Disclaimer: The questions answered in this blog are from Episode 321 of our podcast, “Physical Therapy Private Practice: Secrets of the Top 10%,” from the perspective of our owner, Brian Gallagher, PT. You can listen to the full episode here.
In the fast-paced world of physical therapy, owners often juggle multiple issues requiring swift and thoughtful solutions. Drawing from 30 years of private practice experience and numerous sessions with fellow practice owners, I’ve compiled the top questions and concerns we frequently encounter. This blog delves into these significant issues, offering insights and strategies to help you navigate your practice more efficiently.
Balancing Clinical and Administrative Duties
Question: “My business is growing, but I’m finding it hard to balance clinical duties with administrative responsibilities. How do I manage my time effectively?”
Answer: It is common for a startup to wear many clinical and administrative hats. To grow your practice, strive to max out your clinical schedule at around 85% efficiency. This involves seeing patients regularly as well as managing your time effectively. Once you can consistently hit this mark, think proactively about hiring another physical therapist. Utilize ads and headhunters in recruitment. Bring the hiring process to life and make your practice shine comparatively to others.
Enhancing Clinical Efficiency
Question: “We are struggling with clinical efficiency. How can we improve?”
Answer: Clinical effectiveness is the essential foundation of a successful practice. Here are a few tips to enhance it:
- Documentation Training: Ensure that your therapists are proficient in point-of-service documentation to reduce the reliance on note-writing after hours.
- Time Management: Ask therapists to manage time properly so as not to have much chit-chat and to stay on course with the care of patients.
- Care Extenders: Use assistants to handle non-billable tasks, allowing therapists more time for clinical work.
- Clinic Layout Optimization: Organize the space of your clinic so that you minimize your traveling distance between tasks, and everything remains within convenient reach.
e-Learning Management System (LMS)
Question: “How can a Learning Management System support my practice?”
Answer: An LMS is invaluable when onboarding and developing staff. It provides new hires a quick way to understand your practice’s culture and procedures. It also offers the existing staff continuous professional development to always be at their peak efficiency. MEG Academy offers an all-encompassing LMS solution, including modules from basic employee training to advanced professional enhancement for your team to run at its top performance.
Making the Space Pay for Itself
Question: “Would you consider subletting your space to other professionals as a way of reducing their rental costs?”
Answer: Subletting is an excellent option to cover costs. It’s essential, however, that subletting be thought through intentionally. If there is any agreement, it should be month-to-month to not put anyone into long-term commitment situations. Terms and conditions should still be set forth in a written agreement for security’s sake. Use templates from Rocket Lawyer, or something like that to put together a specific sublet agreement. Many challenges can come from working with other PTs in the same space.
Pressure for Better Salaries
Answer: “How should I respond to new graduates shopping around for job offers?”
Answer: Set high standards during the interviewing process. Professionally respond to candidates, firmly turning away applicants who show signs of entitlement. Emphasize to candidates that your practice is looking for someone ready to dedicate themselves to growing along a professional path while providing excellent care for their patients. Lastly, don’t forget to showcase careers to advance into at your practice so that candidates may be invested in your success.
At MEG Business, we offer services in physical therapy practices from consultation to coaching and comprehensive learning management systems. Our experience will take you through the potential pitfalls of running a practice so that you reach your destination with quality care.
If you’re going through similar challenges or have other questions about your practice, MEG Business is standing by. We’re a team of experts who can give you specialized solutions at your point of need. Contact us today and schedule your practice assessment to optimize your practice and thrive.
