Jarod Carter, PT, DPT
Dr. Jarod Carter is the president and founder of Carter Physiotherapy, PLLC, in Austin, Texas. He can be reached at jarod@drjarodcarter.com.
Practice, Location: Carter Physiotherapy, Austin, Texas | Practice specifics: 1 location, 3 employees, 6 years in business.
You are clinic owner of Carter Physiotherapy, book author of Cash-Based Physical Therapy and Medicare: A Comprehensive Guide, consultant for cash-based physical therapy practices, and a podcaster…. Is there an area that you find particularly rewarding/helpful to develop your business?
The most rewarding are certainly the clinic and the podcast. I really enjoy interviewing people because I am always aiming at finding the one thing I did not already know. The practice has been just awesome. I am spending an hour one on one with every patient. In terms of revenue streams, the practice is my biggest earner, but that may change over time as I grow them all congruently. It has been a fun crazy ride so far.
Most physical therapists in private practice cite reduction in payment as their number one business challenge. You operate an entirely cash-based practice, so reduced second payer payment is not an issue. What would you declare your top challenge for keeping your business viable?
One of my biggest challenges is setting up systems to always stay top of mind with all previous customers and to maximize the lifetime value of every customer. There are a lot of cool ways technology wise to do that.
What has been your biggest business mistake and how did you correct it?
I wish I would have taken the time to document everything that goes into making my practice run the way I want it to. Now I am in the process of doing that for the new full-time admin I am about to hire amidst the mountain of work that is all part of growing a practice. This transition could be a lot smoother and less stressful if I had written it down along the way.
You have traveled and studied around the world, and you are a lover of all things business. What is the best business resource you have found?
This is a tough one because there are so many resources out there. For me, the best resource is having a practice of learning how to focus so that I can efficiently and effectively utilize all of the great resources I have come across over the years. My advice: Work on developing your own ability to focus in the moment, and do not be distracted by thinking of the future. For me, that focus comes from a meditation practice.
Do you have any recommendations for the private practice owner on achieving a work/life balance?
Never stop a regular exercise practice. It is easy to get obsessed with the business, but if you do not do a little exercise each day, the rest of the day you will not be as effective. There is no excuse for not taking the time for it.
What is in the future for DrJarodCarter.com and Carter Physiotherapy?
On DrJarodCarter.com, I just finished the second e-book on Medicare and cash pay, which was a five-year project. Now that it is out I can focus on expanding the clinic. I just hired a full-time physical therapist and am hiring a full-time admin. I would like to expand to two or three more physical therapists and into a bigger space over the next few years.
What is the number one thing you think therapists today need to understand about owning their own private practice?
Make sure your business is well diversified. Whether that means having cash-based services or referral diversification, it is important to start looking into that now. Things are going to change quickly, and it can be too late if you have not come up with Plan B and C for revenue. Make sure the direction you are heading is a safe one.