Episode 129: Concerned About Profitability? Here Are The First Actions You Should Take

Let’s discuss “profitability” – this includes improving your community, your staff’s experience, the quality of your care, messaging & branding. On this week’s podcast, Brian reminds his audience that going into business should be a group activity, rather than for the sole profit of the individual. Remember, who you are is more important than what you accomplish.  

Key Takeaways/Points 

  • Ask yourself, what is your Ideal Scene? 
  • The secret to success is GIVING 
  • Practice owners who struggle financially typically went into it for the wrong reasons 
  • You want 30% admin, 70% patient engagement 
  • Evaluate which kind of owner you are 
  • Keep constant tabs on your ROI 
  • Calculate: average collections per visit, patient demographics, cost per visit, gross income & net revenue 
  • You need to be profiting at least $15 or more per visit/hour 
  • Commit to a 15% growth in income every year no matter what 
  • Payroll is the largest company expense – move to pay for performance model (shared risk) 
  • Manage by statistics, not personality 
  • You’ve got to get your operating expenses down to 10% of your annual gross income 

Resources: 

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