HealthTech

7 Ways to Add Revenue to Your Therapy Practice

Therapy

Use email marketing 

Email marketing is one of the best marketing strategies for therapy practices. In fact, for every $1 spent on email marketing, the average ROI is $42. This is a great and cost-effective marketing strategy for therapy practices to start using. You can start to do email marketing by using plugins that capture the visitors to your website. This will give you access to their contact information and you can add them to your email list.

Once you have a sizable email list, you can start providing value for your prospects by giving them advice on therapy and best practices. Once you’ve warmed up your email list, you can start pitching your products and services as a solution to their needs. Using promotions and discounts is an effective strategy. Make sure to also have a proper email signature to improve your branding and allow your subscribers to unsubscribe. 

Increase rates

Increasing the rates of your services is an effective way to add revenue for your business. This strategy is often the hardest for therapy practices because there is the fear of losing patients if you raise rates. To grow your practice, you need to accept the fact you’re going to raise rates to improve the quality of your services and your practice in general. 

How you raise your rates is more important than what the actual raise is. Therapy practices use a variety of strategies to raise rates effectively while maintaining their clientele. You can start raising rates for new patients to experiment. This is a good place to start if you’re afraid of losing long-standing clients. Additionally, you can raise your rates in slow and steady increments instead of one big price hike. This will also prevent losing some of your best clients.

Start an affiliate program: 

If you’ve run any type of online business, you know how impactful an affiliate program can be for growing your revenue. Affiliate marketing is performance based marketing where you incentivize people to refer patients to you. When a person refers a patient to you, you can give them a flat rate or a percentage of the sale made. This can compound quickly if you can market your affiliate program well. 

Affiliate programs are super beneficial for both the affiliate and your therapy practice. More and more people will be incentivized to refer patients to you and this can dramatically grow the size of your business. It’s important to set competitive affiliate rates, so more people join your affiliate program and bring you more patients. You can also see your business numbers such as analytics, KPIs, website metrics and more in your affiliate dashboard. 

Start using SEO 

Search engine optimization (SEO) is one of the most powerful marketing strategies in modern business. At its core, SEO is basically writing helpful content for Google users and this can bring thousands of organic visitors to your website each month. These visitors can be turned into customers for your business with the right conversion techniques. Many therapy practices have begun to use SEO services to get new customers for their business. 

For example, a therapy practice can start writing content on their blog about questions their patients commonly ask. There are tools like Ubersuggest and Ahrefs that can show you the estimated traffic you can get when you write about a certain keyword. Continuously publishing blog posts on keywords your patients look for will power your SEO and drive visitors to your site. Also make sure that your web design is optimized because this will impact site speed and readability.

Sell retail products: 

An easy way to add revenue to your business is to start offering physical retail products at your offices. Many therapy practices invest in real estate to get optimal locations for foot traffic. When patients come to have a therapy session, they will see your welcome desk and any products you have to offer. You can start by offering lower priced products that can add to the patient experience. This can include food & drink, merchandise, memorabilia and more.

The great thing about retail products is that you don’t have to do much marketing. The patients in your practice will be able to see them when they come for appointments and can choose to purchase them. If a product doesn’t sell well, you can just get another retail product and see how your patients’ demand for that product. 

Add more offerings

One of the best ways that therapy practices and clinics can add more revenue to their business is to add more offerings. Even with your best current offerings, your revenue will plateau for your business if you don’t have enough offerings. A solution to this would be to offer complimentary services for your patients. Adding just a few more offerings to your services can add a new revenue stream for your practice.

For example, if your practice only offers in-person therapy sessions, you can add teletherapy services to your business. This allows your staff to work with patients remotely and you can now market to a new patient demographic that is reluctant to have in-person therapy. There would be additional benefits to this like reducing cancellations and added convenience for your current patients. 

Incentivize staff:

The staff at your therapy clinic is one of the catalysts that can either make or break the patient experience. Managing your employees is crucial to improving the quality of your therapy’s service.  Improving the patient experience is not only the morally right thing to do, it’s also the financially right strategy for your business. When patients have a great experience, they are far more likely to refer new patients to come to your therapy clinic. This results in zero marketing spend while your therapy clinic is able to generate new revenue.

Incentives are one of the most powerful tools you can use to dictate outcomes in your therapy practice. It’s very easy for you and your staff to fall into a routine and neglect the patient experience. Offering performance based incentives for your staff can skyrocket your revenue. By incentivizing your staff to keep their schedules full, your therapy practice will have much higher productivity and revenue.

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