Increasing Profits

[Johannes]

I own my own practice and am making a decent go of it, but am finding that I'm limited in my profitability being the only therapist in my practice...  I'm not in business to get rich, but we are getting our first house and it sure would help if I could bring home A LITTLE more bacon!  I am looking for some tried and true suggestions for increasing my bottom line.  Whether it be from a great product line or another idea, I NEED HELP!I know there is a simple answer out there!

 

[Rug B]

Increasing Profits

Raise your rates a little? What are / how long have you had your rates where they're at?

 

[Pompal 09.]

Is your space big enough for a little retail?  Even a bookshelf will do...I order the music I play in the session at wholesale...when clients ask me where I got my music, I let them know I sell it here...they already know they like it, it associates them with something they enjoy (the massage) and I sell them $5 cheaper than they can get them in the store.Clients always ask me what kind of lotion I use, because it makes their skin feel so good.  Since I already purchase my creme by the gallon, I ordered 4 oz containers with lids (I think from MassageWarehouse), and filled them with lotion.  I left some plain, added EO's in others.  I sell them for $6-$7.  Clients love it.  I also buy Biofreeze when they have a huge sale, and I retail them for $9 (they cost me $4.95)  Same thing with Cryoderm, Salt scrubs, etc.The key is...it is much easier to sell things clients are already lfamiliar with...things I use in their session.  That way they can extend their massage experience at home.Salt Scrubs are a fabulous way to increase income with little cost...check out Sunshine Spa's line of Salt scrubs...no wet room needed (although hot wet towels do make it easier for clean up).Add Parrifin Dips...while clients are waiting for their next appointment, they can do a hand dip.Have you thought about adding Aromatherapy treatments, or hot stone?Are you able to hire another LMT?  Then you can make commision when they work on your clients.Lots of options out there...

 

[mom of twins]

Ohhhh, I almost forgot the best one...Get into insurance billing!  Take a good course, read some good books, whatever...just get into it.  when done correctly, it will definetly increase your bottom line!

 

[twix]

Kneadful things.     That's a good idea.  I've had some people ask if I take insurance and I don't have the slightest idea where to start.  What course's are good for that?  Can you make any recommendations.  I've noticed in one of the massage journals that they offer a CEU's on it.  I need to get started and get some of the teacher's in the area......as their insurance pays for massage.....at least one a month.  

 

[Houyhnhnm]

Increasing Profits

yes, I need to know where to find these courses as well. How do you know which ones are worth the money? I am very interested in doing insurance billing but I don't know where to start.

 

[jadamgrd]

Increasing Profits

Well, I am now living in a state with no licensure so the chances of them teaching an insurance workshop are slim (don't you have to be licensed to bill insurance?) I am however going to call around. I went to the schools here on the web and their electives didn't have anything to do with insurance billing. I am wondering if I could get someone in a medical office to teach me.

 

[Makayla]

If you live in a state where there is no licensure, don't they view your National Cert as the same?  I know that's what I heard about it here in MI, that they make sure that you have your NCTMB and they consider that to be your "license".

 

[Lozz]

Increasing Profits

Hmmm good question. I don't know. I am licensed in New Mexico but living in Idaho so it shouldn't be a problem for me. But trying to find an insurance billing workshop around here is a nother thing. I may be stuck with just doing one of the online programs.

 

[Meghan]

Go to http://www.tmmo.biz   David Luther offers an insurance billing course several times a year and usually in larger cities.  You may have to travel but it is only an 8 hour course.  Lots of good info and a really good course book that I've used a lot after the fact.

 

[Stephen Jess]

I too have taken David Luthers course on insurance billing.  The book is excellent.  I will give anyone an overview of insurance billing and then he goes into great detail as to what to ask, who to ask it too, etc.  Check it out, well worth the money if you have any questions.DalePS.  I'M BACK-----Sorry its been so long since I have been here.....

 

[banzai]

This might help you figure out what is the best path to higher profits.There only two ways to increase profits:A) Grow RevenueB) Cut CostsAs a sole practitioner, B is probably pretty limited. You could close your office and do home based and outcalls only, or sublet your space.A) is always my favorite. No one ever cost cut their way to greatnessTo grow revenue you can1) Increase price2) Increase volume3) Expand / diversify1) is straightforward. AMTA magazine dedicated considerable space on doing just that. You just have to weigh those you would scare off vs. the % increase. Most sole practitioners are reluctant to raise rates - don't be.2) requires an investment in marketing and advertising. Both time and money. Long term, it is the proven winner for ANY business, but is painful for a year or more. We just dumped $8,000 into a promotional mailing for the holidays. Probably won't break even, and wiped out our savings for 04, but we know getting our info into the hands on 20K high-income folks will pay off down the road. Maybe hire another therapist to work for you. 3)  be creative.Retail? Maybe, if you can afford the carrying costs of having $$ tied up in slow moving inventory.Chair Massage if you are not currently doing it.Learn a popular modality and highlight it. (Pre natal and partner with an OBGYN practice for referrals)Do outcallsJust some ideas...

 

[Arwen]

Relaxandrejuvenate has nailed it here.I like choice 3.  It can be really fun too!  Really get creative in what you can offer!  You'd be surprised with what you could come up with.  Talk to people, find out what they're interested in that isn't out there or how to make it better!