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.
- 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
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.