If you’re a physical therapy practice owner, you already know that increasing referrals would be an effective way to grow your practice. That being said, referral management is just as important. Stable profit margins in physical therapy are driven by generating referrals from the right sources and ensuring that they remain steady over time. The key thing to remember is to not be overly reliant on one referral source. Doing so could put your practice at risk.
FYZICAL has years of experience studying industry trends and learning alternative methods of driving more referrals for practice owners. Our goal is to help them improve their referral management program so they can focus their time and energy doing what they do best: providing quality care to their patients. If you’re wondering how to increase referrals to your practice, you’re in the right place. Here, get a sneak peek at some of what we know.
Diversifying your referral sources is just as important as increasing them outright. For physical therapy private practitioners, no more than 5% of referrals should come from any one individual, and no more than 15% of referrals should come from any one group. Why? Because when doctors close their practices and HMOs shift their partnerships, you’re at risk of losing their business. Putting all of your eggs in one basket could seriously impede your growth.
This is one reason FYZICAL helps our partners build new relationships with the many referral sources within their communities. Not only does this help them increase referrals in the short term, it’s a smart strategy for building stable growth within your practice. We’ve identified many effective strategies for communicating with physicians to help them learn who you are and what you offer.
Tracking your referrals is the best way to ensure that your practice meets the criteria listed above, but it’s also a great way to build value into your business. Should you ever decide to sell your practice, referral tracking allows you to demonstrate:
All of this is attractive to buyers who are interested in taking over your business. If you’re not interested in selling, this data goes a long way to help you analyze your practice’s growth and make business decisions accordingly.
As a PT practice owner, we know how hard it can be to scale your business. We want to share the knowledge we've learned to help you compete against declining reimbursements, hospital systems, and corporate consolidators.
Below, we've compiled a combination of five free referral guides, tip sheets and templates for physical therapy private practice owners. Learn tips and strategies used by large players in the PT space to increase your referrals, drive new business, and increase collections! Download Now!
As you look for ways to improve your stable profit margins in physical therapy, attending to your referral management could be the most important thing you do. Physical therapists that partner with FYZICAL can count on our team to analyze their current referral strategy, identifying areas of strength and potential improvements.
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