Do you know how to evaluate the perfect market to open in? Or how to have an advantage in said market? There is actually a successful approach you can have with this – dive in for actionable steps on how to stay focused and intentional with where you open your physical therapy private practice.
- Calculate your cost per visit – majority are between $45-$55 a visit
- The greatest things in life come when you step outside your comfort zone
- Do not talk yourself out of your goals
- Business 101: Find a need and fill it
- Don’t chase “shiny objects”
- Protect Your Purpose
- Two greatest challenges 1) Getting fully paid for what you do 2) Getting the public to understand what you do
- Why should someone pick you? Patient’s success stories and market differentiators (ex. Neubie E-Stim)
- How to evaluate market: local Realtor, Police Office, County Planning & Development Office, Google search!
- Find population density: how many other clinics are within a 30 min drive and how many PEOPLE are within an hour drive, and divide
- Evaluate average household income and age demographics of community
- Need Proforma and cash-flow projections, market analysis, financial plan, operating Business Strategic Plan, and Production Center Formula
Brian Gallagher, PT is the founder and CEO of MEG Business Management, LLC. He has more than 27 years of experience in the field of rehabilitation and 19 years in business and specializes in Physical Therapy practice management and executive coaching nationwide. As a licensed business management consultant, Brian has helped hundreds of business owners nationwide improve their business operations through proper restructuring to achieve improved systems of efficiency and productivity as well as marketing and sales with effective public relations which have proven results for double-digit growth year-over-year with businesses around the country.