This week's Thursday episode comes to you from our PT Biz YouTube channel. If you have not had a chance to check it out, head to https://www.youtube.com/@ptbiztraining! Don't forget to subscribe!
In this episode, Danny dives into the topic of raising prices as a means to increase revenue without increasing overhead. He emphasizes the importance of physical therapists charging an average hourly rate of $150 in order to be able to expand their business beyond themselves and maintain low volume. Furthermore, Danny encourages striving for a rate of $175-200 to allow for growth and hiring.
Danny provides two strategies for raising prices, the first being a silent price raise where prices are simply adjusted without explanation. The second is a reactivation price raise, which involves reaching out to prior customers with an explanation of the price change and offering them the opportunity to purchase one package at the previous rate. He stresses the significance of painting a vision for the company and putting in the effort to reach out to prior customers instead of taking the lazy route.
Danny concludes by encouraging physical therapists to take the initiative in raising their prices, as it benefits both themselves and their patients by allowing for fair compensation and improved quality of care. This episode offers valuable insight and practical advice for physical therapists considering a price raise.
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