Ditch the 40+ Hour Grind: Build a Flexible Business That Works FOR You!
Oct 22, 2024The number one thing people like about our Performance Provider Growth Model is the flexibility it can provide to their lives. There are a few key concepts in how we set up our model to create opportunities of revenue generation that don’t fit traditional client management models, and I’m going to break those aspects in this post.
So what are the components that can break you free from being stuck in a box 40+ hours per week AND taking documentation work home with you?
- Understand the revenue model - as a service provider working for a traditional clinic, there’s an arbitrage between the wage you are paid and the amount collected for the services you render (this is why your boss is so adamant about you billing max codes each insurance session). So, for many rehab pros, they are paid $35-55 per hour, but they bill and bring in $200-600/hour (assuming multiple clients in an hour). So, once you understand the revenue potential, you can see that YOU are actually part of the product. Meaning if you can reduce overhead, you can charge direct to consumer rates of $150 - 300/session and cut out the middleman. This is how our clients replace their old salary in just 20 hours per week.
- Create revenue that is not tied to time - these are asynchronous programs (where feedback and communication is delayed) or what we call Prescriptive Exercise Programs (PEP). These programs support your in-person (synchronous visits) and allow for more lifetime value (LTV). The higher the LTV, the fewer clients you need to make money. The beauty of these programs is that you don’t need to be tied to a physical or real-time (like telehealth does) location. You can write the program, go to the beach, play golf, spend time with your family, and then come back and make whatever adjustments you need for the next session or week.
- Structure your business model to create recurring revenue - nothing is more stress-relieving than recurring revenue. Most cash PT businesses actually operate exactly the same as traditional PT clinics - collecting revenue when sessions are rendered, gross. What I found when I ran this model in my cash clinic was that the new model felt so similar to what I was trying to get away from, so I adapted. I offered the PEP to my in-person clients as part of the result and had $200-300/client coming in per month WITHOUT needing to see them in-person for a “continuity visit”.
- Sell packages - when you can guarantee LTV by selling packages, your business becomes more predictable. When your business is more predictable, you can take bigger risks as you have more clarity on the expected outcome. Bonus tip: know how you can split packages up to create a little multi-payment revenue and still get commitment. We recommend 10-12 sessions can be split into 3 payments, and 6-8 sessions can be 2 payments.
Here’s the recipe simplified:
Upside of package sales + stability of recurring revenue + revenue processes not solely tied to time = FLEXIBILITY
That’s exactly what the Performance Provider Growth Model provides.
If you’re someone looking to spend more time investing in yourself, with your family, at the beach, playing golf, and living life to the fullest without selling all your time to do it, then we might be the company for you.
If that doesn’t sound like you, that’s ok too - we’ve got recommendations for people who help with other models.
So what do you think? Is flexibility what you’re looking for?
Interested in learning how to apply this to your clients?