A Successful Practice Owner

Some of the physical therapy practices I work with are a mess.  The owner focuses on treating patients and the “fire” that needs to be put out today.

The practice meanders along and the “fires” become more common and much larger.  When the owner is too busy working in the practice, many areas of the business such as finance, performance, marketing, and management suffer.  Without a plan for growth, the overall result is a decline in the business.  On the converse, some practices I work with have few of these issues. Each component of the business is under control, and there is a plan in place for growth.

I hate to say it, but these practices follow the 80/20 rule, and you can only guess which type of practice the 80% fall in to.  How you transform to be part of the 20% is simple, changing the owners attitude, beliefs, and behaviors.

What makes a successful practice?  These are not only it, but here are 7 things successful practice owners have in common:

  • -They realize they can’t spend all their time being a clinician, because their business needs time also.
  • -They are responsive and their follow through is quick. They reliably answer emails, return voicemails, complete the items on their “to do list”.
  • -They work hard to grow their business skill sets just as they do with their clinical skills.
  • -They have their fingers on the practice pulse with monthly KPI reports.
  • -They have a plan for growth.
  • -They don’t draw all the profit out of the practice, so there is cash grow it.
  • -They have a team of talented coaches and advisors to learn and draw from

What type of practice owner do you want to be?  One that is a firefighter or one that is a leader?

If you would like some help success in your business, Click Here to schedule a FREE Consultation.

Andrew Vertson, PT, DPT, ATC
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