Is the PT practice down the street REALLY your competitor? Although it might feel that way, I would like to argue that they should be your collaborators, not your competition. Let’s talk about why!
The Untapped Market
What percentage of the population could benefit significantly from physical therapy? What percentage of the population actually gets PT care? The answers to those questions vary based on the region of the country being studied, but the trend is consistent—there is a MASSIVE gap between who should be seeking care and who actually does.
If there is a huge untapped market of human beings who need our care, then why are we spending our time trying to outmaneuver the clinic across town when we should be working together to open up the potential in the market?
The Reimbursement Challenge
Let’s talk about reimbursement as well. How well do you think the clinic down the street is getting reimbursed? Chances are they are under the same pressure of extreme cost inflation, horrible staffing shortages, and progressively decreasing reimbursement while administrative burdens keep going up. Wouldn’t it be better to work WITH them to try to impact those problems instead of pitting against each other?
Real-World Examples
Before you call me an unrealistic idealist, take a look at some organizations trying to do EXACTLY what I just mentioned. Have you heard of APTQI? That is an organization that represents almost 40% of outpatient physical therapy practices and is fighting for better reimbursement, reduced administrative burden, and other key initiatives. The board of that organization is comprised of some national organizations that compete with one another across the USA.
What about the APTA, your state chapter of the APTA, or the private practice section of the APTA? What would it look like if you and your PT neighbors ENGAGED with these organizations and WORKED TOGETHER to advocate for the profession?
A Shift in Perspective
You have infinitely more to gain in the long term by changing your perspective on who is your competition and making them your collaborator instead!
By collaborating with your neighboring PT practices, you can help address common challenges, expand the market for PT services, and advocate for the profession more effectively. The potential benefits of working together far outweigh the perceived advantages of competition. So, reach out to your fellow PTs, join forces, and work towards a brighter future for physical therapy!
Did you find these tips helpful? Let us know! Contact our PT Success Team at ptlighthouse@thejacksonclinics.com
To learn more about The Jackson Clinics and to explore a career with us, please visit thejacksonclinics.com/careers
