The most recognizable truth is that each and every physical therapy practice is unique.
You have unique demographics, unique therapists providing care and customer service, and unique personalities throughout the office.
That being said, all businesses have the same fundamentals and it is important that you do not move too far away from the fundamentals of business.
Here are Five Fundamentals Necessary for a Successful PT Business, anywhere in the world:
1. Standardized Processes
First is the standardization of all processes applied to both administrative and clinical aspects of the business.
Once processes and protocols are standardized and implemented, you have laid the groundwork for growth and success in the business. These processes should follow a step-by-step protocol to ensure that the business goals are accomplished.
Administrative processes might include: Phone call scripting, scheduling procedures, reactivation of past patients, patient surveys, and referral generation.
Clinical processes might include: Consultation and new patient protocols for complete plans of care, re-exams and communication with the physicians, rehab protocols, upselling to orthotics or other DME programs and transitioning from skilled care to maintenance etc.
2. Accountability for Results
Accountability for results is the ability to claim ownership for the results produced as a consequence of your involvement in the business. This can be broken down into personal accountability, team accountability, and managerial accountability.
Personal accountability means holding yourself responsible for achieving your goals, completing your job duties, and following through on your commitments. But all members of the team must hold each other accountable for job performance and meeting of goals.
Holding others accountable can only be done when specific objectives are set, when job descriptions are clearly defined, and when systems are in place to measure goals and objectives.
3. Statistical Tracking and Analysis of Business Activities
The minimum you should be tracking on a weekly basis is referrals, evaluations, patient visits, advanced scheduled visits, charges, collections, no-show/cancellations.
On a monthly basis you should be recording evaluations, visits, collections, write off’s and expenses.
These statistics need to be tracked and both management and staff must be aware of their individual, as well as team statistics. These statistics should be openly discussed to improve them.
Do you have a process for tracking your businesses statistics? Check out the Customer Relationship Management software used successfully by Paul’s team to track and follow-up with our new leads.
4. A Strong and Positive Team
The fourth component is a strong, positive team. When you set clear expectations and goals, define the job and its objectives and communicate these in a positive format – a strong team will be grown.
Management needs to acknowledge success, and failure and provide the resources for the team member to learn and grow from his or her mistakes and reward the team for success.
A strong team leads to improved communication, stronger relationships with staff AND clients and improved problem solving.
5. A Growth Mindset
The fifth component is a growth mindset. The business owner and staff must have a growth and expansion mindset to make the business successful.
The first step is for all team members to constantly be marketing the business to current, past and prospective clients.
This allows for the ability to maintain steady growth and profitability.
This “sales” mindset must be owned by every employee, especially the front-line employees. The business must have a referral program to reactivate past patients and welcome new patients.
These five fundamentals will increase new clients, improve the retention of current clients, improve employee retention and grow your business to a higher level. If your goal for your clinic is growth, you need to implement these five fundamentals, today.
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