Do you know the cost of doing business? If you don’t, you are the effect of what you don’t know. No, you didn’t go to finance school, but the finance lines are still the most important division in your practice. By knowing the cost of doing business we mean, the profit margins, the cost per visit, etc…
This week Jon Repka from Paro is joining us to talk about finance lines and about what you don’t know. Paro is a financial services firm that has highly vetted financial professionals in an amazon-style fashion with a specific division that works with private practice owners like yourselves.
Episode at a glance:
- Step one is understanding per unit economics – profitability per service/per hour. If you don’t know this, chances are your financial systems weren’t set up correctly.
- Bookkeeping should also drive the front end of your strategy – the services and marketing of said services and who you market to.
- In bookkeeping – variance, P&L (profit & lost statement) and balance sheet are the three most important reports
- If you evolve into the hybrid model, you need to have the ability to look at in-network versus out of network business and look at everything on a consolidated basis, a solid bookkeeper can do that in their sleep.
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.