Ep.129: Concerned About Profitability? Here Are The First Actions You Should Take
Physical Therapy Private Practice: Secrets of the Top 10%
On this week’s episode, Brian seeks to tackle STRUCTURE. He addresses the necessary actions to put you, the owner, at Cause over your time and operation by getting in this crucial element. A key ingredient of this is knowing how to manage your team, and how to communicate. Learn how to keep in your organization so that your leadership/executive skills can shine through.
- Don’t shirk your personnel management skills
- Run your practice – don’t let it run you
- Structure. Dictates. Function!
- Cultivate a business model that has a substantial structure
- You NEED some kind of organization chart
- Consider adding cash-based services to your business (hybrid model)
- The structure needs to go in first
- # of times over = certainty
- Most CEOs/Owners spend too much time treating patients, you have other hats that need attention.
- Commit to training the “power players” that you hire
- It’s about hiring the being, the person (NOT the resume)
We’re getting right down to it today folks, starting with this fact – PTs DO NOT BILL. In this podcast, Brain covers how to extinguish misunderstandings and misconceptions that may exist between new grads/staff and their Owners. As always: be transparent, communicate, and seek the facts for yourself.
Physical Therapists DO NOT bill – we have nothing to do with Billing!
- Codes are a digital format of your narrative note so that the carriers’ systems can read and interpret what was done with their clients
- Practice your craft of PT ethically
- It all starts with the interview & onboarding process
- You must have company structure (and thereby Compliance) in place
- Give your new hires confidence in you as a leader
- Keep your administrative duties IN
- Maintain and update your Policy & Procedure Manual (P&P). Actively use it to run your practice
- The individual can only truly succeed after the group is successful – be able to measure this success!
- Inspire your therapists to give an abundance of care
- Designate a Compliance team (with a Compliance officer) to avoid any issues in your practice
On this week’s podcast, Brian reiterates that this is the BEST time to evaluate every personnel move the practice owner is making as they start to bring their people back. Be respectful, open-minded, and real with your staff. He reminds that in order to be a good CEO and gain trust, you have to live by your commitments and show through actions that you are trustworthy! Tune in to learn how to effectively manage your personnel as a respected leader.
- Reengineer your practice to align with your new company culture.
- Be yourself and show the real you (transparency!). Be willing to compromise.
- Hire REAL people! Try to get past the “best foot forward” and straight to the real person. Don’t just hire the resume.
- Build work relationships based on TRUST.
- Respect comes from those who can hold the line of accountability.
- Invest in your staff’s education – it’s the one thing that can never be taken away! (Consider an internal LMS system!)
- Share your vision with your staff, and get their participation in it! The best-tasting cake is the one that you participated in making.
This week, Brian motivates his audience by reminding them of the steps that they can take to internally bring their practice back to where it needs to be for their patients, staff and community. He relays his knowledge of the current state of the PPP and finances as they apply to practice owners based on his research. Tune in to learn details of the PPP fund, your Business Strategic Plan (BSP), and more!
Potential shift in time frame of the PPP
- SBA has issued a Forgiveness Application (submit to your lender!)
- “If you keep doing what you’re doing, you’re gonna keep getting what you’ve got”
- Pull out your 2020 Business Strategic Plan (BSP) and UPDATE it
- If you don’t have one yet, MAKE ONE! You need a roadmap!
- 3 most important actions of business operation moving forward:
- Environment reengineering costs and maintenance
- Only adopt the new services that you believe in
- Your patient scheduling as it pertains to your weekly volume of the new practice operations
- We have to move forward into this new environment like a Startup!
- Work out your cash-flow projections from now to at least October 1st
- Pro forma for income and expenses
- Create a new financial plan!
- Invest your resources to keep your focus on GROWTH!
- Invest in yourself and your team
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.
- 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)
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…
- 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!
(636) 578-6349 (Mike’s number)
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