Episode 149: FAQ for Startups and Existing Practices

We’re doing something a little different this week. In this episode, Brian rattles through the top questions that he gets from Existing owners and owners looking to Startup – giving specific, actionable advice for owners at every level. Tune in to get some of your burning questions answered!  

Key Takeaways/Points 

Existing Owners: 

Q: What is your goal from here? 

A:  

  • Start with your short term goals. Have a goal, and act on it weekly.  

  • Use a Management Action Plan (MAP) to raise conditions in your areas (Quality, Efficiency, Productivity, and Happiness). 

  • Track your cash-based business (Hybrid model). 

 

Q: In doing the above, how do I create a better budget? 

A: 

  • You need a financial plan system.  

  • Throw out Bookkeeping 101. Reverse it: Money comes in 1) pay yourself 2) put in reserves (Savings) 3) whatever is left goes to bills. If you come up short, use your line of credit. This increases your necessity level to make your practice more efficient and productive.  

  • Run and operate your business from the mindset of abundance.  

 

Q: How do I become a better, more respected leader with my staff? 

A: 

  • Reflect on what you say and do. Do you believe in you? Would you trust you? Things aren’t done TO us, things are done because of us.  

  • Get your self-confidence up by keeping promises that you make to yourself.  

  • Nothing should be about the money, it should be about the value shared.  

  • Know what’s most important in a leader: Lead, Educate and Motivate.  

  • Know your purpose as a CEO: 1) Attract more public. 2) Invest in your staff on a regular basis & Enhance the well-being of your staff and patients 3) Improve your systems of operation for greater products. 

  • If you take time to learn the “tech” of how to do something, and you can actually apply it, you will no longer be the effect of it.  

 

Q: How do I know when it’s time to hire the next PT? 

A: When you’re up over 85% over a three week stretch, that’s when it’s time.  

 

Q: How do I know when my Marketing person is putting in the time that they should without me micromanaging? 

A: Stats and products. Don’t exchange time for money. Make sure you set targets and goals. If needed, implement a Qual check system.  

 

Q: How do I change the office culture so that I (the owner) am not the most overworked member of my practice? 

A:  

  • Sit down with your therapists and make them salaried or pay-for-performance.  

  • Schedule yourself down – you shouldn’t be treating more than 20 hours a week in your clinic. 

 

Q: How do I know when it’s the best time for me to open my second office? 

A: 

  • Set power targets for existing clinic 

  • Run proforma and set a budget 

  • Construct Business Strategic plan and Marketing program for new office 

  • Identify new targets and deadlines to be met 

  • Do a Market Analysis 

 

Startup Owners:  

Q: Why is now the time? 

A: 

  • You’ll never be satisfied if you keep compromising your personal potential.  

  • Why keep talking about it? Demand change 

  • If you’re going to do it – just do it. Stop playing it safe 

 

Q: How do I know if I have the right space/location? 

A: Do you have good ingress/egress? Traffic count? Population?  

 

Q: How and when is it a good time to incorporate? Do I need a lawyer? 

A: No! You can do it, it’s basic data entry. If you want to use a lawyer, use Rocket Lawyer online.  

 

Q: How much money do I need? 

A: About $15,000 – $20,000.  

 

Q: Where do I get financing? 

A: A certified SBA bank. There are also people who can fund you.  

 

Q: Credentialing & Billing? 

A: We can do both of these for you.  

 

Q: What EMR? 

A: We have the top five and can walk you through the best.  

 

Q: Clearing house? 

A: You’ve got to get this to repackage the claims and send them on to the insurance carriers.  

 

Q: When should I break even? 

A: Within 3-6 months of opening your doors.  

 

Physical Therapy Startup Evaluation
Free Practice Expansion Evaluation from MEG Business

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