Many physical therapists who decide to convert into business and private practice usually dive in immediately without taking into consideration the processes that it entails. One thing they commonly overlook is the financial aspect, and this often leads them to losing. Known as “The Financial Prosperity Coach,” Christopher Music shares some of the common issues among physically therapy owners financially speaking. Christopher observes that they are often blinded by that search for success that they fail to recognize that being a business owner means having to turn over your being a physical therapist cap. He lays down some issues they will have to face such as staffing and engaging with CPAs and book keepers, and imparts the importance of financial education above all.

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Contrary to the belief of less is more, in business, having more people means getting many of the tasks done in no time. This was my constant refrain in the beginning stages of PT business ownership, “I love doing the PT, I just hate running the business!” That all changed when I started hiring the right people. In this episode, Dr. Jamey Schrier shares how to hire “A” players onto your team, because when you do that, you will obtain stability and freedom. The right people in the right positions will take your business to levels that you cannot take it by yourself. As Jamey shares through his process, by hiring the right people and empowering them, your business will grow and be positively affected for years. He also talks about the importance of coaching and networking when it comes to figuring out your business while giving a peek into his book, The Practice Freedom Method.

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What is your plan for the future? Do you want to stay owner or are you for sale and want to cash out at some time? There are a number of different options, but it also includes making sure that your financial and legal affairs are in order. It’s a seller’s market. If you don’t know, there is a lot of activity in the physical therapy space for mergers and acquisitions. With the current sellers’ market, it’s important to know if you want to sell and if you are prepared to sell. John Dearing lists nine tips for preparing your business mentally, financially, and organizationally for sale. John is the managing director at Capstone Strategic, a leading consulting firm specializing in privately held not for sale acquisitions for the middle market. If you don’t have everything organized and prepared it could take up to six months to do so, and another six months to two years after that to see the transaction go through. Even if you don’t want to sell, going through the steps that John mentions will make your business more stable, sound, prepared for growth, and provide you clarity on what you really want out of your business.

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The famous quote often attributed to thought leader Peter Drucker goes, “Culture eats strategy for breakfast.” It is often agreed that how we do things is more important than how well we do them. In other words, it is often agreed that culture is more important than strategy. But do we really put that into practice? How much effort are you placing on your company’s culture? Simply put, culture is the way we do things. It is less about what we want to achieve and more about who we are. Putting a focus on it will go a long way. Will Humphreys shares what has been done at Rise Rehab to improve our culture and how it’s helped in hiring the right people, letting go of the wrong people, and create a productive and meaningful organization that people love to work for.

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Most practice owners don’t have a written business plan and written budgets. They may be looking at numbers but they don’t concretely set targets like they do for the patients that they treat. Chuck Felder of HCS Consulting says it’s important to create business plans and budgets to keep you and your team rowing in the same direction, having that alignment, teamwork, and cooperative mindset. How can they make decisions and focus their time if they don’t know what the goals of the company are and how they fit into it? Simple plans and goals keep you unified and maintaining proper budgets gives you the power to actually predict your profits in the future. Who wouldn’t want that? Take the time to monitor and follow these three things on a regular basis – KPIs, business plan, and budget – and you’re on your way to maintaining a healthy, successful business.

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What does your dashboard look like? Not in your car, in your business. KPIs or key performance indicators are the dashboard to tell you how your business is running. Chuck Felder of HCS Consulting breaks down the key metrics for running your clinic and discusses the importance of tracking and monitoring those. Chuck has used his PT and MBA degrees to become an expert in PT business metrics, and shares his wealth of knowledge with us. Compare yours to his or start building and monitoring your own dashboard as Chuck dishes out some great information to share regarding how to manage PT clinics and how to create a strategic plan around how they’re operating.

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Not a lot of PT clinic owners are focused on what it takes to create a business that is less dependent upon them as owners. Oftentimes, systems and training, coaching, mentoring, or other accountability methods in order to keep PT clinics in check can be overlooked in the midst of the daily hustle and bustle. Here to share his expertise is Sturdy McKee. Sturdy has built a strong, thriving out-of-network PT business in San Francisco that is not completely dependent on him. There was a time that he couldn’t conceptualize that, but it’s what some PT owners dream of. Even if that’s not you, Sturdy has great advice on how to make your business less dependent on you, the owner. His professional growth and the systems he’s implemented have allowed him the time to coach other PTs and business owners. In fact, if you check out his website, www.sturdymckee.com, you’ll see that he shares some great advice – “Hiring A-players”, “New Awesome Intake Form”, “The 3 Magic Questions”, etc. These resources can help you on your path to making your business less dependent on you.

What’s the secret to creating a loyal, returning patients? Hint: It’s not all about the therapy! It’s about the patient experience BEFORE, during, and AFTER they’ve received your care. Neil Trickett, PT and Founder/CEO of Practice Promotions shares the secrets to creating RAVING SUPERFANS. When you create raving superfans then the domino effect begins – patients complete their plans of care and are HAPPY to pay for your services, they return to you when they’re injured or, better yet, they refer family and friends AND PROMOTE YOU TO THEIR DOCTORS, then those patients pay for your services, you grow your foundational patient base, gain a good rep in the community, you build a steady, increasing base of revenue, increase your mailing/emailing list, and the cycle continues!!!! It gets exciting and PTs across the country are thriving this way. Listen to the podcast and you’ll gain insight on what you can do to create the RAVING SUPERFAN.

Jerry Henderson got into physical therapy the same way a lot of physical therapists did, as a patient. Jerry was fourteen years old when he had a skiing accident that fractured his femur and left him hooked on a skeletal traction for about a month and a hip spike for about six weeks. After going through the treatment with a guy who was helping him get mobile again, he understood what physical therapy is all about and knew that’s what he wanted to do. Fast forward years later, Jerry founded Clinicient, a cloud-based EMR software for physical therapy clinics. Clinicient helps their clients on getting up to date on the changes that are coming in the PT space so that they can continue to improve more lives.

A lot of physical therapists don’t consider what it takes to be great businessman or businesswoman and invest the time and energy into that like they did to become good physical therapists. Blaine Stimac is one of the more successful PT owners who has 23 practices across four states and is ranked #255 on the Inc. 5000 list. Blaine’s success is closely related to the systematic way in which he hires and trains his team. Blaine shares that at a minimum, trainings can take up to six to eight weeks, with follow up trainings after that, to create amazing, productive employees right off the bat or weed people out really quickly who are not the right fit. Blaine says growing a business is about the willingness to learn from each one of those times you didn’t do great. You’ve got to be willing to embrace every moment as a learning opportunity.