The Power Of One (%)

Is it possible that a small change (1%) can make a dramatic improvement in your cash flow and more importantly in your profitability?  Making a small change (1%) in price increases, expense decreases, and productivity improvements can have a significant impact on your profit. Having available cash in your business is much like having oxygen…

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Key Number and Drivers

When you look at your business, there needs to be one key number that defines the success of the business.  When you look at this key number, there are then multiple drivers of that number.  In the physical therapy business, to grow and be successful, the key number is profit. For your practice to grow…

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Cause & Effect

You are a physical therapist by training and now a business owner by desire.  Building and running your business is not just knowing your numbers. It is about knowing what those numbers mean and how you make those numbers happen!  When you budget and forecast you are setting objectives, and achieving these objectives are your…

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Four Resolutions That Should Last All Year

We are two weeks in to 2017, at this point in time more than one-third of those who “set” New Year’s resolutions have stopped them.  The new year is time for a refreshing new start for you and your business.  To help you succeed in 2017 and beyond I wanted to give you 4 easy-to-implement…

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Trimming Practice Expenses

Being a physical therapist practice owner isn’t easy. On a daily basis, you must deal with treating patients, ensuring referrals are consistent, taking care of employees, paying the rent and dealing with cash flow just to name a few things. When the “bottom line” gets tight the first thing we think about is cutting costs, but is…

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What Type Of Employees Are On Your Team?

All practice owners have one similar goal…to have a successful practice. One of the easiest ways to achieve this success is by utilizing your greatest assets, your employees. Having the right people on your bus, in the right seats, can lead to a HUGE win or a dreaded loss in YOUR business. To be successful you, the…

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You Don’t Know…What You Don’t Know…

Any owner will tell you “you don’t know what you don’t measure.” Effective metrics are essential for achieving positive results and mis-measurement can lead to mismanagement. Metrics tried and proven over years become a guide to what’s important to your clinic’s growth. Know your metrics and what they drive Ownership and all employees should understand which metrics…

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Do You Know Your Revenue Cycle?

Revenue Cycle Management is the key word of the month in the private practice world, but does the physical therapy practice owner really know what it means?  I bet most owners know the term but don’t really know what it entails.  Revenue Cycle Management is the term used to define the process of revenue from…

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What Does It Cost To Gain A New Patient?

Do you really know the cost of acquisition of those new patients?  The cost of advertising, marketing, promotions, t-shirts…and the list goes on.  Add up all those expenses in a month and divide by the number of new evaluations and you have your number. At the end of the month, or year, those numbers can…

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What Is Your Cost Of Care?

Have you noticed the increasing trend of payers wanting you, as a physical therapy practice owner, to remain in their network at a reduced, often flat, rate for treatment?  I know for me, and my practices, it has happened left and right. Over the past few years I have seen major players (Anthem, Cigna, United HealthCare)…

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