“Without change there is no innovation, creativity, or incentive for improvement. Those who initiate change will have a better opportunity to manage the change that is inevitable.” – William Pollard
Physical Therapy Niche
Change is the only constant that we can count on. Knowing this helps us prepare for the future and growth. With the notable change in reimbursements and cut-backs from insurance companies, many physical therapy owners have found themselves in a challenging financial situation. In facing a potential downturn of your revenue, finding a new physical therapy niche can be the solution to generate more cash for your business.
What is a niche and how will it benefit your practice?
A physical therapy niche is an additional service or services you can provide to your patients that is outside of the traditional treatment you are currently providing. For example if you have a clinician who treats pelvic floor dysfunction adding pre and postnatal programs would be a good fit for your practice. Finding a specialty service will generate new patient business and can extend the life of your existing clients.
3-Steps to choosing the right niche
Research your area
First step; get to know your area. Understanding the needs of the people in your town will make it easier to narrow down your options. For example, if your practice is in a predominately blue collar town, these folks tend to experience more overuse injuries, back and neck pain, and issues with body mechanics. You might consider adding post-rehab fitness programs or weight lifting classes. If your practice is in a more affluent area where people tend to be more fitness and health conscious, yoga or Pilates classes might be a good addition. Wherever your practice is located, understanding the area will assist you in adding a physical therapy niche that fits best.
Poll your patients
You already have patients in your practice; why not ask them what type of service they’d be interested in? Massage, an after hours gym program, acupuncture? Adding an exit survey to your clinic can help you get ideas on additional services you can add to your practice that your patients will keep coming back for.
Last but not least, what’s your personal passion? Is it nutrition classes, or health coaching, or cycling or golf swing assessment? If you’re excited about it, the better the program will be and the more value your patients will get from it.
In today’s healthcare world, differentiating yourself from the competition is a must if you’re going to be successful. The best way to do that is to offer unique services that enhance the value and outcome of your patient’s treatment. Adding a physical therapy niche not only will this help your patients, but the additional cash flow from these services will help your bottom line too.