Episode 102: What does it Take to be a Successful Practice Owner

This week’s podcast covers what it takes to be a successful practice owner. We’re not talking about the executive characteristics and traits that you need to be a successful practice owner, but rather, how to overcome a lack of confidence or uncertainty to take the leap into practice ownership. We’re working to get you in the mindset, and how to overcome common barriers that prevent you from making the leap into private practice starting with your ideal scene. 

KEY TAKEAWAYS

  • So many potential owners know what they don’t want, but have not considered their ideal scene. You need to first put your mind to what your ideal scene is otherwise you will not achieve it. 
  • Is your current employer investing in you as a person and a professional? Or are you just a workhorse working for units so the clinic can hit its numbers?
  • Don’t peg your happiness to the statistics. Peg your happiness to the enthusiasm and energy, and growth of the group and that you had within the group. 
  • What are your reasons for going into physical therapy? To make a difference in the life of everyone you treat by providing superlative service, and that you create a system that maximizes your efficiencies so you can help as many people as possible in the community life the life of optimal health that they deserve. 
  • To discover your ideal scene, bullet point out what your life would look if everything went exactly as you envisioned in your professional life in private practice and what your personal life would look like. 
  • Three categories of success in private practice – primary focus should be 1-3 offices (3 or less is family practice) – these should be a dynasty before you consider a multi-site clinic (4-8 clinics). 
  • Do not open your second or third office within a 20 minute drive of your first office. 
  • 45 – 60 visits per week is break-even. Most startups that we work with break-even within 3-6 months. 
  • Once you’re in a power condition, you can plan out offices 4-8 in 24 months 
  • Stop thinking of money like you do in your personal life – like you’re giving something away. You need to lose the emotional connection to money
  • You never received the training or skills in PT School – be willing to invest in the training you need to be a successful practice owner. 

If you’re interested in role playing and enhancing your skill in some area of personnel management or conflict management – contact us or email us and we’ll get you scheduled with Brian to do a zoom session. We’ll record it and send it your way. We’re committing to you a free training session so you can have some enhanced skills. 

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