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E201 | Would A Patient Pay $21,000 To Work With You?

Jun 27, 2019
cash based physical therapy, danny matta, physical therapy biz, ptbiz, cash-based practice, cash based, physical therapy

 A member within The PT Entrepreneur Mastermind Group prompted the question in the title of today's episode.  If you underinvest in yourself, what makes you think potential patients would be willing to invest in you?

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Episode Transcription:

Hey, what's going on, guys? Doc Danny here with the PT Entrepreneur Podcast and I want to talk today about the idea of what we are worth and what people are willing to pay for what they want, right? Which is really what matters the most. So chronically in our profession and not just our business. Let's put it out there to all of our clinical peers as well.

Massage therapists, chiropractors, athletic trainers, even personal trainers. Honestly, you know, people that are in a service-based business of helping people with health and wellness. Anything that. Falls. And underneath that umbrella, you know, it could be medical doctors or nurse practitioners, or in that case, so anybody that falls under that, typically we highly, undervalue ourselves, even though other people might not.

And. We have a member of ours in our mastermind group that, that sort of prompted this, this discussion for me today or for me to talk about this today. And as opposed to, she put up within our group, which is fantastic. It highlights one of her members, one of our clients, and I should say that she's worked with over the last three years.

And over the last three years, this lady's spent about $21,000. It at her practice $21,000 in the previous three years working on maintenance work of her upper body. You know, so it's once a week, mostly, throughout an entire year for three years. So $21,000 over three years, or $7,000 a year.

So let's put that in perspective, right? So when you hear $7,000 a year, would you pay $7,000 a year to be. Active, healthy, and to participate in the sports and activities that you enjoy. I'm going to, and I want you to answer this question legitimately. This isn't just a rhetorical question. It's, you know, would you pay $7,000 to maintain your body to stay healthy, to be proactive and to participate in the activities in the sports that, that you like?

Now, for some of you. Maybe you don't know, perhaps, or I don't know if I'd pay that or some of you it's hell no, I wouldn't pay that. And for some of you, you may say, no, I'm dude, I've been in the wrong spot. I don't want to be there again. I would 100% do that too, you know, invest in me, in my body.

Now, here's my point with this is that. If you are not willing to invest in yourself, what makes you think that people are going to be ready to invest in them and themselves with you? Right? Like this. This is the challenge in many ways for younger providers, in particular, you come out of school, and you have an Ew.

Have no experience with business, with taking, taking money for anything necessary unless you had a job, you know, doing something else in the past, but not for the thing that you went to school for this long. And you're younger, so you don't know what it's like to, You know, really have to deal with significant chronic problems.

Like maybe this person had at one point had gotten past those and didn't want to go back there again. Right. It's hard for you to relate to that because you've never actually gone through it. Maybe you've worked with people that have gone through that, but you've never actually gone through it yourself, and this is where it can get a bit challenging.

In two areas. Number one, being able to relate to people like this on a level that you can connect with them more so than just sympathizing with what's going on. Right. And the other thing is you literally wouldn't pay for that because you're trying to pay your student loans off. You know, you're trying to pay $1,000 towards your student loans.

So you look at this, and you think to yourself. Man, this person is dropping $7,000 in a year. There's no way in hell I would do that. But I sure would like them to do that with me so that I can pay my student loans off faster. But here's the fallacy with that is if you don't think that it is 100% worth it and you can't fake it, but deep down, believe that that's a

 Deal that that person is investing in themselves in such a positive way, you know, in such a way that's going to be beneficial for them. Longterm, both with the enjoyment of their, their, their life being physically active around the people they want to be around doing the things that they want to do with the one body that they have in life, the one vehicle they have through the world.

And they can't change it out. Maybe change a part here or there, but that's super expensive and difficult. Still, the only thing that they have to get around the world in and investing in that, you know, at 7,000 bucks a year, if you don't think that that's worth, it's going to be hard for you to sell yourself to sell the opportunity for you to work with people in that capacity because inherently they're going to be able to tell that you are not truthful without, you don't honestly believe that.

And this is something that we've had to work hard with our staff members on is everybody that we've brought onto our team is either straight out of school or are one year out of school, very new, all in their kind of the mid to late twenties whenever they got going with us. They fall into the same category of people that have financial.

You know, issues with things like student loans and they view that as expensive and something that they would not do. But when somebody is sitting there, and you finally help them get over a back issue that they've been, you know, trying to fix for the last ten years, it's caused them to avoid so many things that they've, you know, missed doing as well as all of the money they've spent towards not being able to solve this problem.

What. Is your service worth to that person? It's worth a ton. And this is an excellent example by our member that posted this, and I just really glad that she took the time to put this up there because I think it's such an excellent representation of what people are willing to invest in themselves with and starting to see that, Hey.

$21,000 over three, three years is a drop in the bucket. You know, compared to some of the other things that people have to go through. For instance, I talked to this; I talked about this last week on the podcast with my, with my godmother, you know, who came down with an autoimmune disease. They said it was a lot of it had to do with just lifestyle habits and, and stress, you know, and, and one of the things that doctor said was, you know, genetics loads the gun and lifestyle pulls the trigger.

And we don't know necessarily what factors are going to lead to us having catastrophic things, frankly expressed because of things that we do in our life that are deteriorating us in some way, or they're stressing us in some way that is going to cause something even more significant to happen.

So what's that? What's that investment worth? That's $7,000 a year investment. My, my godmother had to spend $80,000. Per treatment for immunotherapy four times last year, four times, she had to do that. So a couple of hundred thousand dollars she had to put into really resolving this issue versus what's that?

I'll tell you that $7,000 a year on the front end looks a shitload better not to have an autoimmune disease and drop a hundred a few hundred thousand dollars to save your life frankly. Like, let's put that in perspective. So as you think about it. What our profession is worth, what your skillset is worth.

If you devalue yourself, other people will not see value in you. If you think what you do is not worth it, no one else is going to think that, and there are people out there that are very willing, very, very much willing to pay you. To work with them in a way that allows them to live a life that they want to lead to lead.

And even though you may not be able to afford it or think you can afford it right now, or see the value that they see in it, it doesn't mean that they don't get a ton out of it and they don't think it's a goddamn bargain, a steal compared to the things that they've had to go through. And they finally have found a solution.

So if you can't look at it through that lens, if you can't look at it from the perspective that they have, then you are going to have a tough time. In a cash-based practice, in an out of network practice, in an in-network practice, even getting people to buy into what you're selling them in terms of long term health, wellness, longevity, and avoidance of some of these catastrophic things that we know we can help avoid by optimization of sleep, nutrition, stress management, and movement and guys, we can help people in all of those areas.

It's not just about knee pain, and it's so much more than that. So much more. And that is where the actual long-term value of working with people is. And that's also how you can develop a sound business where you're helping people get these longterm results that they want and that you get to sleep like a baby, knowing that you're helping them get those results, as well as being able to support yourself, your family, and other staff members with the business that you have.

Developed. So, guys, I hope that that puts some things into perspective for you. I appreciate our Mastermind member, Lauren, putting that up in them, in the, in the group. She's awesome. She's got a refreshing practice herein, in Atlanta and she's, she's killing it, working with people in the right manner and, and, her sharing that is, has been beneficial.

So anyway, guys, thanks so much for listening. As always, we appreciate it. If you like it, head over to iTunes, leave us a five-star review. Tag me on Instagram and, and, and, in a story and let me know you're listening to it. I'll share it, share it as well, or share this with somebody that you think would benefit from it.

In particular, anybody in our profession that doesn't see the value of what they do. If you think there's anybody that is in that position and they're sort of undervaluing themselves, or they don't see the value that other people see in them, share it with them. I think it could help them quite a bit. So guys, as always, thanks for listening.

We'll catch you next time.

Do you want more cash, PT, biz help? If so, get a copy of my book, Fuck Insurance. It's your playbook to successful performance PT practice and never having to deal with insurance again. You can get a free copy finsurancebook.com. Inside this book, you'll learn the direct techniques that we've used to become one of the fastest 100% cash PT practices in the country.

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