Welcome to 2021! In this episode, we start the year strong and honest by addressing the worst mistakes that Brian has both seen and made himself in private practice. Let’s get out of the way those mistakes that create the biggest barriers to running your physical therapy private practice. Let’s talk about what you can do to avoid them!
Key Takeaways/Points
Mistake #1: Not doing thorough planning
- You need to have a contingency plan for all areas of your practice
- Business Strategic Plan (BSP) for next 12-24 months
- Annual Marketing Plan
- Financial Plan
Mistake #2: Lack of knowledge of money management
- Do NOT think about spending & making money in your business the same way you do in your household
- Disconnect your emotion to amassing money
Mistake #3: Lack of appreciation for the value of expertise
- The Do-It-Yourself attitude could end up costing you a lot of money
- Outsource IT support, billing & credentialing and staff virtual training
Mistake #4: Lack of ability to confront your staff
- Don’t wait for personnel problems to get out of control
Mistake #5: Ineffective communication
- You can’t manage over disagreement
- Survey your staff every 6 months
Mistake #6: Lack of staff accountability
- Manage by performance (stats & metrics) NOT personality
Mistake #7: Going through business without a comprehensive, consistent recruiting & onboarding system
- Make it virtual, especially now
Mistake #8: Lack of structure (Often overlooked in the beginning, but becomes biggest downfall)
- 5 Division Organization Chart is crucial for this
Mistake #9: Failure to understand the effectiveness of good marketing & branding
- Your good deeds need to be known to others
Mistake #10: Lack of internal professional enhancement system
- Learning Management System (LMS)
Resources:
- Explore our services at MEG Business Management
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.
