I was on the phone with a coaching client and she was telling me about how her practice continued to grow, while her competitors were going out of business.
When I probed further, I realized that her competitor was spending money on websites, search engine optimization, newspaper ads and fruit baskets to physicians.
This is very typical, and it proves something I’ve suspected all along.
There’s a valuable lesson here for you and the growth of your practice.
Unlike her competitors, my client was focused on THREE things:
- A well-defined marketing process (with consistent referrals coming in from several different sources – never rely on ‘three or four’ physicians)
- Hiring staff that stood by her no matter what (they put her practice first, and she rewarded them for it).
- A rock-solid billing software and a billing mechanism (if you have a significant portion of your AR more than 90 days out, something is wrong and it needs to be fixed – FAST – her words exactly). If you want to know what I recommend, please send an email to support(at)intouchemr.com
Successful private practice owners observe trends, notice changes, see shifts, and hear the nuances that others miss.
There has never been a more important time for this, with all the changes in Medicare.
They don’t hide their heads in the sand waiting to react to change, but seek out the information they need to ensure their clinic’s growth and survival.
They say abreast of changes in PQRS, CCI edits, MPPR and functional limitation (G code) reporting.
When technology, a new competitor, or a change in the economic situation requires an adjustment, successful physical therapists respond quickly and decisively. In fact….
Successful private practice owners understand that they must focus on high lifetime value activities to grow their practices.
They invest in their marketing education and are able to measure their return on investment. For example, they are able to track that an investment of ‘x’ gets a return of ‘y’ and you only continue that particular strategy if ‘y’ is consistently greater than ‘x’.
They are able to outspend their competition not because they like overspending, but because they know their business metrics so well that they can afford to go the extra mile, since they have a predictable, measurable return on investment. They understand that tracking and measurement are the catalysts for growth.
Successful private practice owners study, ask questions, network, and read to gain the specific knowledge they need to sustain and increase practice revenue.
The characteristic that differentiates them the most from their struggling colleagues is this: they implement strategically to take advantage of what they’ve learned.
Their success is not achieved by memorizing facts or utilizing random tactics, but was a direct result of them being able to apply the information strategically in new and important ways within their practices. Successful private practice owners know what they don’t know… they are continuously seeking out new ideas, resources, systems, and tactics.
They can be learned and used to help you to finally achieve the kind of success you have dreamed about for so long Allow me to be candid. If you haven’t achieved certain financial goals in your practice by now, there’s no better time than the present to…
The information that can prepare your practice for the difficult economic times that lay ahead and help you to become a “success story” are available at this year’s 2016 Referral Ignition Event.
Without the right information and long-term strategies you run the risk of making the same mistakes that other struggling private practice owners have made, and experiencing another year of uncertainty, fear, and disappointment. Click the link below to register right now.