Let’s face it. Practice Owners are in a perfect “financial storm” of low reimbursements, Medicare cuts, and inflation, because today’s healthcare system doesn’t value you or what you do. It continually makes cuts that eat into your profits and threatens the existence of private practices.
Insider Circle PRACTICE MARKETING TIPS • JUNE 2023
Insider Circle
Practice Marketing Tips
Let’s face it. Practice Owners are in a perfect “financial storm” of low reimbursements, Medicare cuts, and inflation, because today’s healthcare system doesn’t value you or what you do. It continually makes cuts that eat into your profits and threatens the existence of private practices. But when you have the right marketing budget, you’ll be less stressed about your practice finances. Marketing creates revenue, but figuring out the right budget is a stressful challenge. You don’t want to overspend compared to your cash flow… but underspending can also cause your return to be not worth the investment. EASY 2-STEP MARKETING BUDGET CALCULATOR: The U.S. Small Business Administration recommends 7-8% of total revenue be spent on marketing. I’ve also heard smarter people than me say “5% to keep your business running, 10% to grow your business.” So, both as a practice owner and now for Practice Promotions, this is what I find to work best:
1. Set up a spreadsheet with current revenue & expected over the next 3 months. 2. For each month, calculate 7-10% of total revenue depending on if your goal is to grow aggressively or you are trying to stay about the same.
3. Repeat this process every quarter.
Statistically, underspending is MUCH more common for PT clinics than overspending. And that can be super deadly! Marketing is the oxygen of your practice. If you’re underspending, you’re cutting off your own air supply! But the beauty of this system is you don’t have to have a huge budget , you just have to plan the right percentage. Remember, budgeting is NEVER about guesswork . You can be confident in your marketing spend with this simple formula! Calculate your marketing budget right now. Are you underspending? And if so, how else can you invest in your marketing? When you’re confident in your marketing spend, you’ll be less stressed about finances.
MARKETING BUDGET EXAMPLE
Let’s say a clinic averages just over $83,000 per month ($ 1 million annually) and is trying to achieve a moderate growth level. Their marketing budget would look like this each month:
EXAMPLE
MONTH 1
MONTH 2
MONTH 3
Expected Revenue:
$83,000
$83,000
$83,000
Percentage
8%
8%
8%
Marketing Budget:
$6,640
$6,640
$6,640
PracticePromotions.Net/PPC SCAN THE QR CODE OR VISIT
Insider Circle
Practice Marketing Tips
The Difference Between Investment vs. Expense in Your Marketing
“Can I afford this expense?” Every practice owner will likely ask themselves this question at some point. No business is immune to financial pain and sometimes tightening the belt is very wise. But how do you know where to spend and not spend? As a practice owner, this is where it becomes VITAL to understand the difference between investments and expenses. A growth-minded practice owner avoids the temptation to view everything as an expense. Let’s face it. Practice Owners are in a perfect “financial storm” of low reimbursements, Medicare cuts, and inflation, because today’s healthcare system doesn’t value you or what you do. It continually makes cuts that eat into your profits and threatens the existence of private practices. “This mindset is one of the biggest downfalls of businesses in general. If everything is viewed as an expense, then decisions are based not on a growth model but rather a survival model. Those who start a business wanting only to survive are sabotaging their ability to make decisions that will grow and sustain their businesses.” (Entrepreneur.com) What is your goal as a practice owner? Do you want your practice to run more efficiently so you can work fewer hours? Do you want to create enough value to eventually sell at a high profit? The right investment both creates freedom now and raises your worth, stability, and profit margins down the road. But when you have the right marketing budget, you’ll be less stressed about your practice finances. Marketing creates revenue, but figuring out the right budget is a stressful challenge. You don’t want to overspend compared to your cash flow… but underspending can also cause your return to be not worth the investment. EASY 2-STEP MARKETING BUDGET CALCULATOR: A few of the biggest items in the investment category are People, Training, Physical Location, and Marketing. That said, each one of those can be expenses if not done correctly. When it’s time to make a decision, consider these key differences between investments and expenses... So, both as a practice owner and now for Practice Promotions, this is what I find to work best: The U.S. Small Business Administration recommends 7-8% of total revenue be spent on marketing. I’ve also heard smarter people than me say “5% to keep your business running, 10% to grow your business.”
INVESTMENTS IMPROVE A BUSINESS, EXPENSES JUST KEEP IT GOING.
Some expenses are necessary to keep your practice running. The electric bill, cleaning, equipment repairs… these are necessary but don’t improve your income. Investments do improve your income – but there’s one catch. Underspending on something that should be an investment can turn that thing into an expense that just keeps the business going without improvement. What do I mean? FrogDog says it this way: 1. Set up a spreadsheet with current revenue & expected over the next 3 months. “As a general rule of thumb, companies should spend about 5% of their total revenue on marketing to maintain their current position. Companies looking to grow should budget a higher percentage – usually around 10%.” If you want to grow you need to INVEST in marketing – spending enough to improve your patient flow and income. Investing too little turns marketing into an expense – costing you money instead of making it back. (The U.S. Small Business Administration recommends a similar tactic: 7-8% of the budget for companies with less than $5 Million revenue.) So, which is it? Here are the conclusions of Entrepeneur.com’s research: “Areas that are considered an investment by companies that understand a growth model vs a survival model are: image and marketing, training and development, technology, physical location, and hiring.” Remember, budgeting is NEVER about guesswork . You can be confident in your marketing spend with this simple formula! Calculate your marketing budget right now. Are you underspending? And if so, how else can you invest in your marketing? When you’re confident in your marketing spend, you’ll be less stressed about finances. Statistically, underspending is MUCH more common for PT clinics than overspending. And that can be super deadly! Marketing is the oxygen of your practice. If you’re underspending, you’re cutting off your own air supply! But the beauty of this system is you don’t have to have a huge budget , you just have to plan the right percentage. 2. For each month, calculate 7-10% of total revenue depending on if your goal is to grow aggressively or you are trying to stay about the same. 3. Repeat this process every quarter.
INVESTMENTS PROVIDE A RETURN. EXPENSES DRAIN RESOURCES.
MARKETING BUDGET EXAMPLE
PracticePromotions.Net/PPC SCAN THE QR CODE OR VISIT PracticePromotions.Net/PPC SCAN THE QR CODE OR VISIT You didn’t start a practice to struggle. You did it because you’re a growth-minded PT with a passion! Physical therapy is an industry built to help people live better – and that should include you. When you have the RIGHT marketing budget, you’ll be stressed about finances. So look at your budget. Make sure you’re not underspending on your marketing investment and crippling your own growth! MONTH 1 MONTH 2 MONTH 3 $83,000 $83,000 $83,000 8% 8% 8% $6,640 $6,640 $6,640
This one sounds straightforward. After all, we talk about investments in terms of ROI, but ask about expenses “can I afford this?” But understandably, it can be easier said than done when it’s time to make the investment. This is where planning comes into place. Planning takes away a lot worry and gives you time to make carefully researched decisions. Let’s say a clinic averages just over $83,000 per month ($ 1 million annually) and is trying to achieve a moderate growth level. Their marketing budget would look like this each month: EXAMPLE Percentage
Expected Revenue:
Marketing Budget:
Physio + Chiro Clinic Sees 31 % Increase in New Patients in Just 8 Months! CASE STUDY:
See How This Single-Location Clinic Achieved Consistent Growth After Adding Google Ads! A single-location chiro + physio clinic located in Ontario, Canada saw an increase in new patients AND patient visits with the help of Google Ads! After joining Practice Promotions in September 2020, they saw immediate results in their first month with 38 new patients and 410 patient visits. The clinic continued their success from then on and by May 2021 they had reached 336 new patients and 3,208 patient visits—all in just 8 months! Then summer hit, leading to a heavy slow down for their clinic. The owners reached out to their Practice Promotions account manager and decided to invest in Google Ads in June 2021. Once they added Google Ads, they saw immediate success! • 31% Increase In New Patients. Over their first 8 months with Google Ads, this Chiro clinic saw 436 new patients—a 31% increase from the 8 months before! • Highest-Ever New Patients. This Chiro clinic hit their highest-ever new patients in September 2021, bringing in 70 new people for care in just 1 month! • 22% Increase in Patient Visits. The clinic achieved 3,903 patient visits—a 22% increase from their first 8 months with Practice Promotions! That’s the power of Google Ads.
MONTHLY PATIENT VISITS
800
600
400
200
0
OCT 2020
JULY 2021
JAN 2022
MONTHLY NEW PATIENTS
100
75
50
25
0
OCT 2020
JULY 2021
JAN 2022
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Practice Marketing Tips
Do you wonder if the Google Ad PRO System will ACTUALLY work for your clinic? Here’s what three of our customers have to say! The Bottom Line Is... The Ads Work!
228 New + Reactivated Patient Leads in 60 Days!
We saw a clear increase in out total number and percentage of new patients coming from Google search after starting this program. The bottom line is, the ads work.
ANDY SOTIROKOS COO, Solutions PT & Sports Medicine Let’s face it. Practice Owners are in a perfect “financial storm” of low reimbursements, Medicare cuts, and inflation, because today’s healthcare system doesn’t value you or what you do. It continually makes cuts that eat into your profits and threatens the existence of private practices. But when you have the right marketing budget, you’ll be less stressed about your practice finances. Marketing creates revenue, but figuring out the right budget is a stressful challenge. You don’t want to overspend compared to your cash flow… but underspending can also cause your return to be not worth the investment. EASY 2-STEP MARKETING BUDGET CALCULATOR: The U.S. Small Business Administration recommends 7-8% of total revenue be spent on marketing. I’ve also heard smarter people than me say “5% to keep your business running, 10% to grow your business.”
1. Set up a spreadsheet with current revenue & expected over the next 3 months.
You can’t rely on a jack-of-all trades, master of none, and Practice Promotions is the master of marketing. We’ve seen results immediately. The numbers don’t lie. 3. Repeat this process every quarter. Statistically, underspending is MUCH more common for PT clinics than overspending. And that can be super deadly! Marketing is the oxygen of your practice. If you’re underspending, you’re cutting off your own air supply! 135 Patient Calls in 60 Days from PT Google Ads! 2. For each month, calculate 7-10% of total revenue depending on if your goal is to grow aggressively or you are trying to stay about the same.
KRISTEN MASCI Skills On A Hill Pediatric Therapy
But the beauty of this system is you don’t have to have a huge budget , you just have to plan the right percentage. Remember, budgeting is NEVER about guesswork . You can be confident in your marketing spend with this simple formula! Calculate your marketing budget right now. Are you underspending? And if so, how else can you invest in your marketing? When you’re confident in your marketing spend, you’ll be less stressed about finances.
Uses Google Ads to Market All 7 Locations!
Google Ads, boy... I was trying Google Ads by myself for about a year before I came to you guys. I was spending so many hours on managing these ads, I wasn’t succeeding. Your team has the magic—the secret sauce—that’s made a big difference. So, both as a practice owner and now for Practice Promotions, this is what I find to work best:
MATT SLIMMING Star Physical Therapy
MARKETING BUDGET EXAMPLE
Let’s say a clinic averages just over $83,000 per month ($ 1 million annually)
EXAMPLE
MONTH 1
MONTH 2
MONTH 3
Expected Revenue:
$83,000
$83,000
$83,000
Google Ads Pay-Per-Click are a proven, effective way to skyrocket your number of patients and dominate Google. In fact, our Google Ads Services are flying off the shelves (metaphorically)! And as you can see, Google Ads are REALLY working for Andy, Kristen, and Matt! Visit PracticePromotions.Net/PPC to schedule your demo of Google Ads TODAY! and is trying to achieve a moderate growth level. Their marketing budget would look like this each month: Percentage 8% 8% 8% Marketing Budget: $6,640 $6,640 $6,640
PracticePromotions.Net/PPC SCAN THE QR CODE OR VISIT PracticePromotions.Net/PPC SCAN THE QR CODE OR VISIT
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We get it. It’s difficult to make the transition from a full- time physical therapist to a full-time business owner with a stable practice. But it’s possible! Here’s how to cut down your treating hours…
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