Declining reimbursements and increased competition from hospital and doctor-owned physical therapy clinics often make it difficult for private practice physical therapy clinics to remain profitable. Despite the challenges, Blaine Stimac, PT, owner and CEO of Professional Therapy Associates, has a positive outlook on the future. He shares some of the things his private practice is doing to stay up and running in a challenging economic climate.
Stimac believes the skill set required to run a private practice is totally different today than it was 10 years ago and has found the secret to running his four clinics in Montana has been to stop doing things the old way. They now look at the therapists they hire as a partner. The value that each therapist brings into the company can vary significantly. They want productive and efficient physical therapists that deliver outstanding care and do a good job at bringing more business to the clinic.
Despite the economic climate, they have grown their clinic by 30 to 40 percent in the last two years. The clinic has really embraced change and Stimac feels this has helped them continue to grow. He believes if a physical therapist puts his full skill set on the table, no one can compete against that. To grow their business, Professional Therapy Associates do not rely just on doctors for referrals. They are marketing towards consumer in a number of ways. Discover more tips for growing your private practice physical therapy clinic by listening to the full podcast now.