When inquiring about the topic of statistics in private practice, one might get a wide variety of responses depending on who you’re asking. However, if you are the owner of the practice with any executive training, I believe the responses you get will consistently be positive.
This week, Brian shares what some of the key metrics and statistics are, and even more importantly how you get your staff on-board. Running a physical therapy private practice is a team effort, one that will be more successful as you hire and train staff who are more interested in hitting their production targets/stats and quality satisfaction measures/metrics than simply doing the tasks before them. Unfortunately, far too many owners are unware of this critical factor and it becomes overshadowed by the need for more patient visits.
The three main responsibilities of any CEO, executive or owner are to LEAD, EDUCATE AND MOTIVATE . This is difficult to accomplish without statistics and metrics.
The difference between statistics and metrics. Business statistics are an area of statistics applied in the business setting as an essential part of management. They can be used for quality assurance, financial, production and operations analysis in order to measure the performance of any individual or department based on their ability to produce their products or services.
Business metrics are an overall quantifiable measurement taken and used to monitor the success or failure of various business processes as the ideal expected normative values for that industry or process.
The logistics of tracking and applying statistics into your practice: track and manage on a three-week trend, how do you derive the statistics? 35-45% should be pulled from your EMR system, the rest will be tracked manually in a shared document (we recommend Google Sheets).
How do you use the stats? Weekly meetings to review the three-week trend with those responsible for producing those stats. Set targets for the upcoming week and develop a battle plan with only those actions that will impact those statistics.
Key operational metrics that the top 10% of physical therapy practices around the country use to manage and measure their operational systems effectiveness.
As CEO, run your company in accordance to your policies. Make sure your staff has the level of training needed to be successful. This means a company orientation, onboarding system, and professional enhancement training to enhance your team’s skill sets.
Why teaching versus training? Teaching is known to be ineffective in the work setting, whereas training enhances skills and results in greater efficiency and productivity. Training requires competency in the area, consistency, repetition, and follow through role-play/practice in order to have these enhanced skills.
It’s been said that it’s difficult to get to where you want to go if you don’t know where you’re starting from. Therefore, only those things that are important to us in life, and in business, should be measured. By measuring them, we have a value that can be compared to the normative values. This allows us to formulate an action plan that will take us from where we are to where we want to be.
As always, if you have any ideas topics or suggestions that you would like to hear about, feel free to leave a comment. Similarly, please feel free to schedule a time to chat directly if you want to learn more about how MEG can help your practice.
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.