E529 | Speed Is King

Aug 18, 2022
cash based physical therapy, danny matta, physical therapy biz, ptbiz, cash-based practice, cash based, physical therapy

When I started the company Physical Therapy Biz, I knew I wanted to help as many clinicians as I could that operate as a cash-based or hybrid clinic. We recently took on a private equity company to help us accomplish this in a much shorter time frame. Their support and expertise in building an education company is something that benefits us but it also will benefit many of you listening. Today, I wanted to remind you that you don't have to do this on your own. Enjoy!

  • Things happening at PT Biz
  • Don't let your ego get in the way
  • Leaving money on the table

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Podcast Transcript

Danny: So there's all kinds of hidden fees within your business that are just part of doing business. One of those is credit card. Processing and for us, we didn't even realize how much we were paying in credit card processing with the first management software we were using for our practice. And when we switched over to PT everywhere, we just realized we were saving literally hundreds of dollars a month with credit card processing with their partner with Card point versus who we were using with our prior.

Software. This has made a massive difference. It's more than paid for itself. It allows us to decrease our overhead. It allows us to have more cash flow to reinvest in our people, in our technology, in our facility, in marketing and everything that's gonna drive the business. So don't get abused by credit card processing companies.

Make sure you're paying what you should pay. And if you're looking for a management software, highly recommend PT everywhere directly integrates with a. Processor makes it very easy and their rates are super, super competitive. So it's saved us a ton of money and it probably will do the same for you if you don't know what you are getting charged.

So head over to PT everywhere. Take a look at what they've got. I think you really like it. So here's the question. How do physical therapists like us who don't wanna see 30 patients a day, who don't wanna work home health and have real student loans create a career and life for ourselves that we've always dreamed about?

This is the question, and this podcast is the answer. My name's Danny Matte, and welcome to the PT Entrepreneur Podcast.

What's going on guys? Doc Danny here with the PT Entrepreneur Podcast, and today we are talking about getting what you want faster. Physical therapy biz, the company that I that I started that, that helps cash-based clinicians and hybrid practices. We recently took on a private equity partner that is gonna help us build the company over the next five to 10 years and part of that was to be able to get people involved in our company that had already done things that we were trying to accomplish.

I've never built a education company exclusively online and scaled that to be able to help the number of people that I want to help. So it's been a bit of a search for us to find the right fit for Mentorship and support along with that, excuse me, there's. There's not, it's not like there's a mastermind group out for that, that, that that exists.

I looked especially with the size of a business that we are at this point it just don't exist. Like we're bigger than most of the people running any group that would talk about, helping online businesses education companies or whatever. So for us what we end up.

Finding was a really cool partnership with a private equity company that had already built similar companies to what we're trying to do and much bigger. And, the decision wasn't easy because it involved considerable amount of money as well as Potential equity in our company, depending on how our company does over the next few years.

And the reason I'm bringing this up, cause this honestly doesn't really have anything to do with you, but it does, and I wanna talk to you a little bit about the decision making of why I decided that was the right move for us and why you probably need to think about getting some support with what you're trying to do as well.

And it all comes down to the concept that speed is king. So if. I want to grow what we're doing to X goal, whatever that might be. And let's say I can do it in half the amount of time. What's that worth? What's it worth for me? Let's say I want to triple where our company's at, and I project that's gonna take us six years.

But if I can find somebody that can help me, That's already done what I'm trying to do, and I can do it in three years, what's that worth? How much of a return on investment is that? As well as what's my certainty? And I think this is the thing that people do not take into account whenever they look at.

A business venture of any sort, what's the certainty that I can accomplish the goal that I have for myself and for our business and all of our team and the clients that we work with? The certainty that I can actually get to the point where I want to get the company to, with the support of a firm that's already done something very similar and by me figuring it out.

On my own. The, those are the two factors that always take into account and I felt that the speed was gonna be far faster based on track record and the certainty's much higher. I almost look at it like business insurance that we're going to get where we're trying to go because of the knowledge and the combined effort and support of people that are far smarter than me that are now involved with what we're doing.

I want you to think about what you're doing and your your business, your practice and what you're trying to figure out. Because I've been there. I know what it's, I know what it's like to not be sure. If what you're doing on the marketing side is the right thing, not to not be sure if the way you're structuring your pricing is the right thing.

To not be sure if the space you think you need to move into is the right space for you because you don't know how much you should be paying per month, or if maybe you're gonna put yourself in a bad position where you're paying far too much and you're locked into that with a personal guarantee for five years.

I know what it feels like to not know how to. Hire somebody what to pay them what I should and shouldn't say to them what questions I should ask, who I should avoid, how do I handle turnover? What legal documents do I need in place? All of that I remember struggling with trying to remove myself from everybody wanting to see me in the practice.

Some of you might be going through that right now. You've built a solid reputation for yourself, but you haven't built a company, you've built a caseload for yourself, and they're not the same thing. And for you to be able to remove yourself from the company to where it's a brand and not a person, that's a very difficult thing to do.

And something that. I struggled with a lot, like a ton. And as I look back on that, like I really didn't start getting involved in any sort of business coaching for myself and for our company until it was too late. I was like, I was three years in bef before I really dove into learning about the business side of things, and. As soon as I started to learn those skills, I realized just how dumb I was f for trying to figure it out all on my own prior to that. And it came down to one thing, and that was my ego. My ego didn't want me to seek out help. My ego didn't want me to. Pay someone for their time, expertise and help to help me not make mistakes and get where I was trying to go faster.

Cuz ultimately that's what I wanted. But I also wanted this sort of I don't know this ability to say that I bootstrapped everything and I did it all by myself and whatever. And I can say I definitely did that for the first couple years and it sucked. Y the reason it sucked is I didn't know what the hell I was doing, and I didn't know if I was doing the right things or the wrong things, and I almost ruined our business at least on two occasions.

Okay. And keep that in mind as you're thinking about this, because if ultimately you want the same result Wouldn't you wanna get there faster with fewer mistakes and significantly more certainty that it's actually gonna happen? Because we're not talking about, we're not talking about making a sports team or some sort of athletic accomplishment or some sort of arbitrary award.

You're gonna win and you're gonna be able to point to this, and you have this rags to riches story. That's bullshit. This is how you support your family. Think about that for a second. Is your ego getting in the way of you actually being able to, with certainty support your family with a business that you've decided to open.

Even though you don't know shit about business, that's the truth. You don't know anything about it. And if you did, then you'd be scaling like crazy. Then you'd have everything locked in and you'd know exactly where you'd be over the next five years. And I couldn't say that I had that in place for PT Biz, which is why.

I decided a private equity company that we partnered with was the right move, and if I could have found a coach in a mastermind group that would've fit that, I would've done it cuz it would've been far less of a commitment. Then than the group that, that we decided to work with. But it's the best move for us long term.

And I think it's gonna help us grow substantially as well as help a ton of clinicians along the way, which is our goal. It's funny cuz I am telling you my thought process is I go through this, I'm telling you what I wish I would've done. And when I was just starting in business and a young clinician and honestly, if it wasn't for my ego, I would have and it just took me going through a lot of pain to realize that I didn't know everything.

And it's almost like I had to be like, wrestled into submission by the pain of entrepreneurship. That's what it took. And some of you, that might be what you need. Maybe you need more pain. Maybe me saying this, you're not, you're like, nah, I'm not in enough pain yet. Okay. Maybe you have to feel that and that was me.

Maybe you can save yourself some of that and just go straight in and say Hey, cool, I'm gonna get some support and some mentorship on this. I don't make a bunch of mistakes, stress my spouse out and my kids out and be angry all the time for a couple years. That, that could be what you want to do, but it'd be sures.

How great if you could skip that retro respectively. Looking back on that, I wish that I would've done the same thing because, It's not like you still don't have to do the work. I think this is where people, I don't know. There's a connotation around it that it's just like you're hitting the easy button.

It's not easy either way. I can tell you, you still have to implement on a higher level. You still have to show up every single day. You still have to put in far more work than you do working for somebody else. But the cool part is you're building something. You're building something. That's tangible.

You're building something that provides time and financial freedom for yourself and your family. You're building something that's a sellable asset that's increasing your net worth. These are all things that you can't really see on a day-to-day basis, but it's happening. It's like you're building this invisible house and it has value, it has security.

It has longevity if you do it right, so you might as well do it right. And for us, That's what we do with practice owners. We're obviously, in the business of helping businesses grow. It's a business to business offer and service that we have. And we get support from other businesses like that.

I've been in many masterminds. I've been in many coaching groups. And we just leveled up and out of all of those and ended up needing to find something a little different. But for those of you that have a cash and hybrid practice, like if you're not, if you're not between 500,000 and a million dollars in gross revenue predictably each year, You should get some help and we can help you get there.

We, we've helping literally hundreds of clinicians actively right now do exactly that. The average increase in revenue that we see in practices we work with in the first year is 123% increase. So I think the only thing you have to ask yourself is if you've been listening to this podcast for a while, if you've read the book that I've written, and you're thinking to yourself, damn, maybe I should get some help, help the question you have to ask yourself is what we do.

And how we can help grow your business and this cash acceleration method that we apply to these practices, is it a net positive for you minus our fee when you look at what the change you can make to your business versus what you can do on your own. Because if you can make more money in less time and do that with more certainty, And it is more than what we charge, minus what you think could do on your own.

Why would you not do that? It's almost like you're leaving money on the table. So if you're looking for some help and you know that your ego is ready to step to the side and you're ready to start to implement some proven systems and and work on the right things in your business, head to physical therapy

Just sign up to book a call, talk to our team, let us know what's going on. We'll have a conversation with you for about an hour. Dig into your business and we'll see if you're right fit. Maybe you're not, maybe there's some things you need to do in the interim and we'll give you some things to work on.

And. It's a maybe later kind of thing where it's, you're just like, you're not quite there yet. Maybe you're a perfect fit and we can help you grow really fast. Either way, it'll be worth your time. It'll be worth the hour that you spend, you'll come along or you'll come outta that with a massive amount of clarity.

And it's totally free. So if it's something that you're interested in, head there. As always, guys, invest in yourself. Speed is king. Don't leave money on the table. And if you can do it much faster, do it much faster, even if that involves getting some help.

What's up, PT Entrepreneurs? We have a new exciting challenge for you guys. It's our five day PT biz part-time to full-time challenge where we help you get crystal clear on how to actually go from a side hustle to a full-time clinic. Even if you haven't started yet. This is a great way to get yourself organized in preparation for eventually going full-time into your business.

So we actually help you get crystal clear on how much money you're actually gonna need to. Replace with your business to be able to make a lateral transfer. How many people you're actually gonna need to see based on what you should be charging. We're gonna tell you three different strategies you can take to go from part-time to full-time, and you get to pick the one that seems like the best fit for you for your current situation.

We even show you all the sales and marketing systems that we teach within our Mastermind for people that are scaling to multiple clinicians, past themself that you need to have in your business to be able to go full-time. And the last thing is we help you create a one page business plan. This is a plan that's gonna help you get very clear on exactly what you need to do and drive action.

That's what this is all about. We want you to win. We want you to take action, and in order to do you have to get really clear on what you need to do next. So go to physical therapy Get signed up for the challenge today. It's totally free. We think this is gonna be a game changer for you and are excited to go through it.

Hey, real quick before you go, I just wanna say thank you so much for listening to this podcast, and I would love it if you got involved in the conversation. So this is a one way channel. I'd love to hear back from you. I'd love to get you into the group that we have formed on Facebook. Our PT Entrepreneurs Facebook group has about.

4,000 clinicians in there that are literally changing the face of our profession. I'd love for you to join the conversation, get connected with other clinicians all over the country. I do live trainings in there with Eve Gigi every single week, and we share resources that we don't share anywhere else outside that group.

So if you're serious about being a PT entrepreneur, a clinical rainmaker, head to that group. Get signed up. Go to entrepreneur or go to Facebook and just search for PT Entrepreneur, and we're gonna be the only group that pops up under that name.