The Cash-Based Practice Podcast - podcast cover

The Cash-Based Practice Podcast

Jarod Carterdrjarodcarter.com
Gathering input from many successful cash-based practice owners, this podcast covers all components of starting or transitioning into the out-of-network/private-pay business model for your private practice. Though the host, Jarod Carter PT, DPT, MTC, and many interviewees are physical therapists, this information is applicable to most healthcare, fitness, and wellness-related businesses looking to decrease reliance on 3rd party payors, and increase cash-based revenue streams. We cover a huge number of topics including: practice transition strategies, 3rd party payor contract legalities, Medicare rules and legalities in the cash-based model, referral source diversification, online marketing, word-of-mouth marketing, optimal website design, blogging, Youtube and video marketing, networking skills and strategies, the vital cash-based mindset, phone conversations and conversions, scheduling, discharge marketing, administrative training, low overhead systems and automation, private-pay wellness/fitness/prevention programs, and everything else that involves the self-pay practice model, how it differs from the traditional insurance-based model, and what you need to do to be successful with this low-stress, rewarding type of private practice.
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Episodes

CBP 183: Cash-based functional medicine practice since 1995—with Dr. Tom Yarema

It’s not everyday I get to interview someone who has been making the cash-based healthcare model work since the 90’s! But in this interview you’ll go on a journey with a true pioneer of cash practice, Dr. Tom Yarema and learn how he was able to do it at a time when almost no one else was (and on the rural island of Kauai!) Dr Yarema got his start in medicine nearly 40 years ago. His work at the forefront of the newly developing field of emergency medicine gave him an opportunity to learn and cre...

Dec 09, 20211 hr 7 min

CBP 182: How to create an exceptional patient experience

Are you missing opportunities to turn your patients into raving fans? Since human beings are wired to notice defects and problems, it takes more than just competent care in a decent office to truly impress. Fortunately, with a little thought, most practices can discover some fairly easy changes that will make a big impact on the overall patient experience you can deliver. In this episode, I walk you through some of the critical—but often overlooked—features that can help set a cash-based practic...

Dec 02, 202117 min

CBP 181: From cash-practice launch to 6-month waitlist in just over a year ... during the pandemic—with Jenny Williams

Jenny Williams felt called to pediatric OT since high school. But shortly after graduation, her job in an insurance-based setting where she had to see as many as 15 kids back-to-back in a day left her burnt out and disillusioned. She switched to treating adults as a break, but soon felt the pull to return to her specialty in sensory processing for kids. After 9 years in the field, she finally decided to create a practice of her own. To avoid the miserable lifestyle she’d observed among insurance...

Nov 18, 20211 hr 9 min

CBP 180: How to optimize the profit potential of your past patients

Are you so focused on getting new patients in the door that you’re missing out on the profit potential of your already-satisfied customers? Similar to last week’s podcast on losing patients before they’ve completed treatment , ignoring your past clients creates a “profit leak” that can cost your practice tons of revenue, both in terms of losing potential business to your competitors and in all those referrals you could have gotten if they’d remembered you. In this episode, I walk you through som...

Nov 04, 202112 min

CBP 179: How to maximize the lifetime value of your average plan of care

Tired of losing patients who improved just enough that they lost interest and never returned? This costly “profit leak” erodes your lifetime revenue per patient, increases the number of new prospects you must bring in each month to fill the schedule, and puts your practice reputation at risk. Fortunately, there are things you can do to keep your patients truly invested in their own goals so they will continue with treatment until they complete the full plan of care. In this episode, I explain fi...

Oct 21, 202121 min

CBP 178: You're doing your patients and your business a terrible disservice if you're doing this

Do you have a hard time recommending the optimal treatment plan to a cash-pay patient who seems of modest means? In an effort to be sensitive to our patients' limitations, most practitioners often end up suggesting a cheaper option that may not produce the best outcome for the patient. And that can become a lose-lose proposition, as your practice misses out on revenue and the patient decides the treatment isn't very effective. In this episode, I explain how to avoid letting your assumptions abou...

Oct 14, 202114 min

CBP 177: You + Smart Phone = New Patients... Here's How

Did last years’ explosion in telemedicine get you curious about how you might leverage video to reach potential patients? While the idea of creating marketing videos may sound daunting, when done well, this can be among the most-efficient methods for quickly establishing your credibility with people who are actively seeking the kind of help you can provide. In this episode, I describe some tactics and pro tips that take the stress out of producing engaging videos that bring in new patients to yo...

Sep 30, 202112 min

CBP 176: How to turn a dull practice website into a patient-generating powerhouse

Is your practice website little more than a digital business card? If so, you’ll want to listen to this week’s podcast… because that boring practice website is leaving a lot of money on the table in the form of potential patients who actually found you but then clicked off into the ether seconds later! In this episode, I walk you through the specific elements that will transform that website business card into a high-converting lead generator for your practice. You’ll hear exactly what content t...

Sep 23, 202115 min

CBP 175: The easy way to get new patients to give your practice a try

Looking for a way to attract your ideal customer and make it obvious they’ll want to work with your practice? By crafting an irresistible promo offer, you can get a chance to introduce your practice to tons of prospective patients and start building the trust that leads to conversions. In this podcast, I explain how you can use giveaways, discounts, and other promotions to attract a new audience who are likely to have a need for your services. By leveraging the perception of savings, you can bui...

Sep 16, 202116 min

CBP 174: How to squeeze the most “juice” out of your current customers with WOM marketing

Looking for a fast, easy way to attract tons of highly interested customers to your door? Then this week’s podcast on word-of-mouth marketing (WOM) techniques is for you. By learning how to properly leverage WOM, you will be able to efficiently reach many more potential customers in a way that establishes your credibility and value right from the start. In this episode, I explain some simple WOM strategies that can quickly bring in more business with little effort or expense. You’ll hear exactly...

Sep 09, 202115 min

CBP 173: How to Decrease Patient Dropoffs in a Cash-Based Practice

Are you tired of watching your “busy” schedule end up full of holes? If too many patient dropoffs are wreaking havoc on your practice, you’ll want to give this podcast a listen. There are a few simple strategies that can transform those flighty customers into reliable partners who are truly invested in reaching their own goals! In this episode, I explain how you can address the underlying issues that can contribute to a problem with patient dropoffs. You’ll hear exactly what situations tend to p...

Aug 19, 202116 min

CBP 172: The secret to success in selling injury prevention services

If you offer injury prevention services in your practice, you’ve likely faced a common paradox of human behavior—how do you convince people to invest time or money addressing a problem that they don’t realize they have. While it may be a poor long-term strategy, most people are far more interested in resolving acute pain than they are in optimizing their situation or avoiding a future injury. And that means you can face an uphill battle when you attempt to sell health-optimization and injury-avo...

Aug 12, 202110 min

CBP 171: The data on how PT private practices actually held up during 2020 and what’s on the horizon —with Heidi Jannenga of WebPT

Ever wonder how badly the pandemic and 2020 really was for the average PT private practice? Or what practice owners and practitioners did to get through it, and how they’re doing now? Well, Heidi Jennenga, founder of WebPT, recently released the 5th annual State of Rehab Therapy report with over 7000 respondents to tell us exactly that and so much more… In their report and this podcast episode, you’ll not only learn the above, you’ll also learn about a profound shift in business models and the a...

Aug 05, 20211 hr 2 min

CBP 170: Creative approaches to help patients afford the high-quality care they need

Tired of losing patients to a cheaper clinic when you know they really need the higher-level care you provide? Sadly, the cost to the patient of not getting the help they need can be far greater than the cost to you of simply losing their business. And this is why you’ll definitely want to check out this week’s podcast to learn how you can address the underlying concerns that lead many patients to decide they cannot afford the best available treatment. In this episode, I explain how you can help...

Jul 29, 202115 min

CBP 169: Going Completely Out-of-Network Overnight and Keeping a Completely Full Schedule of Private-Pay Patients—with Dan Bockman DC

Are declining reimbursements driving you to the brink? Well, then you’ll be especially interested in this interview with Austin cash-practice owner Dan Bockman, one of my Mastermind group members… After working as a chiropractor for 21 years, Dan found himself in exactly that position. He was one of the top-rated docs in Austin with a busy pre/post surgical-rehab practice for treating spine and extremities. But since a full 80-90% of his patients were insurance-based, he began to notice a startl...

Jul 22, 202145 min

CBP 168: How to create lead magnets that actually produce business for a cash practice

Looking for a great way to showcase your services to a brand-new audience? A great lead magnet might just do the trick. In their many forms, lead magnets can be one of the best ways to reach an untapped target so you can give them an enticing peek into what makes your practice special. In this podcast , I explain exactly how to create a polished lead magnet you can use to attract the people who are most likely to become paying patients. You’ll hear how to choose a topic, decide which type of lea...

Jul 08, 202111 min

CBP 167: How to handle emailed questions about cash-pay rates

Given the pace of modern life and the fact that people tend to keep a smartphone at hand 24/7, it’s not uncommon for a cash-practice to receive some pretty tricky questions in writing rather than in-person. So what’s the best way to handle such sensitive price questions—given the obvious limitations inherent in responding by email or text—so their decision isn’t reduced to only dollars and cents? In this episode, I walk you through how to manage written rate questions in a way that maximizes you...

Jul 01, 202114 min

CBP 166: How to sell packages, use guarantees and payment plans, and overcome spouse objections in a cash-based practice

This episode is perfect for anyone interested in learning how to better manage patient price objections. You'll hear how to sell treatment packages, how to skillfully use (and not overuse) discounts to increase conversions, and what to do when a prospective patient says they need to speak with their spouse before moving forward. And for more on the topic of pricing, raising rates, and increasing profits 10-50% overnight , you’ll definitely want to check out my Masterclass that teaches you how to...

Jun 24, 202114 min

CBP 165: Is it time to raise your cash-pay rates?

The idea of raising your rates is enough to induce quiet panic among most cash-based practice owners. Yet it is one of the easiest ways to both improve your compensation and give your practice the resources needed to provide truly outstanding patient care. Even so, most practices wait far too long to raise prices and effectively leave a ton of money on the table while they struggle to make ends meet. In this episode, I discuss how you can raise your rates without risking your practice. You’ll he...

Jun 10, 202113 min

CBP 164: How to create a positive work culture among your staff

No one wants to work in a toxic environment characterized by in-fighting and power struggles among staff, and you certainly can’t afford to have work squabbles interfere with patient care. But making sure you create and maintain a positive work culture can be easier said than done. Fortunately, even in cases where there has already been a fair bit of conflict, you can turn the tide—and it doesn’t necessarily require you to replace employees. In this podcast, I share strategies for creating a tru...

May 27, 202113 min

CBP 163: Cash-based success in a traditionally insurance-based niche—with Angela Wicker-Ramos

Since I last talked with cancer-rehab specialist Angela Wicker-Ramos in 2016 , her practice has experienced incredible growth. Despite working in a niche where patients are heavily reliant on insurance for the bulk of their care, Angela’s cash-based practice is thriving. Currently she has a group of 15 providers from various disciplines offering services to patients, but none are regular employees. This structure allows Angela to keep things simple while still providing all the services cancer p...

May 20, 20211 hr 8 min

CBP 162: How to find new patients fast with in-person marketing strategies

When it comes to marketing a cash-based practice, there’s simply nothing that can replace offline marketing strategies—that is, good old-fashioned, face-to-face relationship building. When done well, these approaches can help you efficiently connect with lots of prospective patients who will value what you have to offer and get them on your schedule. In this podcast, I explain how to make the most of your presentations, workshops, and other in-person events. You’ll hear my top three tips for dra...

May 06, 202114 min

CBP 161: How to sell packages in a cash-based practice

Offering discounted multi-treatment packages can be a great way to help fill your clinic’s schedule, and minimize drop-offs to maximize the raving fans you create for your practice. However, the higher price tag can scare off those who aren’t totally sold on the value of your services if you don’t frame the “ask” in a way that builds trust, addresses objections, and is timed perfectly. In this episode, I walk you through how to effectively sell packages to your patients, including the simple ana...

Apr 29, 202115 min

CBP 160: How to Build a Cash Practice in a Small Town with No Established Referrals or Patients — with Tammi Stewart

Ever think a cash-based practice won’t work in a rural area without “a lot of money”? Well, I’m especially proud to share this interview with cash practice owner Tammi Stewart, one of my Mastermind group members… Why? Because she started her practice right after her second child was born, in 2 niches that were completely new to her, and did it all in a small town where she just moved and had no established referral sources or patients following her from another practice! For as long as she can r...

Apr 22, 202154 min

CBP 159: Without this, you’re shooting your marketing arrows in the dark

In order to be able to attract your ideal customer, you need to define exactly who that is. This may sound self-evident, but so few businesses actually do it, it’s something I have to repeat quite often. Creating an ideal patient “avatar” should be one of the foundations of an effective marketing plan for any practice Further, in business, you’ll constantly need to make decisions that can have huge long-term impact and are often not easy to make. One of the easiest ways to take the guesswork out...

Apr 15, 20217 min

CBP 158: The secret to making Instagram pay big for a cash practice—with Jorge Massano

This week’s podcast features my conversation with Jorge Massano, one of my Mastermind group members. Jorge has been knocking it out of the park with social media marketing for his cash-based practice in Portugal, with individual Instagram posts sometimes resulting in as many as 5 new patients! Just a few months before the pandemic, Jorge went full time in his cash-based practice and one year later (even with all the Covid shutdowns) he has already hired 3 other clinicians … almost all fueled by ...

Apr 08, 20211 hr

CBP 157: Cash-Practice Tips for Hiring Contractors on Upwork and Fiverr

Need help creating a compelling landing page or blog post? Maybe you’d like ongoing help from a virtual assistant, graphic designer, or website expert—but don’t know where to look. If the hassles of finding competent contracting help have led you to put off the search, it might be time for you to give Upwork and Fiverr a look. In this week’s episode, I explain my favorite strategies for hiring contractors using Upwork and Fiverr. I share my top tips for saving time and money as well as best prac...

Apr 01, 202113 min

CBP 156: How to sell without sounding salesy

Do you secretly dread having to sell your services to prospective patients? If so, you’re not alone. This is one of the most-common complaints I hear from other cash-practice owners, which is a problem because it’s a necessary part of running any successful business. Fortunately, it’s possible to develop a comfort level with selling that will not only make those conversations less awkward, it will also improve your new-customer conversion rates. In this week’s episode, I explain exactly how to n...

Mar 25, 202113 min

CBP 155: How to fill your schedule with patients using a network of referral partners—with Greg Judice

I’m so excited to share this inspiring interview with Greg Judice, one of my Mastermind group members. Since joining the group last year, he has created a vibrant network of referral partners, and his practice had its best year ever—despite the pandemic! During PT school, Greg became disillusioned by the harsh economic realities that overshadowed his dream of starting a private practice. So after graduation, he decided it was better to simply work in a corporate PT job. But that quickly led to b...

Mar 11, 20211 hr 1 min

CBP 154: How to maximize word-of-mouth referrals for cash-based practice

Word-of-mouth referrals can be one of the easiest, lowest-cost ways to attract new patients to a cash-based practice. While this form of marketing can often be considered quite passive, there are a number of fairly easy things you can do that will improve your results. By employing these tactics, you’ll enhance your online credibility, powerfully connect with your target customer, and dramatically increase your word-of-mouth referrals. In this podcast, I discuss specific strategies that will max...

Mar 04, 202111 min
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