The Benefits of Business Coaching For Your Private Practice

As Brian Gallagher says, there’s a reason even the best like Michael Jordan and Tiger Woods are coached – to develop and maintain a competitive edge. 

Coaching can be an undeniable component of success in any field, and when business coaches step in to provide an expert, unbiased perspective of your challenges and opportunities, it can elevate struggling or successful organizations to new heights. 

Typically, the best business coaches have played the game and excelled. They were the former MVP at their sport or they created the results for their own business that they now preach to that same industry. 

Today, we examine the power of business coaching for physical therapy and how it can elevate the systems, environment, personnel and structure at your clinic.

What is a Business Coach?

When it comes time for practice management consulting, it is essential to understand who is the right business coach for your industry and how they can help. A coach is a leader who has been where you currently are and has built the systems and accrued the experience to show others how to thrive in the same way that they once did.

When it comes to business coaching for physical therapists, this can sometimes mean putting your practice in the hands of someone with established leadership and business skills to supplement your existing skills.

Hire For Experience

One element common to practice management consulting is experience. Generally, the best leaders – and therefore the best coaches, are experienced. They’ve been where you are. Not all business coaches may have experience with the physical therapy industry so it is wise to niche where possible to get the best, most relevant results that you can put into immediate action.

Hire for Your Learning Type

People learn in different ways. To you, practice management coaching may be something as simple as becoming a member of exclusive training and tutorials for your field. It could also mean custom coaching hours with a professional business coach who walks through specific operational challenges at your practice to help you develop innovative solutions. Maybe, you need an expert in-house helping you affect change from the ground floor. One way or another, you need this valuable expertise to grow.

Hire for the Gap in Expertise

There’s a big gap between what you learned in Physical Therapy school and what it takes to run a streamlined business. To that end, it’s generally hard to find someone who can do everything and who has experience in every part of running a business. The best strategy in picking a business coach is to find a person with a different set of skills and experience than your own and leverage that talent to improve your physical therapy practice. 

After an initial practice assessment, business coaches can provide significant benefits to any startup or expanding business, especially in the private practice world where systems and processes can be proven to succeed.

5 Benefits of Physical Therapy Business Coaching:

  1. Vision: Find someone with practical business experience who can provide a vision of how to achieve success for your company while also letting you focus on what you do best.
  2. Perspective: A coach is not the final say in how your business will operate, but they offer an invaluable service in providing their unique perspective which is based on experience gained on their own and from their other clients.
  3. Guidance: Because coaches have been where you are as a business owner, they leverage the tools, techniques and systems that have been proven successful and serve advice for all your unique needs in growing your physical therapy business.
  4. Skills: Business coaches shouldn’t be a passive resource, instead they must regularly be pushing you to act on that advice, build your skills and develop your own business experience.
  5. Accountability: Through regular meetings, check-ins and stress tests, Practice management consulting can help keep you accountable to your patients, staff and business outcomes.

Discover More Ways to Elevate your Private Practice

MEG Business Management understands the needs of physical therapy practices, and we aim to help physical therapists across all key areas of business, from operations to personnel to environment and more. 

We offer practice management coaching alongside our robust MEG Academy virtual learning system. Plus, you can even outsource your credentialing, compliance or billing woes to MEG Business. We’re here to help! 

Let’s chat if you’re ready to take your physical therapy clinic to the next level.

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