The year is half over already. But, now is a great time to revisit the goals you set out for your practice in Q3 or Q4 of last year. It was then that you should have created a Business Strategic Plan (BSP) with set KPI’s and targets.
As practice owners, we all share one common concern: how do we get our employees to come into work every day feeling like they themselves are the owner? We all seek to elevate our staff’s accountability and responsibility levels to the degree that they care more about the organization that they are apart of, rather than just worry about “what’s in it for me.”
So let’s talk about what to consider when evaluating your practice at this halfway point. Are your staff more interested in hitting their production targets and statistics? Do they care about the quality satisfaction metrics rather than simply doing their tasks before them. Unfortunately many owners forget this factor and are more worried about the need for more patient visits.
So when evaluating your practice, your business plans, your KPI’s (key performance indicators), and how successful your practice will be in the second half of the year, here’s what to look at:
Statistics and Metrics
When you developed your BSP and set your goals for 2019, these goals should have projected for a 15% growth of your practice. Reassess your KPI’s – the key statistics that the top 10% of physical therapy practice owners pay close attention to are:
- GI divided by staff
- Clinician to admin ratio
- Percent to A/R over 90 days
- Clinical efficiency
- Number of Patient Visits
- Number of New Patients
By evaluating these statistics, you will be able to keep a pulse on your practice’s growth. If you are on track for 15% growth, it’s important to stay the course. If not, it’s an opportunity to make adjustments accordingly.
Annual Marketing Plan
Are you following your annual marketing plan? Are you sticking with the marketing activities you laid out – social media posts, in-office engagement events, doctor lunches? Look at what you’re doing and where you are in respect to the KPIs you set for your practice. Look at your marketing campaigns and if you’re not hitting the KPI’s that you set, modify the actions you’re taking, provide additional training for your marketing staff, and revisit your doctor referral sources, your internal marketing efforts and take the actions needed to improve your patient visits, your percentage of kept, and your new patient numbers.
Do you have staff members that are under producing? Do you have clinicians who are not meeting that 85% efficiency? Or, maybe you have personnel who aren’t on board with your mission for the practice. Stop justifying the actions of these employees. It’s important to confront your under producing personnel. Now is a great time to do a mid-year review and show your staff where they’re performing at – for the under-performers, remind them of the expectations set when they were hired, and where they are currently producing. It’s important to gain agreement from them that they need to be accountable for their performance.
If they are still not on board with your vision, it may be time to make some changes. Remember, the pieces of the puzzle holding your practice back are not things, they are people.
Schedule a 1 on 1 demo of MEG Academy to learn about our virtual training platform that trains PT owners and their staff to run their pt private practice among the top 10%.
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.