[CASE STUDY] How Peak Performance Physical Therapy Saved $40,000
For 25 years, Peak Performance Physical Therapy, an outpatient orthopedic rehabilitation and fitness center, has served Nassau County New York area now with four locations and 21 physical therapists.
Their primary focus is on complete outpatient orthopedic and sports physical therapy, but what makes them unique is their specializations in spine and fitness programs; gait, balance and vestibuler; and aquatic physical therapy.
“Having the broad spectrum of specialties of programs that we provide under one outpatient hood is something that is unique to this area,” said Joe Sullivan, owner of Peak Performance Physical Therapy. “So many lives have been changed due to the positive based work we do.”
Peak Performance had grown from just four people to more than 130 people in four locations and was spending a great deal of time and energy on managing many separate insurance policies.
“We spent a lot of our energy focusing on an area that’s not our expertise,” said Sullivan. “We needed a solution that allowed us to focus on what we need to do to deliver good care and run the complexities of the business we’re in.”
They were challenged by the same issues that challenge any business.
“Our biggest challenge is time,” said Sullivan. “The balancing act of being an efficient, productive practice AND being an efficient, productive business is tough. Balancing delivery of care, talent attraction and everything else while trying to be profitable.”
So, they turned to The Signature B&B Companies.
“We wanted a resource to take a holistic look at our coverage, as well as how our business was running and actually make some forecasts so we could move forward with our growth,” said Sullivan. “Rather than being reactive we wanted to be more proactive.”
After just one meeting with Signature they saw value in their single-source, full-service broker approach.
“Signature sat down and looked at our overall portfolio and not only saw avenues for us to save considerably, but also where we were quite redundant in our coverage,” said Sullivan.
Peak Performance saved $40,000 on their medical professional liability policy freeing up money to purchase even more protection that included cyber, EPL and inland marine.
Beyond the cost and time savings, they have also seen the long-term value of the relationship with Signature.
“Having dealt with a lot of professionals like legal and accounting, when you start off with people you see that often their interest is in the short term,” said Sullivan. “With Signature, they’ve been very good about saying, ‘Let’s talk about how we,’ … they probably could have sold us more expensive policies that would’ve helped them in the short term, but would have missed the mark on our longer term development.”
Sullivan added, “Signature gets it, because they understand that we’ll be a healthier business that’s going to need their services even more in the future rather than getting sold something short term that’s not going to help us.”
Through all this, Peak Performance has also been able to enhance patient care.
“If we’re not spending time and energy focusing on our insurance policies, then we’re focused on developing and attracting new talent, grooming them, training them, teaching them how to be better therapists and caregivers, said Sullivan. “We’re now focused more on what gives us net improvement in our practice rather than dealing with issues that slow us down.”