The best solutions to any problem come from asking the right questions.
The types of questions that people in the physical therapy world are currently asking are centered around things such as environmental concerns, compliance-related issues, diversification of services, production, collections, and a post-pandemic work/life balance.
While these are important questions to be asking, perhaps a better question today is: where is the PT profession going? How is the healthcare environment going to impact our business models moving forward for the near future, and possibly the long-term?
It is reasonable to assume that the business models of the pre-pandemic era are not going to be sufficient for many practices post-pandemic due to the change in patient culture and our society at large.
We’ve been through a lot in the past few months. It’s not often that we’re faced with such uncertainty and lack of control in the professional world.
Therefore, now might be the perfect opportunity to step back and think about the ratifications of your decisions as the PT Owner, as they influence every division of a PT practice operation. It’s our responsibility as the CEO & Owner to invest in our company culture, and implement the business model that provides the most security for our patients, employees, and community.
Sticking with our theme of questions… here are some that we implore you to ask yourself:
- What are the most viable options for me to utilize in order to diversify my income revenue streams for my practice?
- What can I do in order to successfully negotiate higher insurance rates of reimbursement with my carriers?
- How can I run my practice where I am more in control of the outcomes and the future successes, while at the same time finding myself less captive to the external influences pressing down on our industry?
- How can I develop a compensation model that is more attractive and more rewarding for my employees while at the same time more viable and beneficial for my practice?
There are many options when choosing a business model – but we’ll get to that. Looking forward from here, our upcoming live Zoom Chat with Nicole Walczak is going to entertain multiple new business models that have been uniquely crafted to satisfy the safety, productivity and efficiency standards necessary to maintain a degree of expanding viability in PT private practice.
It will also be covering:
- Why insurance-based only healthcare is a non-viable model
- What are the top market differentiators in PT private practice
- What cash-based services can you provide to create income verticals
And we’re thrilled to be joined by guest panelists:
- Dimi Kostopoulos, DPT, MD, PhD (founder of Hands On Diagnostics)
- Jason Waz, PT (owner of CEP & founder of NeuPT Technologies)
- Mark Callanen, DPT (Director of Clinical Development – LightForce Medical)
As Brian says, “You can only create that which you can envision” – so start envisioning what you want your practice to look like and ask yourself the big questions. Be open to change, and trust that your solution is just around the corner!