Gain Without Pain

2. Gain Without Pain • For a medical profession or industry that is in the business of alleviating pain, it has been pain-free since the recession, increasing revenues 26.7% from 2010’s total of $24.46 billion to 2014’s total of $31.0 billion. • Revenues for the physical therapy sector are projected to increase 7% per year through 2018, which would total $40.7 billion for that year. • The industry is very fragmented, as the top 4 clinic “chains” have only a total market share of 9%: Kindred Healthcare, 3%; Select Medical, 3%; Concentra, 2%; and US Physical Therapy, 1%.

3. Reasons for Seeking Relief • The positive factors driving the growth of the physical therapy industry are an increasing patient population, expanded availability of services and the Affordable Care Act; and lower-cost physical therapy can be as effective as surgery or hospitalization. • The reimbursement climate is another significant factor. Although Medicare/Medicaid reimbursements have been reduced, workers’ compensation reimburses at a higher level than commercial or government payors. • During 2013, 48% of all outpatient rehabilitation spending was for orthopedic physical therapy; followed by general physical therapy, 9%; geriatric physical therapy, 8%; pediatric physical therapy, 8%; and sports physical therapy, 7%.

4. Peering Inside the Practice • There were 26,193 orthopedic surgeons in the US during 2013, with 71% in private practice. Approximately 45% of physical therapy clinics are small, independently owned businesses. • According to the ADVANCE Healthcare Network’s 2013 Salary Survey, the average salary in the physical therapy industry was $76,103 for all job titles, specialties and locations. • The ADVANCE 2013 Salary Survey also found that physical therapy professionals’ practices are more likely to be in the suburbs, 45%; followed by urban areas, 32%; and rural locations, 23%.

5. Potential Physical Therapist Shortfall • With the anticipated growth in the physical therapy industry, there will be an equally significant demand for physical therapists (PTs) and physical therapy assistants (PTAs). In fact, the Bureau of Labor Statistics forecasted a 35% increase in PTs and 41% in PTAs from 2012 to 2022. • Data from the American Physical Therapist Association reveals a potential shortage of 27,822 full-time physical therapists by 2020, at a 3.5% attrition rate, with the demand reaching 231,000, but a supply of only 203,000. • The CareerCast 2014 Jobs Rated Report listed physical therapists as #15 of 200 jobs; however, physical therapists had the best hiring outlook of any of the top 15.

6. Beyond the Traditional Practice • Home health care is one of the new niches in physical therapy. As the population ages, more older Americans will be unable to travel to a clinic because of mobility issues or distance. Through 2018, physical therapy services in the home are estimated to increase a minimum of 47%. • Other physical therapy growth sectors include providing services to performers in the arts, such as dancers, gymnasts and actors; partnering with health clubs; becoming a member of emergency/urgent care teams; and rehabilitating animals, horses and dogs, specifically. • A prevalent trend is the 70% of patients who do not comply with the entire course of physical therapy treatments, an average of 7 to 10 visits, which results in physical therapist practices only receiving 30% of the potential revenue from these patients.

7. Advertising Strategies • With seniors having the largest percentage of loyal TV viewers, it is the best medium for physical therapy practices to promote their services and especially those that are starting to offer physical therapy in the home. • Television is also an excellent match for physical therapists specializing in sports-related injuries and conditions, as many TV sports viewers are also “weekend warriors,” and need these services to return to the games they love.

8. Advertising Strategies • An excellent marketing/public relation strategy for physical therapy physicians is to schedule speaking engagements at local community organizations to answer consumers’ questions, and promote their appearances with concentrated TV flights and ads on the station’s Website. • Advertising when the target demographic is watching is easily achieved through the placement of television ads. Older consumers (65+) are tuned in during local news programs, which is the perfect time to advertise offerings and treatments for older consumers. Young consumers - especially health-conscious ones interested in boot camp and customized wellness plans - are more likely to be watching during primetime and late night.

9. Advertising Strategies • Advertising online is appealing to younger, digitally minded consumers. This, along with a website with frequently asked questions can increase interest in a practice. Similarly, a pre-consultation form, where prospective patients can select words to describe their pain or discomfort can facilitate diagnosis and help clients provide necessary information in a unique way. • Sports-specific therapists can benefit from hosting open house events where they discuss the risks and remedies that athletes face. Men and families with children on sports teams are likely to be interested, as are school and university athletic and physical education departments.

10. Social Media Strategies • As with any medical/health care service, the public is always seeking relevant information. Physical therapists can attract and engage with a maximum audience by maintaining a blog that addresses the primary issues and/or responds to common questions from actual patients. • Because video is such a powerful content medium, physical therapists should record and upload a regular schedule of videos that explain physical therapy treatments, and with the use of volunteers. • Since physical therapy assistants serve patients directly, a practice should have a social media strategy that allows assistants to engage with current patients and present case studies of how they helped specific patients and their outcomes.