Ep. 120: Advocating Against Discrimination for Practice Success
Physical Therapy Private Practice: Secrets of the Top 10%
Episode 114: Best Practices for a Safe Reopening
Brian kicks off this podcast by acknowledging the undeniable paradigm shift that has happened due to COVID-19: we can no longer operate as we did in the Pre-pandemic world. Brian covers topics ranging from the importance of investing in your staff, communication and management as an owner, the PPP fund, and necessary environmental guidelines. Tune in to this tool-heavy podcast to gain a broad perspective of the aspects of your business that you will need to update from the Pre-pandemic environment, to the Post-pandemic.
Key Takeaways/Points
- YOUR GREATEST ASSET IN YOUR BUSINESS = YOUR STAFF
- Your #1 responsibility is to manage the expectations of your staff and your patients as you reopen
- You must communicate with your staff! You cannot manage over disagreement
- 15-20% of your yearly production should be Telehealth in this new world
- There’s no recovery after this PPP ends – scale up appropriately and do what is in the best interest of your staff
- Paycheck Protection Program Loan Forgiveness Application – Click Here
- Do a cash-flow projection going all the way out to October 1st
- Develop a system of policies to create a safe environment in your clinic
- Follow CDC guidelines
- Have your policies written, and be able to show that you safely opened for business
- Now is the time to invest in your brand (Marketing!)
- Check out our Community Care Flyer (included in our Policy & Procedure Playbook)
Episode 113: Things You Probably Missed about Telehealth
In this week’s podcast, Brian is joined by Michael Gorman (PhD, PT, DMT), one of our very own Executive Coaches at MEG, a former client, and Founder/Owner of iMOVETelePT. iMOVETelePT supplies a wealth of knowledge on Telehealth and serves as an excellent example of how to correctly implement it. The two discuss the importance of work/life balance as an Owner & CEO, and address specific elements of PT Telehealth that many people might have missed…
Key Takeaways/Points
- You have to invest in yourself to be a good leader, and improve your self-awareness
- How is iMOVETelePT different?
- First you have to know your Practice Act, and then Reimbursement model
- The PT Compact (25 – 28 states)
- Telehealth is here to stay
- Diversify your services (at least 3 revenue streams)
- Quotes from APTA and CMS on Telehealth details
- ROI in Telehealth? There can be a tremendous ROI, especially during these times when we are being reimbursed
- How to get people on board with Telehealth
- Shared-risk model
- You don’t have to be all in! If 20% of your annual production is through Telehealth, you’re in great shape
- Telehealth is a brand new world – use the Billing EXPERTS!
- Talk with your Insurance agent to make sure you’re covered for Cybersecurity!
Resources:
mgorman@imovetelept.com
(636) 578-6349 (Mike’s number)
Episode 112: 5 Tips on How to Avoid a “Personnel Pandemic”
In this week’s podcast, Brian hits the refresh button. These podcasts are for YOU, the audience. Therefore, Brian opens himself up to receive any feedback you may have for us about our podcast! He then gets to the meat of the issue and focuses his audience’s attention on what is most important… your STAFF! Tune in to learn Brian’s top 5 tips (and more!) on how to best utilize your staff during these times and while under the PPP to avoid losing those that you value most in your business.
Key Takeaways/Points
- You cannot manage over a disagreement
- Allow your staff to participate in your decision making – include them in the process!
- Think like an entrepreneur!
- We are not unlike the restaurant that is opening with 50% of their tables
- TRAIN YOUR STAFF, now is the best time!
- Option A: If you know that in the 8 weeks of the PPP you are not going to get above 70-75% of your caseload back, do not bring everybody back in only to lay them off again. Be fiscally responsible. You should hire back only the people you need to meet the demands, and scale your business up. As you do, you can bring the appropriate people back to meet those demands.
- Option B: If you do think you’ll be getting 70-75% or greater of your caseload back, then by all means, bring everybody back! Put an emphasis on marketing and creating a safe community to bring your patients back in.
Tip #1: Group staff meeting to set new expectations of how the practice will operate post-pandemic (ex. Through Zoom! We send out weekly updates).
Tip #2: Individual staff meetings to re-establish your staff with new status sheets laying out the shared risk model for your group moving forward.
Tip #3: Exercise rehiring Option A or Option B, depending on where you are in the country and how hard your area has been hit.
Tip #4: Consult your new “Play Book” as part of your PP manual that addresses environment, personnel, and practice management.
Tip #5: Your new business model must include cash-based services with the goal of 20% of yearly GI, and Telehealth services with the goal of 20% of production.
Episode 111: What Really Matters Most Right Now? Everything an Owner Should Know
This week, Brian attempts to break from the ongoing drama by addressing what a practice owner should know on the topic of leadership. He steers the focus away from the minutiae of how to spend your PPP money (we’ve been talking about this for a while) and more towards stabilizing your business in terms of training, organizing and developing to emerge from this pandemic stronger. Everyone is contending with this situation differently, so Brian encourages his listeners to proceed with humility, empathy and respect.
Key Takeaways/Points
- If you have PPP money but not enough for your employees to do, INVEST in their training and education!
- Education is important, but there’s always room to strengthen your application skills
- Do not strive to be “right” at the expense of another
- Post your new safety procedures so your patients feel safe
- Diversify your perspective
- As a PT, you should aim to provide an abundance of care to every patient
- Do not compare hardships, but strive to practice empathy
- Re-evaluate your company’s structure! It will need to accommodate the new environment coming out of this
- Change your practice strategy!
- Re-calibrate your staff’s focus to your new goals!
- COMMUNICATE with your staff – use a Status Sheet!
- Now is the time to change EVERYTHING
Resources:
Tune in to our next live Zoom Chat this Thursday (4/30) at 4:30pm (EST)!
www.megbusiness.com
info@megbusiness.com
Podcast 110: Business as (Un)usual… and What You Can Do About It!
On today’s podcast, Brian hits on the realities of what is needed as a CEO & Leader through this pandemic. He gives his best advice on how to manage the PPP loan, and how to stay grounded and objective during these unusual times. Brian encourages his listeners to look ahead and make the smartest changes for the present moment, and the near future. Tune in to learn how to be the most effective leader possible through these current challenges.
Key Takeaways/Points
- Be smart about how you use your funds across the 8 weeks
- A good CEO is creating/planning 3-6 months out
- Keep the morale of your staff high! It’s likely they are feeling uncertain
- Get the executive ability to Confront
- Align your practice model with your ideal scene
- Invest in the greatest asset in your company: your people. Invest in training/educating yourself and your staff!
- There are certainly going to be operational changes in our profession
- Now is also the time to make personnel changes to reflect this new environment
- Key secret to success: hire people with high responsibility level and then invest in them educationally (don’t “hire the resume”)
- (Now is the BEST time to open a clinic!)
- Use this time to build your brand!
- “If you keep doing what you’re doing, you’re going to keep getting what you’ve got.” – Brian
Resources mentioned:
- Get an EXCLUSIVE inside look at MEG Academy! Click Here
- Tune in to our next live Zoom Chat this Thursday (4/23) at 4:30pm (EST)!
- How to Be a Post-Pandemic Leader (Part 1: Environment) Blog
Episode 109: Getting to the Bottom of Billing
On this podcast, Brian dives into what is needed from a physical therapist’s perspective for a very important division – Billing & Collections. He explores the benefits of going with a smaller PT billing group, and how to get to the bottom of the problems you could face in your billing – as PTs weren’t trained to do this! In order to have the best billing service and the best practice, you need to take responsibility and be “at Cause” over your billing.
KEY TAKEAWAYS/POINTS
- Taking what your billing dept. says for 100% true, is the first mistake you could make – unless you audit
- Always ask WHY something is the way it is, and get the facts
- Inspect your finance line at least twice a year
- Monthly staff meetings with Finance Dept. is key
- We operate this department with a high level of communication
- It is in your best interest to put your billing in the hands of professionals who do exclusively physical therapy
- Don’t ever let one person be accountable for everything in this department
- Do you have the expertise to do your billing? If not, think of out-sourcing
- If you’re paying 9%, you’re paying too much
- No overhead with out-sourced billing!
- Do not fix other people’s errors – send them back to the person who made it for them to fix
Resources mentioned:
- Email: info@megbusiness.com
- Article from Impact Magazine: Click Here
- FREE Billing Assessment form: Click Here
- Tune in to our live Zoom Chat on Thurs (4/16) at 4:30pm (EST), where we will be joined by key members of our Billing Team! We will share a link on our Facebook page on the day of the zoom chat.
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