5 Rules Physical Therapy Practices Need to Learn About Surviving the Recession

I believe it is fair for me to say that many of the practices I work with are now feeling some effects from this recession. This is not unexpected as this recession has affected every type of business and every size of business.

I often find that the most important factor affecting physical therapy practices during these economic times is the attitude of the practice owner. I see some practice owners waiting for it all to go away while others are fighting for every bit of business they can create. This last group of practice owner is still doing well. I believe it is all about attitude. The key choice for you as a practice owner is to be upbeat, positive and confident so that you can attract new clients and keep your existing clients. When this attitude exists throughout an entire team, I find that client numbers are stable and even growing.

I would like to share with you today the 5 rules professional services businesses need to learn about surviving this recession, as I see them.

The five rules:

Rule 1: Identify Where the Opportunities Lie

Look to where the opportunities lie for retaining your existing clients and winning new ones.

Here are examples of potential opportunities for both of these scenarios.

For retaining existing clients, you need to give them the best services you can offer and do this consistently. Look for times and places in your practice where this may not be the case. Make changes in these areas immediately. Your loyal clients deserve this.

One way to succeed in getting new clients is to make sure your loyal customers know how to pass the word along to their friends and families. Make it easy for them by giving them referral cards to use for this purpose. And just as important, show your appreciation when they do give you a referral.

Rule 2: Target Your Marketing to Segments of Your Community Which are Underserved

To do more business, identify who in your community could significantly benefit from physical therapy services and is currently underserved. Next look to partner with other businesses who serve these same people but with other services than yours. This is a great way to reach a new market quickly and easily.

The keys here are seeking out new markets and then partnering with other businesses to attract them to your services.

Here is an example to demonstrate this rule. Let's say you uncover that young adults in your community are underserved, particularly those involved in competitive sports. You also truly love working with young athletes. You decide to contact some sport associations and sport coaches to determine how together you can better meet the needs of young athletes. You decide that you could do some combined programming, attend some special events, and sponsor an event. Do you see how this works, and how truly magical it can be to partner with others?

Rule 3: Close the Gap Between What Your Customers Need and What You Offer

I think you would be surprised if you asked your clients what they need from you. To do more business, it is critical to ask what more they want from you and what they need from you to get back to living their lives as they want.

Your expertise lies in knowing what they need in the way of clinical services. This is only a part of what your clients need. Ask them and find out what they say.

Let's say that you hear from your customers that they really would like to get involved in a swim program to stay limber after their therapy plan is completed. You had never thought of this before! So you decide to start one yourself or partner with an existing pool program. Now you are meeting the needs of more clients and you have another revenue source.

Rule 4: Go After Bad Costs

Remember that not all costs are the same. It is important to distinguish between "good" costs and costs that are not helping you grow your practice. You also need to identify what I call "hidden" costs, those that may not be so obvious to you.

An example of a good costs is one that helps you create a customer journey that your clients value. It will pay off many times over. An example of hidden costs is when one of your team members is not a peak performer and may be affecting the morale of others. This person is costing you money, literally!

Put your focus on dealing with the bad and hidden costs.

Rule 5: Revamp Your Processes

Consider revamping these four core processes in order to attract new clients, retain existing ones, and reduce bad costs:

• The customer journey in and through your practice to make it world class.


• Customer research and communications to establish how they perceive your services.


• Performance management for improved performance of your employees.


• Business Planning: having a plan!

When you are confident these processes are the best they can be, meaning that each process meets the needs of your customers very, very well, then you will keep the customers you have, they will tell others about their great experience with you and you will be bringing new people into your clinic. 

Act now on these 5 rules for surviving the recession!