Ep.129: Concerned About Profitability? Here Are The First Actions You Should Take
Physical Therapy Private Practice: Secrets of the Top 10%
Episode 130: Interview on Expansion Success with Cathy Renkiewicz, DPT
On today’s podcast, we welcome guest Cathy Renkiewicz, DPT and Director of Virginian Rehabilitation and Wellness in Fairfax, VA.
Brian sees it two ways:
1) you can either “wing it” through opening and expanding your practice.
2) you can get the guidance and help that you need, and deserve. Tune in to learn about Cathy’s unique journey and how MEG helped her grow and expand successfully!
Key Takeaways/Points
- 4 Types of Owners
- Transparency breeds trust
- We have to take the responsibility to enhance the skills of those on our team
- You need structure through Status Sheets and agreed-upon expectations
- Be clear about the exchange
- The people at your front desk are gold
- The 5 Phase Hiring Process involves everyone
- The ability to confront is not the same as “confrontation”
- You cannot manage over a disagreement
- Hiring is not a negotiation, it is a discussion
- The more communication, the better
- Have a market differentiator
- You should have 3 verticals of income in your practice
Episode 129: Concerned About Profitability? Here Are The First Actions You Should Take
Let’s discuss “profitability” – this includes improving your community, your staff’s experience, the quality of your care, messaging & branding. On this week’s podcast, Brian reminds his audience that going into business should be a group activity, rather than for the sole profit of the individual. Remember, who you are is more important than what you accomplish.
Key Takeaways/Points
- Ask yourself, what is your Ideal Scene?
- The secret to success is GIVING
- Practice owners who struggle financially typically went into it for the wrong reasons
- You want 30% admin, 70% patient engagement
- Evaluate which kind of owner you are
- Keep constant tabs on your ROI
- Calculate: average collections per visit, patient demographics, cost per visit, gross income & net revenue
- You need to be profiting at least $15 or more per visit/hour
- Commit to a 15% growth in income every year no matter what
- Payroll is the largest company expense – move to pay for performance model (shared risk)
- Manage by statistics, not personality
- You’ve got to get your operating expenses down to 10% of your annual gross income
Resources:
Episode 128: Interview with Vikram Sethuraman, Founder of PT Wired
Remember: if you’re not creating 6-12 months out, then you’re not acting as a CEO. Now is the perfect time to meet Vikram, the CEO & Founder of PT Wired! Tune in to learn about PT Wired’s customizable, HIPAA compliant app-based home exercise program and its intuitive marketing and engagement features. Keep it fun, and explore the incredible possibilities with digital tech for PTs!
Key Takeaways/Points
- Customized app – starts as a marketing tool
- Fully HIPAA secure
- Fun & interactive (gamification)!
- Better connecting people to their exercises helps retain them as patients and benefits them in their treatment
- Increases level of Compliance
- Encourages emphasis on investing in current patients
- It takes 60-90 seconds to build out the exercise program on the app (efficient!)
- Strengthen return business
- They work with the clinic to fill gaps in marketing, patient experience, etc
- Functions & includes information like a website
- Hundreds of owners are using it!
- MEG Academy discount!! ***
Resources:
- Reach out to learn about the MEG Academy discount for PT Wired: vikram@ptwired.com
- https://www.ptwired.com
- Check out our Ethics and Compliance Program For Your Private Practice created in partnership with compliance expert, Daniel Hirsch!
** Master MEG Academy members receive special pricing for August! **
Episode 127: Proven Successful Actions to Skyrocket Your Company Culture
Brian’s three main goals with this podcast are 1) to inspire you to think more like an entrepreneur 2) to help you expand your leadership skills and 3) to assist you and your staff in improving both personally and professionally. With that in mind, Brain dives into the successful actions needed to skyrocket company culture for his audience to chew on – you must strive to build an environment where people can flourish. Remember this mantra: Who you are as a person is more important than what you accomplish.
Key Takeaways/Points
- SERVE your staff
- Develop Five Phase Hiring process
- 4 layer screening process (phone, staff, personal [you], background check)
- Make it understood that success in your group is a two-way street which sometimes requires exchange in abundance
- Do NOT exchange time for money – pay for performance
- Watch out for individuals who believe that “there is nothing wrong with them” = lack of accountability
- Set time management expectations together, with your staff
- Be transparent and invest in your staff
- Don’t underestimate the fact that your staff needs to be (and feel) heard
- Smart idea to have a communication policy (when is it ok to text, phone call, etc)
Resources:
- Check out our Ethics and Compliance Program For Your Private Practice created in partnership with compliance expert, Daniel Hirsch!
** Master MEG Academy members receive special pricing for August! **
Episode 126: Telehealth Best Practices – Are You Asking the Right Questions?
Brian starts this podcast with a wake-up call to his listeners to get them back to the core of personal integrity in the practice. He then delves into the meat of what you need to know for Telehealth. He uses the APTA as a resource to support the value of Telehealth and to communicate the to-do list for implementing it during the pandemic (and even beyond). Remember, if you want to be the best practice in Telehealth, you need to ask the right questions.
Key Takeaways/Points
- Owning up to your mistakes builds character. Your word means something
- Stand by your commitments
- Exchange in abundance (with your patients AND staff)
- The APTA does support Telehealth – through the pandemic and beyond
- Do the research on your state’s policies and position on Telehealth
- Call your liability insurance & malpractice carriers to make sure you’re covered for Telehealth
- Consent for Telehealth isn’t just a signature – the patient needs to be fully informed. You need to keep your Compliance and ethics in
- HIPAA privacy & security MUST be held in with Telehealth
- There are plenty of studies that demonstrate that Telehealth services are as effective and successful as hands-on
- Share with your staff that you’ve done your homework on Telehealth
Resources:
- Compliance and Telehealth go hand in hand, so check out our Ethics and Compliance Program For Your Private Practice created in partnership with compliance expert, Daniel Hirsch!
** Master MEG Academy members receive special pricing for August! **
Episode 125: How to Get Innovative with Your Front Desk (and Beyond)!
Good news: we’re noticing that things are starting to ramp up again! Now is the time to be forward-thinking and to find ways to cut down on your overhead and your biggest cost – the cost of your labor. Learn the changes that you can implement to create an innovative, flexible and efficient practice. Always do what you can to keep in your production, efficiency and quality!
Key Takeaways/Points
- The Shared-Risk model will make a positive financial impact on your practice!
- Latest on PPP: SBA has recently announced to the banks that they are about to roll out a digital portal on Aug 10th. This will be able to handle the millions of businesses that have accepted the PPP loan.
- To maintain social distancing & CDC guidelines in the clinic: you need more hours to reach the volume of patients that you had previously.
- You can use a value point system/bonus system based off performance
- iPad kiosk at front desk to check in patients, with front desk admin checking in remotely
- The future of PT is digital
- Properly onboard your front desk staff with enhancement training – FROM HOME
- You NEED an innovative and intuitive EMR system
- Consider your options for reducing admin staff (off-site, remote management, etc)
Resources:
- For more on Compliance, pre-order our new “Ethics and Compliance Program For Your Private Practice” created in partnership with compliance expert, Daniel Hirsch!
Save 15% if you pre-order the course by August 7, 2020!
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