In order to make the cut and be a practice in the top 10%, there are several factors that need to be met. These key factors cannot be attained without the right mindset and life habits. Why? You need to be executing actions that will bring the results needed to meet these factors. Let’s talk about the factors that make up a private practice that is in the top 10% and the mindset of the owners who lead these practices.
The Physical Therapy Owner Mindset
What mindset do you need? Believe in yourself. Be willing to disagree with your group. After all, personal success only comes from a position of self-confidence. Keep those small promises to yourself each and every day. Additionally, you have to know your WHY, as well as the WHY of your team members.
There are dangers and fears with all changes in life – think of when you start dating someone new, when you went to college, or most relevant when you open your practice. These thoughts and emotions are the prices to pay for those changes and challenges in life. If you are afraid to confront and experience these challenges, you will remain where you are in life. You will not move forward and over time, you will become frustrated, resentful and eventually justify and/or regret your inactions. So abandon your fear of failure and disappointment. Stop worrying about the embarrassment and confront those in front of you in good manners. When you communicate transparently and honestly, people will respond to you and want to be with you in business. Make your purpose know and make sure your actions are always in line with what you say.
Finally, to be a great practice owner and executive there are some steps you can take:
- Stop trying to Do It All yourself. Abandon that do-it-yourself attitude and know who you can learn from and who can contribute to your success in a positive way.
- Stop being emotional with money. Use money to move towards your goals and to forward your purpose. As long as you can state why you are spending what you are spending and you can clearly see that it’s working towards your advancement, then do it.
- Identify and know what goes on your not to-do list. Find a solution for each of those items by utilizing automation, outsource, and delegating to staff. Replace them with items that are constructive towards your goals. Task such as billing, bookkeeping, marketing, social media can all be outsourced or delegated.
What it takes to be a private practice in the top 10%
Here’s a rundown of the metrics/statistics of those within the top 10% of Physical Therapy Private Practices across the country.
- Doing at least 4 community-wide events per year
- Having a staff satisfaction rate of 95% or higher based on twice-yearly surveys.
- You have a 95% patient satisfaction rate based on regular surveys.
- Your % of kept appointments is at or above 92%
- You have a 90% success rate or higher patient outcomes.
- Your practice is managed by statistics
- Your staff all know and understand the vision and goals of your practice
- Your practice is in compliance with Medicare, State, and APTA regulations
- The practice must be in compliance with MC, State, and APTA regs
- The practice is compliant with operational processes including Business Strat Plan, Annual Marketing Plan, Marketing Campaigns, Financial Plan, a Hiring and onboarding program, and a staff retention system that includes incentives, professional enhancement, personal enhancement, established PP manual, SOP, practice benchmark metrics =
- Company must turn a 20% net profit per year.