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Three Ways To Make Your Physical Therapy Practice More Valuable
- 1. 3 Ways to Make Your Therapy Practice More Valuable Presenter: Ashley Geer, PT, DPT Director of Clinical Operations
- 2. Identify ways to maximize efficiency within your practice. View the bigger picture and think outside the box when it comes to your clinic. Look at the benefits of working on your business rather than in your business. 01 02 03 Objectives
- 3. o Patients o Scheduling o Billing o Upkeep o Marketing o EVERYTHING else Efficiency How can we be more efficient with our time?
- 4. Efficiency
- 5. Valuation Efficiency Create efficiencies around scheduling and treatment! Generate quality results! 01 02
- 6. Appropriate Staff Benchmarks The WHY Communicate Your front desk personnel are the gatekeepers to efficiency and scheduling success! ?
- 7. Valuation The Bigger Picture Look beyond wages Allow therapists to do what they do best…treat patients! Take a look at all aspects of your practice to determine what can be outsourced.
- 8. The Bigger Picture A deeper look at a Blue Sky Therapy Example
- 9. Work ON your business What does working ON rather than IN your practice look like? Take a step back
- 10. o Promote your practice o Express the value o Ensure all team members are on boardWork ON Your business Marketing Example Think outside the box and be open to conversation with experts in each arena! Donuts to docs won’t cut it anymore.
- 11. Questions ? Thanks for joining us!
Editor's Notes
- Whether you’ve been in business 40 years and built a strong operation that can run without your daily presence or you’re an owner with 5 years under your belt that’s been grinding out 60+ hour weeks for half a decade, let’s look at some areas all owners can explore to make their practice more valuable.
- One overarching term that can be applied to all aspects of operating a successful therapy practice is EFFICIENCY. How can we be more efficient with our time? This not only is time spent with patients, but also the overhead time associated with scheduling, billing, day-to-day upkeep, marketing, and EVERYTHING else. But of course, the most obvious place to look first is efficiency around scheduling and treatment of patients. With labor wages being the predominant expense in our world, it makes sense to look at that major line item with great scrutiny. We have evaluated a wide variety of practices with an array of unique marketspace or operational nuances and circumstances. Whether it’s a practice comprised of clinicians with unique specialties where they are the ONLY one who can treat 10% of a caseload, or an urban practice in a market saturated with low reimbursing insurance products, we’ve come to find that uncovering small details within the day-to-day operations can make a profound difference.
- A trend we have seen that is visualized in this chart from WebPT’s State of Rehab 2019 relates to the efficiencies of scheduling and a therapist’s daily caseload. The overwhelming majority of solo practitioners are treating fewer than 6 patients per day, but once we get into more sizable organizations we see the congregate average come in around 9-12 patients per day per provider.
- The obvious assumption is more patients = more revenue, which is not untrue. But as any dedicated clinician will stand by, there needs to be a simultaneous and constant focus on generating quality results for our patients. After all, that’s why we are in this line of work! With that said, pushing yourself and your staff to create efficiencies around scheduling and treatment can quite easily allow for time in the day to provide high quality care to an extra patient or two. This can make a huge difference when you look at your numbers over a week, month, or a year.
- It is critical to determine and understand what your clinic efficiencies and benchmarks look like. Communicate this to your staff- especially the front desk if they handle all your scheduling. They should understand the targets and the WHY. After all, they are your gatekeepers to efficiency and scheduling success!
- Often, certain components of a business are taken for granted. One such area may be billing. As an owner, you should pay attention to the percent of revenue that most aspects of running your practice eats up. As a labor dense business, staff wages are the obvious first place to look. But let’s look beyond wages at something different. WebPT’s polling of nearly 6,500 respondents concluded that billing does not influence annual revenue. But what DOES it influence? It takes a lot of time and constant monitoring of the ever-changing language. We found that outsourcing billing not only reduced our operational overhead, but also streamlined so much of the process that our clinicians are now enabled to spend more time doing what they want to do… treating patients!
- This also has allowed our operational team to focus on areas that do have a greater impact on percent of revenue including staffing and scheduling. Let’s face it, you didn’t get into this profession because of the excitement of billing out claims, so why should you be bothered with handling that when there are companies 100% dedicated to doing so. The best billing companies should help keep partners up to speed on industry trends, regulatory changes, and best practices. Take a look at all aspects of your practice to determine what can be outsourced.
- If you are a very involved practice owner, working ON and not IN your practice is often a very difficult concept to grasp. While it is sometimes good to get in there and actually see how the practice operates and the processes work in real-time to determine areas for improvement, it is also beneficial to take a step back and get out of the clinic to focus on other critical areas. The vast difference is- the private physical therapy practice world is not the same today as it was 20 years ago. As a matter of fact, things change by the year and even by the day.
- A quick and short example is marketing. Imagine what your caseload could look like if as an owner you spent the majority of your time and energy promoting your practice. Unfortunately, the reality that we’ve seen in the overwhelming majority of private physical therapy practices is marketing is overlooked and underleveraged. Everyone’s goodwill and reputation help keep them afloat, but what if you went that extra mile? Therapists and clinic owners may not see themselves as marketers or it may even make them feel uncomfortable when thinking about marketing. While this is understandable, it is important to know that as an owner, you should be able to market and express the value and uniqueness of your practice AND ensure your therapists do the same. Leverage your therapists as essentially free walking and talking advertisements! Ensure they buy in and understand the lingo. And always consider what a professional marketing agency could do to enhance your practice and spread the word! The times are changing and marketing is essential. Different approaches to marketing are paramount as well. The “donuts to docs” visits likely will not cut it anymore. Think outside the box and be open to conversation with experts in each arena.