Four Keys to Success In the New Year

The holidays are over, the decorations are put away, and we are almost one week in to the new year. It is time to get back in the groove and implement smart and effective ideas that will grow your practice. Here are 4 tips that aim to bring prosperity and success to the practice this year.

Tip 1. Review Your 90 Day Plan

Your 90-day plan consists of achievable, short term, goals that adhere to your long-term vision for the business. Your 90-day plan is part of a blueprint for advancing the business’ productivity and profitability. The 90-day plan establishes the specific tasks, and requires business owners to consider the specific steps and resources that are needed to achieve the long-term goals.

The 90-day plan allows you to craft specific, measurable, and attainable objectives to start the New Year on the right foot.

Tip 2. Clean House-Figuratively

Whether you want to improve the look of your office or make it easier to find stuff, a cleanup of the clinic and your work spaces is a necessary task. Set aside time when your team can come to destroy unnecessary documents and toss out old equipment, brochures, and items that clutter your space. This de-cluttering will not only allow your team to operate efficiently, but it will also help your office to look more professional.

Tip 3. Clean House-Literally

You’ve tried to intervene and help the struggling employee succeed or you’ve just ignored the problem and hoped it would take care of itself. However you have handled the weak members on your team, you know they are not a team player and they are a liability to the to the health and success of your practice. Delay the inevitable no longer! The cost of reduced productivity, poor employee morale, damaged client relationships, and lost revenue are significant. These situations will prevent you from achieving the success you have planned for so make the decision now to either rehabilitate the employee(s) or to clean house.

Tip 4. Ask for a Raise

The start of the New Year is a perfect time to review, and possibly raise, the prices of your goods/services. The latter part of last year was spent formulating, and implementing, the budget for this year. This budget helped forecast the visits and evaluations to achieve success. The first month of the new year is a perfect time to review any payer contracts and to reach out and inquire about an increase of the payer’s fee schedule. If you are cash-based or hybrid, ensure your fee structure provides ample room to cover expenses and provide a healthy level of profit. Too many businesses are fearful to reach out and request a review of the fee schedule. Doing this allows the payers to keep the normal 2-3% increases afforded by Medicare and other insurance companies. This is also a perfect time to think about how you can enhance the value of your offerings to justify price revisions.

January is the opportune time for an organizational “reboot” to help energize your team, inspire new ideas, and generate new opportunities for growth. To know your costs, and profit, you must know your numbers.

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Andrew Vertson, PT, DPT, ATC
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