Do you know the cost of doing business? If you don’t, you are the effect of what you don’t know. No, you didn’t go to finance school, but the finance lines are still the most important division in your practice. By knowing the cost of doing business we mean, the profit margins, the cost per visit, etc…

This week Jon Repka from Paro is joining us to talk about finance lines and about what you don’t know. Paro is a financial services firm that has highly vetted financial professionals in an amazon-style fashion with a specific division that works with private practice owners like yourselves.  

• Step one is understanding per unit economics - profitability per service/per hour. If you don’t know this, chances are your financial systems weren’t set up correctly. 
• Bookkeeping should also drive the front end of your strategy - the services and marketing of said services and who you market to. 
• In bookkeeping - variance, P&L (profit & lost statement) and balance sheet are the three most important reports 
• If you evolve into the hybrid model, you need to have the ability to look at in-network versus out of network business and look at everything on a consolidated basis, a solid bookkeeper can do that in their sleep.

This week we’re talking with three leading women in private practice. Jacqui Broering, PT, MPT, owner of Performance Physical Therapy in Ohio; Jennifer Schneiders, PT owner of Outbound Physical Therapy in Jefferson City, MO; and Angie McGilvrey, PT owner of Apex Physical Therapy in Fort Myers, Florida. 

We were thrilled to chat with these three incredible owners to round out our women in business series and hear about their experiences, what led them to practice ownership and how they overcame challenges in conquering the unknown.

This week we’re talking about what is going on with these routine cuts in reimbursement against our profession as physical therapists. Take a non-bias view of our political climate and you can see, clear as day, that many are set on government-run universal health care. According to the Advisory Board – an organization of 350 health care professionals with a network of 4,400 members – health care spending will become greater than 20% of the US GDP by 2025, topping more than $5.5 trillion annually. The government could raise billions, if not trillions, of dollars each year in fees and taxes by wedging themselves into this sector of the market. 

How did I come up with the four keys to private practice success? Well, after hitting rock bottom in my own practice, I invested in becoming the best owner that I could be by learning everything I needed to know. This led me to consulting where I learned, after working with hundreds of practices, that there was a sequence to follow and key elements that needed to be in place to be successful. The better one followed them, the more successful they became. The four keys to success are: 

• Environment
• Structure and Organization
• Personnel Management
• Systems of Operation/SOP’s

So many practice owners who talk to us are focused on doing, doing, doing. But that is not going to make you a better owner, nor is teaching your staff. Training advances skills, teaching just educates.

This week, we’re having a chat about women in business – part two of our three part series of women in physical therapy. Brian touched on this topic recently, but we wanted to bring in the women who inspired the original podcast. We brought on three executives from our team, Denise Muncie, CEO; Abby Keyton, DPT, Director of Remote Management Services; Nicole Walzcak, PT, Chief Development Officer who talk about rising through the ranks as women, how to be successful while balancing the mental load, and how to stop self-doubting to make the leap in your career, or in some cases, into private practice.