The end of the year is a time to relax, reflect and spend time with your loved ones. And for physical therapy owners, it’s also a time to examine your private practice’s performance and make plans for the future.
This physical therapy year-end planning checklist should help you create action items to close out the year with solid plans for the future.
Financial Reporting & Planning
The end of the year is an excellent time to review the books. As part of your private practice year-end planning, you should run the following reports:
- Profit and loss statement
- Balance sheet
- Cash flow statement
Strategic Plan Review
After creating financial reports, conduct a Q4 review and a yearly recap review. This analysis should show you where there is excess cash you can reinvest into your business for tax benefits in the upcoming filing season.
You’ll also want to create projections and practice management goals for 2022, and build your Business Strategic Plan for the upcoming year. Take a look at your competitors and analyze any opportunities in your market.
Annual Housekeeping and Administrative Tasks
It is easy to forget some more general housekeeping tasks throughout the busy year, so getting into the habit of handling these tasks at year-end is a best practice.
Annual administrative cleanup tasks should include:
- Updating name, address and phone information for vendors and cleaning up databases
- Backup your computers, cloud information, mobile devices—any data that could cause a headache if lost (yes, even if you’re on the cloud)
- Take inventory and note any shrinkage or products that aren’t moving and adjust purchasing plans
Review Employee and Staffing Needs
Ensure your employee’s information is up to date and consider whether you’ll be giving any year-end bonuses. This is also an excellent time to plan for any hiring needs you may have for 2022 and add them to your budget.
Consider if there are any administrative tasks that may be more efficient to outsource, such as your physical therapy billing. This is also a good time to make a physical therapy management training plan for the upcoming year and look at any training investments you’ll want to plan for.
Meet With Accounting and Legal Experts
You’ll want to meet with your accountant to review any tax changes you may want to consider before the end of the year. Meeting with your attorney at the end of each year is also a best practice to cover any changes in local employment laws or regulations that could affect your private practice.
Plus, it is always a good reminder of what investments will make good write offs for your business and which tax year makes more sense to purchase in.
Review Your Marketing Plan
Take a look at your KPIs and adjust your marketing strategy for the upcoming year. As a part of this task, review your social media, email marketing, website and any changes you can make to generate more physical therapy patient leads. Make sure your website information, call to actions and contact info are up to date and give it a general refresh.
We recommend that owners review your website at least annually to ensure it is meeting or exceeding the standards of your competitors’ websites.
Consider New Partnerships
MEG Academy has the proven systems and training to take your leadership and management to the next level.
Whether you need help with your billing, website or training your staff and leadership teams, we can help. Check out the various courses and certifications that will deliver the retention strategy you need to join the top 10% of private practices.
