I received a very interesting article ‘Physiotherapy Bending Over Backwards” the other day from SmartCompany.com.au outlining the growth in this industry (SmartCompany.com.au is a great resource to keep up to date with leading SME business news).
The article stated “The Physiotherapy Services industry is expected to generate revenue of approximately $1.03 billion in 2010-11, accounting for about 1.0% of health expenditure in Australia…Industry revenue is forecast to grow at an average annualised real rate of 4.8% in the five years through 2015-16. Growth will be promoted by favourable demographic trends and mounting acceptance of the benefits of physiotherapy.”
This is obviously great news for those in the physiotherapy sector but similar growth will most likely occur across all health and fitness industries due to “growing household incomes and wealth (households with higher incomes spend more on average on industry services, compared with households with lower incomes); an increase in the proportion of the population with private health insurance coverage (health insurance can help to reduce the out-of-pocket cost of physiotherapy services); greater participation in the Medicare system; and an ageing of the Australian population (older people are more likely to suffer conditions that physiotherapists can treat).”
The article outlines key success factors to ensure your business takes advantage of this industry growth:
– Access to niche markets: Establishing a reputation as a specialist service is an important key success factor.
– Having a good reputation: It is important that companies establish a reputation for consistent and sound results. A successful practitioner needs to establish their reputation in both medical and community spheres.
– Having a loyal customer base: It is important that companies establish rapport with patients to gain loyalty and referrals.
– Proximity to key markets: The practice should be located in a position that provides maximum visibility and accessibility.
– Membership of an industry organisation: Membership of the Australian Physiotherapy Association can bolster credibility and can provide access to services, such as accreditation.
– Must have licence: Physiotherapists must be registered.
– Having a wide and expanding product range: Physiotherapy firms should offer of a wide range of services. Some firms may provide services in a larger multidisciplinary practise.
– Ensuring pricing policy is appropriate: It is important that companies set fees at a level that maximises profitability while remaining attractive to potential customers.
Physiotherapy bending over backwards, Wednesday, 10 November 2010