It’s a lonely life being a practice owner, and it’s often hard to assess or understand what your competitors are up to. It’s no good asking them, as they are generally guarded, or they exaggerate their successes to make them feel better and you worse. So, as we enter the final month of the year, I thought you would be interested in my observations of what the movers and shakers in the physical therapy world are up to and what strategies and tactics are working.
Growing practice turnover
All of the practices we work with are growing, taking advantage of a number of growth strategies we have implemented. All of their offerings are in demand, but the real growth is in what patients want rather than what they need. This growth inevitably means the recruitment of more staff and expansion of the premises and facilities. And service excellence is the name of the game. These practices don’t strive to be like all others; they strive to stand out, above and beyond others.
Our practices growing the fastest have embraced (at last) their online presence and have accepted that they need to fund a functioning website which converts five percent of unique traffic into front desk inquirers. They’ve also embraced social media in support of their site, and they know the site needs to be responsive (mobile and tablet friendly) and needs constant updating, monitoring, investment, and will actually need to be replaced every few years.
Many physical therapy practice owners have looked at services they have not historically provided and have now brought these services in-house, through training or hiring clinicians to provide these less traditional services. Obviously, this enhances the capability of the practice for its existing patient base and usefully attracts new patients, who are increasingly likely to self-refer to these services.
The paradigm has shifted at last and many (reluctant) physical therapy practice owners and their teams have embraced extending their opening hours into the early mornings, evenings and weekends. They often find these new sessions are the first to fill up, and some practices are charging a premium fee for them.
Effective practice management
When practices hire a skilled, experienced, capable, clever practice management team, they’re getting so much more than the traditional operations manager – their skill set extends to financial reporting and control, HR, sales and marketing. It is because of these skills that practices grow, and in our experience, it’s a must to hire them ahead of growth, not because of growth!
If you’d like help working on any or all of these five crucial areas for your business growth in 2016, be in touch with me at firstname.lastname@example.org