Attention: Physical Therapy Practice Owners!!
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Managing a Physical Therapy Practice
Being a physical therapy practice owner is tough. Owning any kind of private practice is tough. It's harder now than it was before and it's only going to get more challenging. Regulations, salary expenses, patient acquisition, cost of goods, Covid19 safety measures - everything requires your management skills to improve.
When we started out, most of us were just good at what we were trained to do - physical therapy. As we move along we realize that what we suffer from is the other areas. We just wish we could treat Bob Smith's back condition. But unfortunately you have to know how to make payroll, how to market and how to hire staff. Sometimes you have to know how to fire staff: you have to figure out how to make them productive and valuable, right?
Achieving PT Practice Goals
So you had a big goal and dream when you started out. I hope you are achieving that or coming real close to it. No one actually achieves their goals anyway because they just keep raising them as they should. However, if you have fallen a little bit short and you are not winning, you could be helped. If you look around, others have made it, others are doing well. They did something that maybe you didn't do. Maybe they sought assistance. Maybe they just worked harder and watched a lot of YouTube videos.☺ Or, maybe they got lucky and ran across someone who helped them along the way.
I've had the good fortune and occasional misfortune of working with a lot of private practices. Some have been just spectacular success stories and others have done alright. That's truth. That's a fact. Anyone who tries to tell you all their clients are rock stars - well maybe because you like them - but not in actuality. To be a rock star takes hard work, it takes dedication; it takes the willingness to push through almost any barrier to reach your goals.
How to Expand Your Physical Therapy Practice
Of course you want to do things clean, ethical and honest, but you have to drive your business to success. And during these last few months (During Covid-19 pandemic) it has been the litmus test for many of you. Do you have what it takes? Does your team have what it takes? Do you even have a team, right? Many people become more of an individual than a team player during this Covid-19 crisis.
It is your job if you are a PT practice owner to pull the group together; to help that group grow; and to be in a position where you can take care of yourself and your family. It's not easy. It is a lot of hard work.
Now here are things to focus on. You want to drive in business. You want to treat those patients in a way that they want to come back when care is needed and to refer friends and family. You want to make sure you are doing everything you can from a compliance perspective; that no one disappears off your schedule and that gets you better outcomes. You want to get more word-of-mouth.
PT Practice Success Can Help You
It is not really magical how it is done. It's intentional how it is done. If you don't have a way to manage what you're doing statistically or otherwise, you could just wake up one day and realize that you are working harder now than when you started. If that is you, I think you should probably give us a call.
We should be able to help you. That's what we do. We help private practice physical therapists on the business side of healthcare. Do you need help? I'm happy to talk to you.
I'm mostly interested in speaking to people who have an insurance-based practice.
If that is you and you'd like to have a chat to see where your stress points are, and what we can do to alleviate the pressure, I'd like for you to give us a call. We are always here to help.
CEO PT Practice Success