Ep.129: Concerned About Profitability? Here Are The First Actions You Should Take
Physical Therapy Private Practice: Secrets of the Top 10%
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.
- 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.
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.
- 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
Tune in to our next live Zoom Chat this Thursday (4/30) at 4:30pm (EST)!
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.
- 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
- 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
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.
- 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
- Email: firstname.lastname@example.org
- 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.
Life has been crazy for all of us within the past few weeks. In this week’s podcast, Brian addresses Compliance and strives to give his audience the means to raise the bar and think outside the box during these deeply transitional times. Tune in for advice on how to re-examine your life and ask yourself: “Am I living my life to my maximum potential?” It’s your turn – now is the BEST opportunity for change in your business.
- This week = Compliance
- NO better time to start a business than right now
- Generate 20% of your revenue through cash-based services
- Hybrid restructuring for your business to capture innovative services
- First, you’ve got to invest in yourself and your team
- Check out our live Zoom Chat from 4/7 to hear from Daniel Hirsch (the king of Compliance!) on YouTube
- Best businesses to come out of financial crisis do NOT miss window of time to train and invest in your staff
- Goal: increase consistency and responsibility within your clinic
- To help you with this, we want to give back by offering discounts on MEG Academy training so you can educate your staff (contact us for more info!)
- Develop your environmental game plan
- Try to get your PPP application in this week
- This is the time when personal integrity matters the most
Important Links and Info:
Zoom Chat 4/7: https://www.youtube.com/watch?v=pzJtlvA0IcE
Daniel Hirsch: email@example.com
Daniel Seidler: at TelePT Solutions https://teleptsolutions.com
Quinn Worton: www.ptunited.com
On this week’s podcast, we welcome two Guest Speakers! Jason Waz (DPT, NeuPTTech) and Jillian Warwick (NTP, LiveWellBeyond.com, nutritional therapist) join Brian to discuss cash-based service options to help get practice owners through these challenging times. Remember, Brian recommends that 20% of your gross income be cash-based.
- In a way, the Neubie E-Stim technology allowed him to be somewhat prepared for this pandemic
- Cash-based referrals have not slowed down
- Neubie E-Stim: pulse-direct current device that addresses the Autonomic nervous system
- Benefits to using the Neubie:
- Once you learn the “mapping” program, you will find the neuromuscular dysfunction from visit #1, 100% accurate, every time.
- Within 4 sessions, you will notice a significant improvement.
- You can train all your staff and you’ll get the same results with the device.
- Can improve overall health through the nervous system.
- Improves Heart-rate variability (HRV).
- The machine system is mobile.
- Not a one-size-fits-all meal plan
- Finds out what works best for your body, bio-individuality
- Holistic approach
- Root causes to certain symptoms
- There is so much that pertains to PT that can be addressed through diet
- Offers protocols that address specific issues (inflammation, digestion, hormonal health, anti-aging, etc)
- Can easily be done virtually, schedule is flexible
- Jillian will coordinate her programs with your line of care in your practice
- Costs you nothing, you get percentage of package, contracted relationship
- Special offer for the first 15 people!
Important Links and Info:
Jason Waz information:
Jillian Warwick information:
FB: @livewellbeyond https://www.facebook.com/LiveWellBeyond
IG: @livewellbeyond https://www.instagram.com/livewellbeyond/
In the meantime, if you have any questions about how to manage your practice during this pandemic, please reach out to us. We’re here to help give you the information you need to effectively manage your personnel and your business during this time of crisis.
Click the image below to access our Covid-19 Resource page:
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