Managing cash flow is key to your private practice business success.
By Sturdy McKee, PT, MPT, CEO
Running a practice involves learning many new skills outside of our clinical and academic training. As we embark on that journey, we are forced into situations where we must learn new things, often the hard way, but there are alternatives. Learning from the experiences of others is one way to plan better, acquire skills before they are needed, and be prepared for the challenges to be encountered. And this is true no matter what stage a practice and owner are at. There are new challenges at each stage of growth, not just at startup. At every stage of your practice, managing cash flow and money, as well as communicating value, are critical skills to be mastered.
By Terry C. Brown, PT, DPT
For those of you who don’t know or maybe have wondered, “How old is that guy?” I am 60 years old. When I was a young therapist, 60 sounded really old. That was the group of therapists who sat together at meetings and seemed to have their own club. Now that I have arrived at 60, it really does not seem old at all. In fact there are distinct advantages that come with age. These advantages do not include degenerative joint disease, frequent urination, or problems with memory acuity; they do, however, include perspective, patience, and inner calmness. These are traits that for the first 25 years of practice I did not possess, and their absence most likely drove my passion to succeed. Now they allow me to view our profession with clear vision and peace about our future.
By Stacy M. Menz, PT, DPT, PCS
Money matters. Depending on how you read it, your perspective on your current situation, it could mean money does matter, or it could mean matters regarding money. The reality is they both go hand in hand. I know many of us didn’t get into private practice thinking we were going to rake in the cash and retire early. We do what we do because we care about our patients and their lives, the health of the U.S. population, the development of kids, and on and on and on. But the reality is that money does matter, and you need to pay attention to matters regarding money to be able to serve the community and people that surround you and your practice.
We can all agree that effective communication is key when selling someone a product, a service, and yes, a more healthful outcome. And yet when private practice physical therapists make their pitch to potential clients either in person, online, or within marketing collateral, it isn’t enough to simply speak the same English language.
Few things are sadder in the physical therapy marketing world than a clinic blog that is underused or completely ignored.
We have all seen them: physical therapy blogs that proclaim “Hello world!” because no other posts have been added, or those once-used-but-soon-forgotten blogs whose most recent posts date back a year or more.
What makes them sad from a marketing perspective—more disappointing, really—is that such blogs indicate physical therapists are underutilizing one of their greatest marketing tools.