Physical Therapy Private Practice: Secrets Of The Top 10%

One of the frustrations of being a practice owner is riding the ups and downs of the weekly New patients coming into your office. I used to be the effect of the weekly new patient number in terms of how it affected my mood and my enthusiasm for my practice. When the new patient numbers were high I always had some pep in my step and became much more creative as an owner toward expanding my practice. The new patient statistic became a bellwether to my own personal happiness and professional confidence when it came to expanding and trying new things. Later I learned that the new patient stat needed to be something I drove and not the other way around. Only after extensive study of this topic of marketing, sales, and prospecting was I able to comprehend the full recipe for success. Up until then, I was always looking at the individual ingredients and never the big picture. Only after fully understanding the importance of committing to an annual marketing plan with monthly marketing campaigns that were measured st

One of the greatest frustrations of being a practice owner is working with staff who lack accountability. Meaning, they failed to do what they know is expected of them or they fail to follow through with what they say they are going to do. In both of these instances, the employee clearly knows and fully understands that it is their responsibility to complete a particular task, and yet chooses to not complete it. Why is this? Why is it that some people rise to the occasion and hit their targets with great pride, while others are not bothered by incomplete tasks. It all comes down to accountability and staff accountability comes from leadership. Are you ready for growth? Request your free private practice expansion evaluation  

Whether you're wanting to start your own private practice or you're looking to open your second office there is some vitally important information I would like to share with you. Both of these are situations that would be new experiences for you. Both of which you will have a substantial investment of time and money in. Having a coach/mentor to guide you through the process and protect you from the land-mines that lay out there just waiting to waste your time and deplete your bank account gives you a distinct advantage. All the information I want to share on this topic cannot possibly be expressed in the time allotted for this podcast so we invite you to reach in to www.megbusiness.com and go to the MEG Academy tab to learn more or email me directly at brian@megbusiness.com where we can get on the phone together and discuss your unique situation so that you get your specific questions answered. Check out our NEW Packages & Pricing in MEG Academy!   If you're not sure what actions to take and in what order

Listening to what other owners have been wrestling with around the country brings to light our common struggles. As a private practice owner we are never alone in terms of the challenges we face and the problems and solutions we must learn to implement. Therefore, we have a greater chance for success by learning from those who have march through this jungle of practice management before us. In this podcast, I will identify five of the leading successful actions owners before you have taken throughout the years as to how to be a better boss/owner/executive/team leader. Check out our NEW Packages & Pricing in MEG Academy!   Are you ready for growth? Request your free private practice expansion evaluation  

Maybe it was idea of being your own boss or the idea of practicing the way you wanted that sparked your interest in going into private practice. Most likely what quickly followed was the desire to be better off financially or have more free time to spend with your family. Whatever it was that empowered you to take the leap into private practice chances are you were not fully prepared for the challenges that awaited you. Let me share with you how you can overcome the number one challenge that all business owners have in common. Check out our NEW Packages & Pricing in MEG Academy!   Are you ready for growth? Request your free private practice expansion evaluation  

It has long been a mystery among PT owners as to how and where to get new patients. I have claimed for many moons that I can get more new patients as easy as turning a faucet on or off. All it takes is that PR personality and knowing that this is a marathon, not a sprint. You and your staff must be dedicated to putting in the work necessary to get the number of new patients you want. Are you ready for growth? Request your free private practice expansion evaluation  

There are now valid reasons to consider changing your business model in order to react to the present-day market and future of PT private practice in your geographical area. There are no Blockbusters stores around anymore and that’s because they ignored what was happening when it was happening and fell behind the industry and as a result went out of business. Don’t fall behind in your area and wait to make a change until it’s too late and you are suffering financially. You need to be true to yourself in business and personally in terms of how you can exchange in abundance with your patients, your staff, and your community if you want to succeed long term. Check out our NEW Packages & Pricing in MEG Academy!   Are you ready for growth? Request your free private practice expansion evaluation  

Depending on what state you're practicing in, you could face some real challenges when trying to get the insurance contracts you need and want in order to service the people in your community. Whether we like it or not, the overwhelming majority of our patients are paying a handsome sum for their insurance coverage. This means the overwhelming majority of the people within your community will continue to seek providers who are in-network with their insurance carriers. The more you know about how to employ strategies that have worked successfully for others the better your chances are for getting in-network and servicing those within your community.  

All too often we have been feed false data like the patient is always right, or never show your emotions with your staff. We try to please everybody and in the end we wind up frustrated with ourselves. It’s a new world out there with more informed people and a disastrous health care system. We need to be aware of the staff training that is needed in order to make a positive change.  

You need to consider the type of practice you have in terms of the patient public you are servicing and the employment market you are reaching. There is not a one-size-fits-all solution for every type of practice out there today. However, there are some real factors you need to consider when selecting your compensation package if you want it to contribute to the company culture you're trying to develop. There are only two things that truly upset if the physical therapist and that is when you play with their money or you play with their schedule. So let's consider all the options in this podcast and decide what is going to be the best fit for your practice.

Based on what I have observed there is a lot of misinformation being passed along from others interpretation of how one is to appropriately charge and code for a therapy session when those other people have not taken the time to research the topic. As a result, far too many new grads are spending more time worrying about getting into trouble and losing their license due to fraudulent charging than they do getting the information for themselves. Unfortunately, DPT schools are more often than not contributing to these fears by preaching such fears to them while in school. When a practice owner (with decades of experience) tries to educate their young new grad they get looked upon as being unethical and are out just for the money. Knowledge is power, as the saying goes.

As a PT practice owner, many think it’s going to be something that it’s not. No matter how good things are going it’s going to be hard and when things are not going well it’s going to be harder. It’s the responsibility we all have as owners to gain the presence of mind and skills on how to succeed in overcoming these challenges. No matter what you are going to be faced with them so ask yourself are you prepared to confront each one head on and have the confidence that you gave the right answer or made the right decision. No matter what others say there is no magic course or program for you to take that is going to handle your every whim.  Not our program or anyone else’s workshop, lecture or course is going to do that for you. There is no replacement for just jumping in the lake with the rest of us and swimming harder and harder to keep your head above water until finally you have mastered your technique and can now cover more ground with greater ease. But, of course, having a coach and agent you can trust lo

This week we interview an awesome member of our Billing team, Stacey, who is an Account Control Manager. Stacey discusses her role in servicing physical therapy private practices as well as the changes in Medicare. Tune in for some powerful tips and tools regarding billing & collections and insurance coverage in private practice. 

Having the best company group culture that is full of upbeat, energetic, productive staff members who enjoy their job and the people they work with is what every owner wants for their practice.  How to get there is a topic for many books and lectures. I have found a method that has worked well for me and many of my clients over the years and it starts with us being true to our intentions as to why we went into private practice, to begin with. If we hire based on the person and their intentions then we will assemble a team of positive people who all want to take pride in their achievements. Learn how that can be done from the interview process all the way through to the long-term employee relationship.

It seems everyone I meet today has lost their mind in a sea of rationalization and justification for the most outrageous behaviors from their staff. I get that it is human nature to try and make sanity out of insanity but when you do that you are committing a big mistake. A mistake that doesn’t only affect you but your staff, patients, and your family. Learn how to approach and resolve staff issues

Offering the right bonus structure and/or incentive program can make all the difference in the world to your staff and your practice.  The funny thing is I have found there is not a one-size-fits-all approach to optimizing the performance of your staff because depending on where you are practicing in the country people value different things. As owners, we need to pay attention to the needs and wants of our own particular staff and originate a system of exchanging with them that actually brings about abundance both for them and that practice.

Revolutionizing Physical Therapy private practice must start with environment first. It will then lead into the proper structure which will attract the right personnel so that you have who you need to help you implement the best systems of operations. So many owners know what they don’t want and they can often articulate what’s less than ideal in their practice but they don’t have the solutions necessary to bring about the change they desire. The first step is knowing how to attack the situation and then learning what you don’t know. Once you have the new knowledge in your head it’s all about the implementation step if things are really going to change.

In this ever-changing healthcare system of ours, many are finding that it’s time for them to take back control over their lives and drive the narrative instead of being the effect of the insurance carriers.  Is it better to go all cash-based or stay in-network and continue playing the insurance game? Maybe it’s time to take back control with a proven HYBRID Model. As insurance carriers continue to reduce reimbursement and the federally funded programs are becoming increasingly more difficult to deal with, start-up owners and others are looking for more viable options today. The newest arrangement that is gaining popularity is the HYBRID model.

It’s more important than ever before that as owners we find ways to bring in good spirited fun and games into our office, for both our patients and staff. By survey, the highest reported degree of job satisfaction is based on staff friendliness resulting in the optimal workplace culture. If we turn our focus to servicing not only our patients but our personnel, community, and referral sources we will have something truly special that will be felt by all. 

Almost every PT private practice owner I have worked with has shared with me their dream that life would be better once they owned their own practice. However, almost one-for-one they didn’t understand the full scope of what they were getting into. Yet, there is one common thing that all successful owners do understand and that is how important it is to be focused, with unwavering commitment, to their goals. Even though they may lack the experience and skills necessary to navigate easily through the enturbulation from their staff and various external market influences, they never give up on wanting to grow and learn what it takes to survive and thrive in PT private practice. My goal has always been to provide practice owners with the help and tools they need along their journey, in order to make it the most rewarding decision of their life. Learn in this episode what it takes to thrive as a PT private practice owner.