Top Business and Life Lessons in Cash Physical Therapy

Client Acquisition & Retention, Hiring & Building a Team, Leadership & Mindset, Practice Growth & Expansion

Key Lessons from a Year in Cash Physical Therapy: Insights for Growth and Success

As we mark another milestone in the journey of Cash Physical Therapy, Ben and I thought it was a great opportunity to reflect on the key lessons we’ve learned over the past year in both life and business. These lessons, shaped by both challenges and triumphs, have shaped our approach and fueled our growth. Today, we’re sharing the top takeaways in hopes that they help you avoid the same mistakes and accelerate your own path to success in the cash-based physical therapy world.

1. Shifting Away from Insurance Reimbursement

One of the most significant realizations this year has been the realization that the APTA (American Physical Therapy Association) isn’t going to solve the reimbursement crisis. The battle against insurance companies is a tough one, and no matter how hard we fight, reimbursement rates continue to drop. Rather than relying on a broken system, we must pivot toward cash-based practices and educate our patients on the value of paying out of pocket for personalized care. Consumers are waking up to the reality of healthcare costs, and as we provide high-quality, one-on-one treatment, we are setting the stage for the industry to shift. By focusing on educating patients about the advantages of cash-based care, we can bring about the change needed for better reimbursement practices.

2. The Growing Demand for Cash-Based Healthcare

Healthcare is undergoing a transformation. More clinicians, especially in fields like physical therapy, chiropractic, and functional medicine, are shifting away from insurance-based practices. As a result, cash-based healthcare is booming, with growth expected to continue. Consumers are increasingly choosing holistic treatments, with an eye toward overall wellness rather than just addressing symptoms. Younger generations, in particular, are more health-conscious and value preventative care. This demand shift presents a tremendous opportunity for physical therapists to thrive by embracing the cash-based model.

3. Always Be Hiring

A major takeaway this year is the importance of always being in hiring mode. We’ve learned that continually recruiting and nurturing a pipeline of potential team members is crucial for growth. At times, even when you aren’t actively hiring, maintaining relationships with potential candidates and consistently nurturing them helps build a strong network. By sending value-driven content, staying top of mind, and supporting those who may not be ready to join your practice, you create a culture of collaboration that increases your chances of attracting top talent when the time is right.

4. Focus on Building a Strong Culture

As we grow, so does our team. And as our team grows, so must the systems and culture that support them. Your team is not just a part of the business; they are the business. Building a culture that nurtures and supports employees is essential to attracting the best talent. Attracting great people is just the first step. You must ensure that your team feels valued, aligned with your vision, and empowered to succeed. It’s also essential to build systems that allow for scaling while maintaining your culture and team satisfaction.

5. Radical Candor and Communication

A critical lesson learned this year revolves around radical candor. Many people hold back on having difficult conversations because they fear conflict. Whether it’s with a spouse, team member, or employee, failing to clearly express expectations can lead to resentment, misunderstandings, and a lack of progress. Unexpressed expectations are premeditated resentments. Whether you’re working with your spouse on business goals or managing a team, open and honest communication is essential for moving forward and maintaining strong relationships.

6. Managing People Effectively

As businesses grow, managing people becomes more challenging. Over the past year, we’ve learned that leadership is about knowing when to delegate and when to step in. As the CEO, it’s important to identify when you’re no longer the right person to handle certain tasks and to empower others to take over those responsibilities. For example, hiring and managing a team can be daunting, but by promoting capable leaders within your team, you can ensure that the business continues to run smoothly. A clinic director or team lead can act as the translator between your vision and your employees, ensuring that everyone is aligned without overburdening you with the day-to-day management.

7. Focusing on the Biggest Constraints

Another crucial lesson from this year is the importance of focusing on the biggest constraints in your business. For a long time, we tried to solve every problem that came our way. However, we’ve come to realize that as a CEO, your job is to focus on solving the biggest issue that will move the needle for your business. This means identifying the area that is holding your company back the most and dedicating your energy to fixing it. Once you solve the major problem, you can delegate the solution and focus on scaling the business.

8. Master Every System Before Delegating

This year we learned that you need to master the systems in your business before you can delegate them effectively. Trying to hire people to solve problems without fully understanding the intricacies of the system leads to frustration, wasted time, and money. Whether it’s sales, marketing, or operations, understanding the process is vital. Once you’ve mastered it, you can train and delegate effectively, knowing that the outcome will meet your standards.

Conclusion

The past year has been filled with growth, learning, and valuable lessons. As we move forward, the key is to continue building strong teams, maintaining clarity in our vision, and focusing on systems and structures that allow us to scale. Embracing the cash-based model, investing in building a strong culture, and mastering leadership are essential components to achieving long-term success. As always, don’t forget to share this post with anyone you know who may benefit from these insights. Let’s keep pushing the boundaries and making a positive impact in the world of physical therapy.

If you found these lessons helpful, make sure to subscribe to the Cash Physical Therapy Headquarters podcast for more insights every week. Share this post with other physical therapists who may be looking to grow their practices and avoid the pitfalls we’ve encountered along the way. Keep hustling and pushing the envelope—your success is just around the corner!

Watch and Listen to the Full Video

For a deeper dive into a cash physical therapists’ journeys, make sure to listen to the full video. Turning Years Into Wisdom: Celebrating Ben’s Birthday With Top PT Lessons.

About Author:

Jordan Mather got started in the entrepreneurship game at 18 with a medical software startup that revolutionized the physical therapy patient experience. As CEO for 5 years, Jordan participated in top Startup Accelerator Programs, collaborated with a major Wisconsin hospital, raised over $250K in funding, and earned a spot on Wisconsin’s ‘Top 25 Entrepreneurs Under 25’ list.

Although the company eventually failed, it provided Jordan with invaluable learning experiences. He became passionate about designing world-class patient experiences and building efficient marketing & sales funnels for cash physical therapists. Utilizing this expertise, Jordan became the CMO of a well-known physical therapy media company, and consulted for and built marketing funnels for some of the top physical therapy business coaches.

Eventually growing tired of the typical agency and consulting grind, Jordan, alongside Max Zirbel, founded Clinical Marketer. They infused it with the hands-on support and mentorship that they benefited from in their initial venture. The company was a success from the start, aiding clinics in scaling to 6 and 7 figures in revenue. During its first launch, Jordan and his team met Dr. Ben Bagge, whom they later partnered with after helping him grow his business from $200K/year to over $1M/year in three years.

Now, Jordan is focused on empowering clients in the cash physical therapy space, sharing his accumulated skills, processes, and hiring strategies to help them increase their revenue and impact without proportionally increasing their workload.