Episode 60: Financial Success is a Byproduct of Clinical Success

My daughter is about to graduate college. She’s moving on into the field of acting out in California and I have every confidence that she’ll be a big success. However, as we learn about this industry – there’s so much criticism and counter intentions out there causing headwind to her success. As a result, I can understand now why aspiring actors and actresses need an agent before anything else when they are coming out of school. The agent is there to help protect them against making bad decisions and going astray down a path of unlikely success. Yet, an agent is still not enough. She will still need an acting coach to further enhance her skills and push her to learn new things and operate outside of her comfort zone.

Looking back on when I was a new practice owner, I realize that that was exactly what I wanted and I would have paid anything to get. To have someone who had the knowledge and experience to help me stay away from making foolish mistakes and coach me on all that I needed to know but never got while I was in physical therapy school. This would have made all the difference in the world for me as a new business owner. Instead, I worked with three different companies – mostly consultants. And every time I talked to them, it felt like I was being sold. In today’s world, people simply do not want to be sold, they want to be helped.

This week, I’m answering the most pressing questions from owners just like you from around the country who are in private practice ownership covering the topics of environment, structure, personnel, and systems of operations.

KEY TAKEAWAYS

  • What the ideal Clinic size and clinic layout are.
  • How to economize the build-out of your clinic.
  • Learn the seven division company organization set up for your success.
  • How to have a CEO mindset and be the business owner first and PT second.
  • How to confront your staff who are asking for more money just because they want it. You, as the owner, cannot wear the effect of other people. An employee asking you for a raise for doing the same job, because they’re not making enough money or have financial hardship because of the mismanagement of their finances, is not your problem.
  • What is the hat of the CEO and what does it look like week to week to be wearing it.
  • Why you need to learn to delegate so you can be an effective CEO.
  • Knowing how to handle personnel challenges will not only save you stress, it will also save you money.
  • The number 1 reason for high job satisfaction, is that people are acknowledged and validated on a regular basis.

Resources We Reference

As always, please reach out to us if you have any questions or would like to discuss what’s going on in YOUR practice. My goal is to help you live the life of a PT private practice owner that you deserve and have dreamed of.

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