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Learn How to Sell Your Physiotherapy or Chiropractic Practice at the Right Time, for the Highest Value

Is now the best opportunity for you to sell your physiotherapy or chiropractic clinic? Should you wait five years? Or are you on the flip side and looking to expand by buying more clinics? 

If you want to sell a physiotherapy or chiropractic practice now or in the future, you will need to know how to determine an accurate valuation for your practice. If you’re looking to buy, you’ll need the same set of skills to assess how much the one you want to acquire is really worth.

Consolidation Is Coming for Your Clinic (and Community)

With the increasing consolidation in healthcare caused by corporate takeovers, mergers, and acquisitions by private equity, if you own a clinic and haven’t been approached by a big corporation yet, just wait. It will happen. And while your first reflex may be to show them the door, the idea will be planted. 

Someday, you will want to sell your physiotherapy or chiropractic practice, and now is the time to learn how to do it such that you reap the valuation you’ve worked hard for.

This is what happened to a clinic owner in Ontario some time back, who was asking for my help with a dilemma he faced during a mentorship call.

He and his wife are in their 50s. With kids still in school, they’re not ready to retire yet, but it’s on their mind. His physiotherapy clinic has been earning about $1 million in revenue the last five years. He’s not quite ready to sell because the sale is his retirement plan. Selling now would remove his source of income too early. At least, that’s what he has been saying. 

But then he got an offer from a "big corporation" that owns hundreds of clinics, and wanted my help to decide how to respond. 

What would you do in this situation?

He has an offer now. If he doesn’t take it, what if he can’t find a buyer five years from now? And is this even a good deal? He doesn’t really know what his clinic is worth. 

I’ve talked to a lot of clinic owners this past month on our quarterly 1:1 coaching sessions and the topic that keeps popping up over and over again is online marketing trends. 

They hear about how they should be doing online marketing but are confused and overwhelmed. It seems to change every week and they barely have enough time to run their business and treat patients.

The mistake I see clinic owners make is they market like big corporations do. They do brand marketing. They want to build a brand.

The problem is unless you have millions of dollars to spend like these big corporations and willing to wait years (or decades) to see if it works. It just won’t work for you.

"Followers" or "Likes" don't feed families

Brand marketing doesn’t make your phone ring. You can’t measure and have no idea if it’s working or now. What really makes your phone ring is direct marketing. Whether it’s direct marketing for Physical Therapists, Chiropractors or Dentists.

It allows you to know exactly with 100% confidence if your campaign is working. How many calls you’re generating from that marketing campaign like CallHero software tells you. You know exactly what your ROI is. 

10 Money-Saving Provisions that Can Save You Stress, or Cause It If You Overlook Them

You’ve found the perfect location for your next clinic startup or perhaps you're renewing an existing lease, now what?

You need to learn how to negotiate the most favourable lease possible for your clinic. You want a lease that protects you from getting run over by the landlord, should certain conditions arise, and one that saves you money. 

Before you sign on the dotted line, here are 10 provisions you need to look at when negotiating your commercial lease for your physical therapy, chiropractic or massage clinic. 

Note: If you prefer videos to reading, you can also watch a video that explains these same 10 lease provisions.

1st Clue: Are They Showing You Marketing Metrics that Actually Mean Something?

Which marketing metrics should you pay attention to, and which ones can you ignore?

I had a talk recently with a clinic owner in my #clinicboss community that shines a light on all the ‘dead numbers’ marketing companies like to boast about.

Here’s his story:

He’s been operating his clinic for about five years, and has been crushing it, hitting almost $1 million in sales last year. But in terms of revenue, he noticed he has been starting to plateau (if you are growing less than 15% a year, you have plateaued in my world). Have you ever experienced this? When your revenue flattens, you have a few choices for what to do:

1) Nothing – just be content with whatever profits you’re making, and hope nothing changes for the worse

2) Make changes to your clinic business – including monitoring marketing metrics like call tracking

3) Jump down the rabbit hole of online marketing

You can guess which one this clinic owner chose (the same one you probably think you need to do more of, because it’s what everyone is obsessed with these days).

That would be #3 – the classic mistake of believing online marketing can fix all your revenue problems.

He noted that all the new clinics starting up seem to be on Instagram and Facebook (aka Wastebook), and so he felt compelled to do the same. If they’re all doing it, it must be working, right?

So, for the past three months, he’s been spending $1000 per month on Google and Facebook marketing. In that time, he’s seen no measurable increase in new patients, and his revenue still clings to the same plateau line. No growth. No change.

But his marketing company sure is excited!

They’ve got all these next-gen marketing metrics like site impressions, unique visitor counts, click through rates, likes and followers. And look – they’re going up! Isn’t it exciting? Your marketing is “working,” they tell him.

But is it?

The very reason I was having this conversation was because his revenue was still flat.

Have you got your Accelerate LIVE 2019 ticket yet?

>>Get Your Ticket Here Before They Double<<

Attending an event can seem inconvenient right?

You have to take time off from running the clinic, find someone to take over, travel there, get a hotel, etc.

You may be thinking I'll just get the recordings when they come out. However, recordings are not available for anyone who doesn't get a ticket.

What's most important about an Event. Just one idea can make your investment back 10 fold. You apply a couple more ideas you can make 100 times what you spent on the event.

So if it's inconvenient for your schedule. Early Bird Ticket is equivalent to $10,000 put towards coaching or courses.

Here are 9 more reasons you should attend Accelerate LIVE 2019. At Accelerate LIVE You’ll learn...

Learn What to Measure, How to Improve Staff Trainings, Get More Patients

Some time ago I came across a dentist and a physical therapy clinic (PT) in the same area of town.

Both had one doctor on staff. Similar sized offices. Same client base. So, I figured they’d also have similar revenue, even considering the differences between dental clinics and physical therapists.

Boy was I wrong.

The PT clinic had nearly twice the revenue as the dental clinic. How could this be? I started digging.

My first guess:

The PT clinic must have better marketing. But when I went online, the dental clinic was actually doing more marketing than the PT clinic, and it wasn’t any better or worse. More referrals maybe? Better service? They had pretty similar online reviews, mostly high. There was no clear reason why one clinic should be so much more profitable than the other.

What gives?

I spoke with Tom a clinic owner last week that I’ve been mentoring for the past 2 years. We grew his revenue from $1.3 million to $1.7 million in the last 18 months.

Tom thought he had a marketing problem like most clients who hire me. The truth is most clinic owners don’t have a marketing problem but a people, training, and process problem.

They think in order grow their clinic they have to improve their healthcare marketing so they hire marketing agencies and consultants to come in. They spend a lot of money on advertising only to get poor results or lose it all.

Even if the marketing agency or consultant is really good. There is not much they can do if your front desk is not trained on how to maximize the number appointments on the phone. How to handle patient objections so they don’t call your competitor instead.

Then once you get the appointment is your patient experience great so they keep coming back and refer their friends, co-workers, and family to you?  And even give you a google review.

I told Tom before you even think about marketing you first need to get really good with clinic operations so you get the highest ROI possible from your marketing. Otherwise, you just speed up the rate at which your community finds you’re not good.

He was struggling to train new employees for his front desk. So I told him about the unusual employee onboarding process I use to train new employees fast so they can start producing right away. Not only that it’s the key to retaining talented and loyal employees. I wish someone told me this a decade ago when I was making all kinds of costly onboarding mistakes at my clinics.

Plus I’m going to give you a simple strategy to accelerate training even more that 99% of clinic owners don’t even know about.

Warning: Do Not Invest in a Second Location Before Reading This

You made it. You’ve got a booming health clinic. Patients are pouring in, your staff is happy, your doctors are busy. And so are you.

And as you sit back in your office chair, you start to ponder the Big Question:

“Should I open a second location?”

And if you don't, you know your competitor (or superstar clinician) will because it's a really good business opportunity.

If that’s where you are right now, I’ve got two words for you: Sit tight. Be like Congress – do nothing, at least until you read this.

My staff and I always found it difficult to ask for reviews. It just felt awkward and didn't come naturally for us. I would always hesitate when asking ( or not at all) and just didn't come out right. I was mad at myself afterward because I knew we needed good reviews for the clinic.

Plus I never really knew how to ask the question the right way to not put off the patient causing them never to come back.

Asking for a review can be a daunting task. It's just awkward to do.

Plus hard for patients to give one. Patients really want to help you out and say they will give you one. They just get stuck and think to themselves.

How do I write a review?

What should I say?

Or life just gets in the way.

In this blog post, I'm going to show you a dead simple word for word script you can deploy in your clinic to drive more 5 star Google and Facebook reviews while intercepting negative reviews.

You'll get a manual way and a completely automated way to do this so you don't have to talk to anyone. This is the exact strategy I teach all my clients after I first help them boost their monthly revenue by making this one simple improvement. This one improvement added $15,000 in additional monthly revenue for this Chiropractor here.

Also in the blog post, you’ll learn the right time to ask for one to get even more reviews. Most clinics get this wrong.

I ran a sold-out conference last year called Accelerate. It's Canada's largest clinic business summit where hundreds of clinic owners attended.

We talked about everything from getting new clients with digital and doctor marketing, patient experience operations, commanding higher prices, selling your clinic and more. What came up is that clinic owners said their #1 problem was recruitment and management of staff.

Staff today are more difficult to manage than ever before, especially millennials. So It’s essential to have proven reward strategies in place to maximize their results and get the most out of them.

In this blog post, I’ll teach you the best 28 reward strategies my team and I have discovered from working with 100s of clinic owners to reward your staff to get maximum results from them when you can't afford to give them a raise. 

Lets get started…