This week, Brian is elaborating on some conversations with students that he had at CSM. Students and new grads, you have to be willing to look at yourself and where you are in the profession. New grads and students often have a slightly resentful attitude towards employers based on solely on the ideas that they have before even entering the workforce. This is playing into what many consider to be an already over inflated self-entitlement point of view from today’s graduating students. This is not only having a negative impact on their careers and the profession of PT overall, but also is impacting private practice owners across the country. At a time when PT owners are already dealing with excessive regulations, decreasing reimbursement, increased competition from hospital systems and physician owned clinics. We are all DPT’s and we need more understanding and collaboration – not less – in order to strengthen our profession. So let’s talk about how to get on the same page.
- Hire the applicant that is excited to get the invitation to join your group. Not the one who wants to explore all their options.
- The best people in life are people who strive for success personally and professionally. Life your life to the maximum potential while advancing personally through the investment of helping others reach their goals. Win because you give to others to help them win.
- Salary is based on math. Run the numbers based on efficiency and productivity. You need to generate 4x your salary.
- Intrapreneurs under the umbrella of a current practice.
- Blame academia and the federal government. This story from REVEAL shares the real student loan crisis going on.
- Having a student loan compensation plan is a great benefit – so long as your employee is in full exchange (i.e. working tues – sat for an extra $10,000 on their salary).
- Have an in-house CDT system to help train todays new grads so that they can get the truth about what it means to be successful in PT private practice.
- Never hesitate to ask yourself or any employees why they became a PT to begin with. Share your answer to get them to see that you are not so different and there is no reason to be resentful toward you or anything you have accomplished. Professional or personal success should not be shunned or discouraged.
Our goal is to keep it real and share what it really takes to run a practice that is successful, and that cares deeply about staff, referral sources, and the community. If you like what you heard, please forward this to a friend or make sure you’ve subscribed. If you’re interested in learning or professionally enhancing you and your staff, contact us to set up a free practice assessment.
Brian Gallagher, PT is the founder and CEO of MEG Business Management, LLC. He has more than 27 years of experience in the field of rehabilitation and 19 years in business and specializes in Physical Therapy practice management and executive coaching nationwide. As a licensed business management consultant, Brian has helped hundreds of business owners nationwide improve their business operations through proper restructuring to achieve improved systems of efficiency and productivity as well as marketing and sales with effective public relations which have proven results for double-digit growth year-over-year with businesses around the country.