m far less stressed and angry.

I’m more present with my wife and kids.

I’m more clear on what I want to accomplish and why.

I’m overall just a happier person.

All of this self work has also helped me become a better mentor to the hundreds of business owners I work with.

The hardest part honestly is getting started and initially piecing together your own philosophy.

It’s challenging but meaningful work.

If you’re a business owner, I think this work is non-negotiable.

Eventually, your personal limitations will be exposed.

It could be your lack of emotional control that comes out with an employee that’s frustrating you.

It could be your own self doubt that shows up as you have more competition in your local area.

It could be your lack of presence around the people you love most.

Eventually, you’ll have to confront your own limitations and developing a philosophy of life is what has helped me the most.

If you’re interested in getting some help with growing your cash or hybrid practice, we should talk.

I recommend jumping on a totally free, quick 20 minute call with our team.

You’ll talk to a real person, and they will give you customized guidance on your next skills or steps to take to gain momentum in your business.

We don’t sell anything on this call, and you literally couldn’t buy something from us if you wanted to in this call.

We just know we can help, and we want to prove it to you for free.

Click here to pick a time that works for you

It’s time to start making some serious progress in your business/life.

Danny
Physical Therapy BIZ

P.S. If you have a practice, check out our friends at PtEverywhere. We switched to their software to run our cash practice and it’s been a game changer!

Why you’re waiting too long to hire an admin

I remember sitting in a small coffeeshop on the West side of Atlanta with Ashley 6 years ago.

I was nervous. Maybe it had something to do with the third cup of coffee I just had that morning but I think it had more to do with the interview we were about to have with a potential office manager for Athletes’ Potential.

The person we met, we eventually hired. She’s been our rock solid Office Manager ever since. It’s honestly the best hire Ashley and I have ever made.

So why were we so nervous?

We had both hired and fired people in jobs we had before starting our practice.

We were the ones asking all the questions and interviewing here.

We really had no reason to be nervous except….it’s different when it’s your business.

The stakes are so much higher when it’s your own business verses a business you work for.

It’s your own money and not only that, it’s another person that’s depending on the success of your business to pay for their life.

I think the biggest reason we were nervous and most of you are as well when hiring, has to do with money.

If you’re successful enough to hire, you’ve obviously made decent money in your business.

You also know just how hard it is to earn every dollar.

Those early dollars are the hardest. You’ll never have to work harder per dollar than the first $10,000 you make in your own business.

Mix the fear of making the wrong hire with the fear of wasting hard earned money and you get the reason why most people don’t hire at all.

The reality is, many clinicians never hire anyone. They become busy solo clinicians but never bring on any help for the reasons above.

In order to really grow and create some amount of time freedom, we need a team.

When you hire other people, you’re essentially paying to get time back.

That’s a pretty great exchange considering you don’t know how much time you have and you can never get time back from previous days.

If you can pay someone $20 an hour to do something that allows you to work with someone during that same hour to make $200, would you do it?

The obvious answer is yes but it’s still so difficult to get over that mental challenge of hiring.

Like Mike Tyson says “Everyone has a plan until they get punched in the mouth”.

If you’re reading this and your time poor, ask yourself this.

-Are you doing tasks that an administrate staff member could do?
-Do you feel like you just don’t have enough time to do everything?
-Are you missing calls and not following up with people because you’re too busy?
-Do you feel drained when you get home and continually have to work when you get home?

Answering yes to these questions means you’re either burned out or you’re getting really close to burn out.

You’re also leaving a lot of money on the table by doing $20 tasks when you should be focused on $200 tasks.

Hiring the RIGHT admin can change your business in a very positive way.

Don’t let fear of the unknown stop you from getting your business the human assets it needs to thrive.

When done right, you’ll wonder why you didn’t hire someone way earlier.

If you’re interested in getting some help with growing your cash or hybrid practice, we should talk

I recommend jumping on a totally free, quick 20 minute call with our team.

You’ll talk to a real person, and they will give you customized guidance on your next skills or steps to take to gain momentum in your business.

We don’t sell anything on this call, and you literally couldn’t buy something from us if you wanted to in this call.

We just know we can help, and we want to prove it to you for free.

Click here to pick a time that works for you

It’s time to start making some serious progress in your business/life.

Danny
Physical Therapy BIZ

P.S. If you have a practice, check out our friends at PtEverywhere. We switched to their software to run our cash practice and it’s been a game changer!

How to add 23K in monthly recurring revenue

If I could go back in time to when I started my business and tell myself anything….it would be to focus on adding recurring revenue.

I’ve talked about this many times before but this honestly is such an important lesson to learn.

This is something we didn’t really focus on until years into starting Athletes’ Potential.

We focused on the traditional new patient then discharge model.

This is a terrible business model.

Giving people a reason to stick around and continue to work with you is much better long term.

I recently went back and actually pulled some of our numbers from 2019 to compare them to 2021.

We have focused heavily on increasing recurring revenue since 2019 and in particular were almost forced to improve our recurring revenue with the challenges we faced in 2020.

The difference for us has been massive. We have increased our recurring revenue by approximately 23K per month since Q4 of 2019.

23K covers all of our fixed costs and a good chuck of our payroll.

That means we start the month with almost all of our overhead covered.

This is a much less stressful place to be as a business owner.

It also gets us out of the new patients revolving door to some degree.

For us to generate less revenue in 2019 than 2021, we needed 500 new patients.

We only need about 240 new patients per year now because each person has become over twice as valuable to the practice.

We have accomplished this by focusing on a few exit strategies.

1. Recurring visit based memberships.

2. Reselling packages that people chip away at throughout the year.

3. Remote coaching.

4. Small group in person training.

The combination of these 4 exit strategies has been a game changer for us.

You may not need all 4. Maybe you love building training programs and remote coaching makes a lot of sense for you. Double down on that and try to grow as much recurring revenue as possible with that option.

I strongly recommend you look at what’s happening with your clients once their injury has resolved.

If you’re not giving them a reason to stick around, you’re leaving a lot of money on the table.

If you’re interested in getting some support and accountability to help start or grow a cash practice…..we should talk.

I recommend jumping on a totally free, quick 20 minute call with our team.

You’ll talk to a real person and they will give you customized guidance on your next skills or steps to take to gain momentum in your business.

We don’t sell anything on this call and you literally couldn’t buy something from us if you wanted to in this call.

We just know we can help and we want to prove it to you for free.

Click here to pick a time that works for you

It’s time to start making some serious progress in your business/life.

Danny
Physical Therapy BIZ

P.S. If you have a practice, check out our friends at PtEverywhere. We switched to their software to run our cash practice and it’s been a game changer!

One great hack to help you be more efficient

My son, much like me, has a difficult time focusing.

He comes by it honestly but we are constantly struggling to get him to do his homework or finish tasks.

But……something very interesting happened this week that had him laser focused.

He was given an assignment to research and write and essay about building something.

My son loves Minecraft. I actually do as well.

It’s basically video game Legos and you can build all kinds of different structures/buildings.

He decided he would write his essay on how to build a modern style house in Minecraft.

The minimum requirement was 3 paragraphs.

My son wrote 4 pages worth of detailed info on building a modern style house.

Not only did he write basically 10x the amount needed but he finished the project a day ahead of the due date.

This is essentially a miracle in our house.

For many of you with kids that aren’t the biggest fans of school, getting them to do assignments and finish on time can be pretty hard.

Here’s why our son went above and beyond on this assignment…..

…..it’s because he go to work on something he’s passionate about.

This is really important to keep in mind as an adult because we get to pick what we wanted to work on.

Our son will have to do lots of assignments he’s not interested in because he’s a kid and that’s how it goes in school. He has to learn the skill of making himself do things he’s not interested in.

He can try to redirect assignments into things he’s passionate about to help him get into a deep work state. This is a great way to learn and share the things we are most passionate about.

I see something very similar happen with clinicians once they start working with their ideal patient population.

They go from working with populations that don’t really interest/challenge them to all of a sudden working with their ideal patient almost every visit.

The work capacity and interest in the work shoots off the charts.

If you love working with runners and you get to work with running related injuries all day, you’re basically in clinical heaven.

You’ll have more energy, be willing to put in more effort to get better at working with that population and you’ll find your work more interesting.

Work won’t feel like work….it just feels fun.

This is really important to keep in mind as an adult because we get to pick what we wanted to work on.

Our son will have to do lots of assignments he’s not interested in because he’s a kid and that’s how it goes in school. He has to learn the skill of making himself do things he’s not interested in.

He can try to redirect assignments into things he’s passionate about to help him get into a deep work state. This is a great way to learn and share the things we are most passionate about.

I see something very similar happen with clinicians once they start working with their ideal patient population.

They go from working with populations that don’t really interest/challenge them to all of a sudden working with their ideal patient almost every visit.

The work capacity and interest in the work shoots off the charts.

If you love working with runners and you get to work with running related injuries all day, you’re basically in clinical heaven.

You’ll have more energy, be willing to put in more effort to get better at working with that population and you’ll find your work more interesting.

Work won’t feel like work….it just feels fun.

You have to be willing to take some risk, learn some new things and change the way you operate a little bit.

If you’re willing to do that, you can basically feel like as excited as a 10 year old writing a Minecraft report….on most days.

If you’re interested in getting some support and accountability to help start or grow a cash practice…..we should talk.

I recommend jumping on a totally free, quick 20 minute call with our team.

You’ll talk to a real person and they will give you customized guidance on your next skills or steps to take to gain momentum in your business.

We don’t sell anything on this call and you literally couldn’t buy something from us if you wanted to in this call.

We just know we can help and we want to prove it to you for free.

Click here to pick a time that works for you

It’s time to start making some serious progress in your business/life.

Danny
Physical Therapy BIZ

P.S. If you have a practice, check out our friends at PtEverywhere. We switched to their software to run our cash practice and it’s been a game changer!

Lessons from selling billions of dollars of orange chicken

On a recent trip with my ultra-healthy business partners, I convinced them to get dinner at Panda Express.

Now, Panda Express is my guilty pleasure.

I only eat it about once very 3-6 months but when I do….I always get double orange chicken!

It’s obviously not authentic Chinese food but it’s delicious and it reminds me of my middle school/high school days.

I would go to our local mall, order as much orange chicken as I could afford and then cruise the mall looking for girls to strike up a conversation with.

The orange chicken was always a success…..the conversations with girls rarely were.

I decided to do a little digging on Panda Express as a business after my most recent trip with my kids.

I figured it would be owned by a private equity company or big conglomerate.

What I found fascinated me and I think there are some solid business lessons we can lean from the Panda Express crew.

First, it was started in 1973 by two Chinese immigrants.

It’s been family-owned since then and the vast majority of their 2,200 restaurants are not franchises.

This is almost unheard of in the restaurant industry especially at the scale of Panda Express.

What I found really interesting was how they credit much of their success to simplifying their model.

The founders Andrew and Peggy Cherng, state that they really saw growth when they decreased their menu options and simplified their cooking processes.

They also made an incredibly lean business model that focused on ultra efficient locations in malls.

Their growth was fueled by profit instead of taking on capital partners like most businesses that have massive scale.

I find this really interesting because they did things so different than most restaurant chains.

The most impressive thing I see is how committed they have been to this simple business model for basically 45 years!

It’s hard to stick to a business model for 5 years, let alone 45 years.

Today, they have about 3 billion dollars in sales…that’s a lot of orange chicken.

I think the most important lesson you can learn from this is to lengthen your timelines.

Imagine focusing only on your current business for the next 40 years.

Would that change how you make decisions? Would that change what services you decide to offer? Would that change your estimated trajectory?

Too often I see entrepreneurs jumping form one project to the next. I’ve been guilty of this myself! I started PT Biz in the middle of growing Athletes’ Potential.

If you can double down on your business and not jump to a new business or project, you will be much better off.

You can get pretty damn good at selling and making orange chicken in 45 years.

Just image how good you can be at selling and delivering great clinical services if you focus on it for the next 45 years.

If you’re interested in getting some support and accountability to help start or grow a cash practice…..we should talk.

I recommend jumping on a totally free, quick 20 minute call with our team.

You’ll talk to a real person and they will give you customized guidance on your next skills or steps to take to gain momentum in your business.

We don’t sell anything on this call and you literally couldn’t buy something from us if you wanted to in this call.

We just know we can help and we want to prove it to you for free.

Click here to pick a time that works for you

It’s time to start making some serious progress in your business/life.

Danny
Physical Therapy BIZ

P.S. If you have a practice, check out our friends at PtEverywhere. We switched to their software to run our cash practice and it’s been a game changer!

How to deal with business rejection

I don’t know anyone that hasn’t been rejected in some capacity.

Maybe you didn’t make that team you tried out for.

Maybe you got denied by that PT school you really wanted to get into.

Maybe that girl/guy you really wanted to date shot you down.

Rejection is uncomfortable but a normal part of life.

If you decide to go into business for yourself, you’ll be dealing with rejection on a whole new level.

I had a few questions today on my weekly Clinical Rainmaker coaching call that had to do with rejection.

Two providers that are in our coaching program asked me about dealing with another business owner that didn’t want to work with them.

These are both newer business owners and they both felt personally offended and frustrated that these other business owners didn’t want to work with them.

I’ve been there and have been equally frustrated by these situations.

You feel like you finally got a chance to talk to or meet someone that could really help your business and…..you bomb.

It’s a special kind of rejection we all have to go through in order to build a successful business.

Honestly, this is one of the reasons I have so much respect for people willing to become entrepreneurs. It’s not a matter of if you’re going to get rejected, it’s just a matter of if you can deal with rejection well enough to keep going.

If you’ve been in business for a while, I’m guessing you’ve got thicker skin because of it.

I want to share what’s helped me because I think rejection and the fear of rejection are some of the biggest obstacles we have to overcome if we want successful businesses.

There are two things I focus on when it comes to rejection in business.

Number 1- Focusing on the future vision I’m trying to work towards over the next few years.

Knowing exactly what you want your business/life to look like over the next few years is very important. It helps you make the right decisions and say no to the wrong things.

This also helps you deal with set backs. Some of those set backs will be rejection from other business owners or people you’re looking to hire.

If you focus on the bigger picture and vision, these bumps in the road you hit will seem much more insignificant and create far less stress for you.

Reviewing your vision every morning is the best way to make sure you’re focusing on this future reality you’re trying to create.

Swap out reading your vision in place of scrolling through Instagram every morning and it will change your life.

Number 2- Focus on what you can control.

This is Stoicism 101. There’s a reason why we send a copy of the Daily Stoic to every new Mastermind member we work with. Understanding and applying just this one concept can make a huge difference in your life as an entrepreneur.

We can’t make other people like us. In fact, the harder we try to get someone to like us, the more likely it is that they will dislike us.

All you can control is how you respond and the way you interact with people.

Slow yourself down with new connections. Don’t try to rush relationships and that will help tremendously in the long run.

If someone doesn’t want to work with you, partner with you or join your team, it’s fine.

We can spend hours or days fixated on trying to figure out exactly what caused this person to not want to work with us.

A better use of our time would be spending hours or days working on improving things in our business we can control.

Time is scarce. Don’t waste it worrying about things you cannot control.

Now, this is easy to read but hard to put into practice.

You need to be tested. Remember, next time you find yourself in a situation where things aren’t working out for you, focus on your vision and on what you can control.

Also, don’t let your bad day turn into your family’s bad night.

Too often, we let negative interactions at work lead to negative interactions at home with the people we are closest to.

Your spouse and your kids do not deserve to be on the receiving end of your frustration.

I’ve been guilty of this more times than I would like to admit.

I honestly hope this helps because if you can improve this area in business, it will spill over in a very positive way into your personal life.

I recommend jumping on a totally free, quick 20 minute call with our team.

You’ll talk to a real person, and they will give you customized guidance on your next skills or steps to take to gain momentum in your business.

We don’t sell anything on this call, and you literally couldn’t buy something from us if you wanted to in this call.

We just know we can help, and we want to prove it to you for free.

Click here to pick a time that works for you

It’s time to start making some serious progress in your business/life.

Danny
Physical Therapy BIZ

P.S. If you have a practice, check out our friends at PtEverywhere. We switched to their software to run our cash practice and it’s been a game changer!

The best part of a cash practice and it’s not money

The last year of my DPT program was spending about 10 months in an out patient ortho clinic.

This was your traditional high volume clinic. It took basically every insurance and had a decent amount of work comp patients.

I remember the first work comp patient I ever had….because he was still there at the end of my 10 month rotation.

Let’s call him Bill for the sake of this story.

Bill was 22 years old. I was only 24 so it was refreshing to get someone on my schedule under 50 years old!

He worked for a company that built cellphone towers and he had been working for them since he graduated high school 4 years earlier.

When I saw Bill, he was a new patient to me but not a new patient to the practice.

He had already been there for about 6 months.

Bill was there because he had hurt his ankle while building a cellphone tower one day.

He was about 100 feet up when he slipped and fell.

Luckily, he was tethered in with his safety rope other wise I wouldn’t be telling you about him.

He was consistent, diligent and never missed a visit.

He was originally diagnosed with a grade II ankle sprain.

No sign of fracture on imaging and even though he had a little bit of laxity, it wasn’t bad.

When I took over Bill’s case, I thought I would get him turned around in no time.

2-3x a week, every week he and I worked on his ankle.

Everyday after we would get done, I would see how he felt and he always felt the same.

Sometimes it would feel slightly worse but never better.

It took everything in me to work with him and actually give a shit.

It was apparent to me and basically anyone that worked with him that he really didn’t want to get better.

He was enjoying a reduced paycheck and honestly, I get why he didn’t want to go back to work.

He almost died falling off a cellphone tower! I probably wouldn’t want to rush to get back to that either.

He was one of many work comp patients I worked with that just frustrated me as a clinician. The same was true with many of the personal injury cases I was assigned.

When I approached my clinical mentor about it, he said I basically just had to get used to some people playing the game.

Since the day I opened my cash practice almost 8 years ago….I’ve never once questioned if someone actually wanted to get better.

I’ve never questioned if what I was doing was the right thing because I know everyone I work with will be compliant and wants to get better.

The ability to work with highly motivated people is hands down my favorite part of the practice.

Ultimately, I think that’s what we all really want.

I didn’t go to PT school because I wanted to open a business….I went because I wanted to learn how to help people.

There’s nothing better in my opinion than getting to work with highly motivated clients.

Sure, you can make more money and have more autonomy in these practices but I’ll take great patients over more money if I have to choose.

If you’re still dealing with people that drain all of your energy because of lack of motivation on their end, there’s a better way.

If you’re willing to learn a few skills on the business side of things, you can attract and work with your ideal client basically every time.

It helped me go from being a frustrated clinician that was thinking about changing careers to loving seeing patients again.

If you’re interested in making a change like this or growing a cash practice that you have already started…..we should talk.

I recommend jumping on a totally free, quick 20 minute call with our team.

You’ll talk to a real person, and they will give you customized guidance on your next skills or steps to take to gain momentum in your business.

We don’t sell anything on this call, and you literally couldn’t buy something from us if you wanted to in this call.

We just know we can help, and we want to prove it to you for free.

Click here to pick a time that works for you

It’s time to start making some serious progress in your business/life.

Danny
Physical Therapy BIZ

P.S. If you have a practice, check out our friends at PtEverywhere. We switched to their software to run our cash practice and it’s been a game changer!

3 proven recurring revenue options to add to your business

I’ve spent the last few days with my business partners planning out what we want to accomplish in 2022.

Part of this is what we want to accomplish on the business/personal level.

The majority of our time has been spent going over what we want our clients to accomplish.

We strongly believe that the better our clients do, the better PT Biz will do.

One of the areas that came up is how to help increase recurring revenue in our client’s businesses.

This is a huge area that most people completely overlook…me included for years.

If I could go back in time to my shitty little office I had in a CrossFit gym when I started, I would say “Hey dummy, things are going to work out but try to sleep a little bit more, take your wife on more dates and start offering people something that keeps them working with you long term.”

Now we don’t want to just offer people products/services they don’t need. That is a violation of your integrity and you should never do that.

If you have something of value that helps them achieve their goal or helps them continue to participate in something they love, that’s valuable.

We see recurring revenue mixed into cash and hybrid practices in 3 ways.

The first option is an ongoing in person session. This could be once a month, twice a month or once every other month. The volume really is dependent on how often you need to see that person to achieve their long term goal.

This is typically for the people that love manual therapy. They value that hands on part of the visits and will continue to come back for that exclusively in many cases long term.

These types of visits are usually between $150 and $250 per visit depending on the provider and location.

The next option is remote coaching. This is where you can manage someone’s plan of care or exercise program remotely. This could be a hybrid of in person and digital touch points as well.

This is a great option if you love building programs for people. If you fall into more of an exercise based approach, this is usually a great fit for you.

The other element you can throw in here is nutrition coaching if you have that skill and enjoy it.

The best part about this type of service is it can be done anywhere. This gives you location independence for the hours you are working on this service. You can also easily hire a coach to fulfill the programming and coaching. This would allow you to just sell it and have someone else fulfill.

The average cost for a service like this is between $200 and $500 a month depending on the provider and complexity of the programming.

The last option is in person fitness training.

This can be done in a one on one approach either by the provider or a coach. The approach we prefer over one on one fitness is actually small group fitness.

This is where you get 4-6 people that train together at the same time. The group is still small enough to coach people and make individual modifications but big enough where they start to create a culture with each other.

The main restriction for this is space and equipment. If you’re in a subleased office, this will be tough to pull off.

If you have a stand alone space, this can be a game changer.

We are seeing an average per person, per class between $40 and $85. This depends on the size of the class and location.

Real numbers for our practice in Atlanta are $65 a class and we cap it at 5 people. That’s a solid $325 hour in revenue to run s small group class.

The first step to gaining some recurring revenue is figuring out which option or options make the most sense for you.

Let’s say it’s remote coaching as an example.

Let’s say you have a subleased office that costs $1000 a month and a virtual assistant that costs $2000 a month. Throw in $500 a month of supplies and other costs and that brings us to about $3500 in overhead a month.

The first milestone with recurring revenue is to meet your overhead. Once you do this, you know you start the month off with all of your overhead met. That’s a pretty great spot to be.

Let’s assume you’re charging $350 to coach someone remotely. You build them a workout program, message with them weekly to provide accountability and make modifications.

You would need to get 10 clients to hit your $3500 overhead.

Now you can start setting some goals. Let’s say your goal is to get your 10 clients in the next 3 months. That means you need to add a little over 3 people per month to your remote coaching service.

When you break it down, it doesn’t look as daunting.

The other cool thing we have seen is a stick rate of about 12 months for remote coaching with our coach.

It’s $350 a month but that person is actual worth $3800 in value over the course of that year.

These services start to snowball and can make up a large percentage of your revenue over time.

Make 2022 the year of adding some much needed recurring revenue to your business.

It will make running a business much more predictable and less stressful.

If you’d like to get some help figuring out how to add recurring revenue services to your cash or hybrid practice, we should chat.

I recommend jumping on a totally free, quick 20 minute call with our team.

You’ll talk to a real person and they will give you customized guidance on your next skills or steps to take to gain momentum in your business.

We don’t sell anything on this call and you literally couldn’t buy something from us if you wanted to in this call.

We just know we can help and we want to prove it to you for free.

Click here to pick a time that works for you

It’s time to start making some serious progress in your business/life.

Danny
Physical Therapy BIZ

P.S. If you have a practice, check out our friends at PtEverywhere. We switched to their software to run our cash practice and it’s been a game changer!

3 Major Predictions For 2022

Make sure you’re providing the patient care your clients deserve with the right tools by your side.

Well, 2021 went by quick, and I hope you had a great year.

I’ll be doing a podcast on my lessons learned from 2021 but for now, I want to go over what I see happening in 2022.

Obviously, I don’t have a crystal ball but I do feel pretty confident about a few things that will happen next year.

I hope you can use these to your advantage and they help you find success in 2022.

1. Inflation isn’t going anywhere.

physical therapy practice management
Most people have heard of inflation but very few people have actually paid attention to it until recently. The average inflation in the US in my lifetime has been about 2%.

That basically means the cost of things typically goes up by 2% per year and the buying power of a dollar goes down by 2% per year.

They called this the Cost of Living Adjustment ( COLA ) when I was in the Army. Every year I would get a 2.2% raise because things just get more expensive.

I definitely don’t have time to go into the history of our monetary system and why inflation actually exists but it is very important for you to realize that it’s happening.

The current estimate is that inflation in 2021 has been closer to 6-7%.

That’s a really big jump and I’m sure many of you see it in goods/services you use on a regular basis.

We have mainly seen this large jump due to additional money that has been added as a response to COVID. This happened both under the Trump and Biden administration. Affinity to adding to our nation debt is one of the few areas both the Democrats and the Republicans seem to agree on.

I can tell you as well, owing a cash practice throughout 2020 and 2021, the PPP loan/grant was incredibly helpful. That’s obviously not the only money that was added. In fact, we have seen our national debt go from a whopping 20 Trillion at the end of 2017 to almost 30 Trillion at the end of this year.

When we add more dollars to circulation, we see each dollar decrease in buying power.

I’m telling you this at the risk of you either you falling asleep or getting bored and not reading the rest of this because I think it’s very important for you to know this.

There are a few ways to not let inflation continue to erode your savings and financial stability.

The first is to have hard assets. I know not everyone can afford to do this but if you can, it’s a great strategy.

The primary vehicle for most people is real estate.

In fact, many of you that own homes have noticed massive increases in your home value over the past 2 years.

A lot of this can also be attributed to inflation. A dollar has less buying power now than 2 years ago so it will take more dollars to buy that house you own.

If you don’t own a house, I think it’s definitely good long term decision to buy one. That’s assuming you plan on staying where you live for a while.

The other thing you can look to do is refinance your debt as lower rates.

Rates are still incredibly low and locking up cheap, fixed debt over a long period of time can help you win against inflation.

The last thing you can do is start your own business. This allows you to set your own prices and make corresponding adjustments to keep up with or outpace inflation.

Speaking of starting your own business….

2. More clinicians will start their own cash or hybrid practice in 2022 than any year before.

I know this is a bit of a bold statement but I honestly believe this will happen.

Here’s why I think this will happen.

-Insurance continues to decrease reimbursement even as everything around us becomes more expensive.

-People are becoming more informed consumers out of necessity. Currently there are an estimated 31 Million HSA accounts. This has increased by 5x since 2011. This is a great sign for cash practices.

-Clinicians routinely are able to replace full time income with 2-3 days of work by having their own cash practice. In particular, this is very appealing to new moms that are clinicians.

-The scalability of cash practices has been proven. Growing multi-clinician practices in a cash model is happening all over the country. People thought this was impossible but it’s not.

-Student debt continues to be a massive burden and is forcing clinicians to figure out how to make more money or potentially change careers to do so.

Take all that into account and you can see why so many people have made the transition to the cash model or are about to in 2022.

I also think there will be many more consumers looking for the services we provide, which brings me to my last prediction.

3. The number of people looking to invest in their health will increase.

The data is pretty clear when it comes to COVID. If you have been hard on your body, COVID will be harder for you to handle. There are obviously outlier and it’s much more complex than this but this is a pretty fair statement.

There’s no doubt this is a nasty virus but if you’re sedentary, obese and have metabolic diseases, I think these past 2 years were a wake up call.

More and more people have realized just how important taking care of their mind and body is. We obviously know this as medical professionals but the vast majority of the population puts no emphasis on proactive care.

This has changed in a significant way since March of 2020.

More and more people are eating better, moving more and prioritizing sleep.

People have switched careers so they can decrease there stress and take better care of themselves.

Insane amounts of investment money is moving into the health/wellness space.More and more people are looking for people like you and me.

PT practice management

People that can educate them, have a relationship with them and help quarterback their health and wellness.

This really has been a great awakening for people to take better care of their health and I think demand for our services will increase significantly in 2022.

The real question is, are you going to be ready for this increase in demand?

If you’d like to get some help either getting started or scaling a cash or hybrid practice, we should chat.

I recommend jumping on a totally free, quick 20 minute call with our team.

You’ll talk to a real person and they will give you customized guidance on your next skills or steps to take to gain momentum in your business.

We don’t sell anything on this call and you literally couldn’t buy something from us if you wanted to in this call.

We just know we can help and we want to prove it to you for free.

Click here to pick a time that works for you

It’s time to start making some serious progress in your business/life.

Danny
Physical Therapy BIZ

P.S. If you have a practice, check out our friends at PtEverywhere. We switched to their software to run our cash practice and it’s been a game changer!

The important business skill that you already know

I was once told that sales is just a transference of trust.

I always thought this was really accurate.

We think of sales predominately as getting people to buy things, but it’s actually much more than that, and I’m guessing you’re already pretty good at it. Think about this for a second.

If you do dry needling, blood flow restriction training, soft tissue release techniques, weird corrective exercises or any other common treatment tool we use…..you’re selling to people daily.

We are completely unaware of this, but it’s happening.

Just think about dry needling from the patient’s perspective.

“You wants to stick needles in me for what reason?” is what they’re most likely thinking.

It’s up to you to try and sell them on the fact that it will help.

What about your Postural Restoration Institute corrective exercises.

“You want me to get into this strange position and breath into a balloon?.”

Yep, that’s right and here’s why…

If you’re a PRI practitioner, you better a be a sales ninja because nobody wants to breath into a balloon unless they’re blowing them up for a little kid’s birthday party.

Here’s the overlap and why you’re probably already a sales ninja.

If you can convince someone to let you stick needles in them and to do balloon corrective exercises, you’re great at gaining trust.

In order to put a dollar amount on that, all you have to do is tweak your skillset just slightly.

A few minor adjustments in how you communicate and how you value yourself and you’re off the the races.

Sales is absolutely the biggest differentiator between people that can make the cash model work and those that can’t.

You already have the skills, we just have to help you get organized with some proven frameworks and you’ll be charging $200+ an hour just like the majority of people we work with.

If you’d like to get some help on taking these next steps to become the sales ninja you already are, we should chat.

I recommend jumping on a totally free, quick 20 minute call with our team.

You’ll talk to a real person, and they will give you customized guidance on your next skills or steps to take to gain momentum in your business.

We don’t sell anything on this call, and you literally couldn’t buy something from us if you wanted to in this call.

We just know we can help, and we want to prove it to you for free.

Click here to pick a time that works for you

It’s time to start making some serious progress in your business/life.

Danny
Physical Therapy BIZ

P.S. If you have a practice, check out our friends at PtEverywhere. We switched to their software to run our cash practice and it’s been a game changer!