At this point of the year, it’s important to set time aside and reflect on your business. By gauging your performance and how it lines up with the goals you set out to achieve, you still have time to adjust as needed. Additionally, a mid-year business review is one way to eliminate anxiety around any decision making because it helps you see the full, current picture of the business.
Why is a mid-year business review important?
A great deal can happen in a fiscal year. For example, consider how radically the world changed for businesses in 2020 on the heels of the more extensive spread of the COVID-19 pandemic. Many companies were hit with new challenges and needed to adapt throughout the year.
In the same way, the Great Resignation of 2022 has thrown a lot of clinics into a spin as they try to find, train and retain good employees. Owners may have to shift focus from the clinical environment to personnel management in order to stay afloat.
Physical therapy companies are generally at the mercy of several factors, especially when seasonalities and specializations are considered. By assessing the current state of business and taking an honest look at the good and the bad, you can set a plan to be where you want to be by the end of the year.
What should a mid-year practice review include?
At a high level, a mid-year business review consists of three elements that work in concert to provide insight into what changes or actions are needed for the back half of the year.
1. Review Metrics and KPIs
The first and possibly most crucial component is data and metrics. This information gathered in the last six months is critical to understanding if you are on track for the KPIs (key performance indicators) you set at the end of last year.
This data can take on different forms for a physical therapy practice, including patient totals, weekly appointments, clinical efficiency and even quality of care as assessed through Net Promoter Scores. If you aren’t sure which metrics to be tracking or how to track them, a professional management consultation from MEG is always available.
2. Reflect on Your Goals
Reflection is where you consider the metrics and timing and compare them to any goals you may have and plans for the rest of the year. Review is where it is best to think about what works, what doesn’t, and how to pivot accordingly.
Here are some key questions to ask yourself:
- Am I on track to hit my goals this year?
- What is going well and what needs more attention?
- What is getting in the way of achieving my goals?
- How can I improve the pursuit of these goals?
At MEG Business and throughout MEG Academy, we help PT owners leverage the experience of countless business successes in the reflection process in order to provide further insight for the rest of the year.
3. Turn Insights into Action
This is not a passive exercise. By establishing where your successes and ruins lie, you can take these insights and use them to spur action.
For instance, if there are personnel issues that need to be addressed – now is a great time to review staff performance and level set end of year goals or to improve staff training by optimizing onboarding systems and continued education opportunities. If there are lapses in the patient volume, now is the time to lean into new marketing tactics. If you’re seeing expansive growth but it’s being stymied by your own limits, now is the time to consider a scaling or hiring plan.
How to Jumpstart Your Mid-Year Private Practice Review
Want to get a start on your mid-year physical therapy business check-in? MEG has two easy ways to help:
- First, you can take MEG’s self-assessment mid-year quiz and see what’s going well and what needs attention.
- Secondly, MEG is hosting a very special Zoomcast this week to provide insights and answer your questions live to ensure your mid-year business review is a success. Register today for the August 4th Zoomcast!