We are halfway into Fiscal 2013 and there continues to be a lot going on in the local and national healthcare markets. You owe it to yourself to take a pause and truly understand the current risks and rewards that are present in this unique market. There is a huge sell-side supply/demand imbalance nationally. In the 13 years we've been in business, we have never seen the level of interest in growth that exists now. The top eight rehab companies are under intense pressure to grow … [Read more...]
Practice Owners: What Can You Control?
January 2, 2013 By Leave a Comment
Information is everywhere. We live in the age of 24/7 news-- a lot of it negative--coming at us from all directions through ever changing and faster technology. It's easy to feel out of control...but not very productive. Remember you have a choice. You can choose to worry about gas prices or listen to doom and gloom financial and political analysts or you can choose to take charge of things you can control. Start Your Own Plan Today What I am asking you to do is to create a plan that will … [Read more...]
Corporate Overhead in a Physical Therapy Practice
December 18, 2012 By Leave a Comment
“Corporate overhead” is a common theme of our discussions with multi-site rehabilitation businesses. As practices grow from one to two, three or more clinics, most will begin to centralize certain functions of the business such as billing and collections, accounts payable, human resources, marketing, business development, accounting, etc. These functions then serve the business as a whole. That overall expense is called corporate overhead. Who Works for Whom? I believe that success … [Read more...]
What Now for Physical Therapy Practices?
December 14, 2012 By Leave a Comment
Over the past few months we have received multiple calls from rehabilitation business owners asking the question "Now what?" Essentially, the rehab community is bracing to see what impact the Affordable Care Act will have on the industry and what will it mean to the rehabilitation business owner. We talk a lot about how important it will become to "streamline" your operations and create a professional staff that is both efficient and outcome driven. And we continue to believe that a … [Read more...]
Do What You Do Best
October 5, 2012 By Leave a Comment
Last weekend I attended a wedding and caught up with a friend of mine I hadn't seen in a while. This friend has been extremely successful in the food business over the years. He manufactures and distributes pasteurized meats to delis and supermarkets around the world. His challenges and successes with that business made a fascinating conversation. Then he described the biggest mistake he made as an entrepreneur. Unfortunately, it's a familiar story. Not Knowing What You Don’t Know Since my … [Read more...]
Why Expand Your Physical Therapy Hours
September 12, 2012 By Leave a Comment
I recently read an article that said increased office hours in physician offices actually decreases healthcare spending for the patient. Really? Well, in our experience there is a second benefit to expanding hours: increased revenues and profits for the business owner! Below are the steps to expanding hours and increasing profit. Do a Thru-put Analysis As with all aspects of your business, implementing a strategy starts with an analysis. A Thru-put analysis simply reviews a typical week … [Read more...]
