It’s time to live the life of a practice owner that you deserve. On this week’s episode, Brian briefly recaps his conversation with PPS president, Sandra Norby, from last week’s podcast. He discusses the importance of advancing the cause of the APTA to make the physical therapy profession the very best that it can be. He then goes on to share his seven best strategies on how to get your practice to the top 10%.
- The three main “mental focuses” to keep at the forefront of your mind: Is my staff winning? Are my patients winning? And is my community winning?
- Always give more in value than you expect in return.
- Sandra Norby confirmed in last week’s episode that reimbursement issue is the biggest in the profession. Medicare is often the highest payer, however they have no interest in paying providers more money for higher quality services.
- Increase the percentage of your business that is cash-based. Hybrid model is the ideal scene.
- If you want more control or autonomy, open your own private practice!
- Strategies to succeed in 2020 include setting up a hybrid model practice.
- Develop services that bring in more cash-based revenue. 20% of your annual gross income should come from cash based services.
- Some examples are the Neubie E-stime from NeuPTTech, personal fitness training, and diagnostic testing (HRV or PEMF). These will help differentiate your practice from the competition.
- Outsource anything that is clerical that is not physical therapy-related from billing to Marketing.
- Get the best all-in-one EMR system for your staff.
- The most successful businesses have career development training program internally within their company that covers compliance and onboarding and professional enhancement.
- Payroll is the largest expense within your practice. Convert to a shared risk model: reward-based on production, quality and efficiency. A therapist should generate 3.5 times their expense (salary and benefits). This will have the biggest impact on your practice.
- Take the time to get you and your staff educated and trained about how to operate at optimum level. You can not afford to have a clinician seeing less than 55 patients per week.
Worth Checking Out
As always, thank you for listening. If you’re interested in learning more about our services for PT/OT/SLP practice owners, or if you want more personal attention then please call us at 727-268-8500 x 102, or visit our website at www.megbusiness.com to schedule your own practice assessment call.