By Stacy M. Menz, PT, DPT
Financial management is a topic that is always important, but currently is sitting at the forefront of my mind.
With the effects of the COVID-19 pandemic impacting so many of us financially as business owners and employers, I am constantly looking at how to maximize and conserve all funds at my disposal.
At one time, financial management was a tool to improve available resources, compensation, and profit margin — all things that added to our quality of care, practice, or lifestyle. Now, for many of us, financial management is our means to survival. In this time more than any other, teaching my team about the financial history and current status of the practice is paramount. Given the uncertain circumstances of this time, honesty and transparency is what I can offer to them. I find myself teaching financial management and how that relates to the performance of the practice, our visits, evaluations, and billing.
I am looking at information weekly now, where before I might have analyzed the data monthly or sometimes quarterly. I have kept my staff informed of our “state of affairs” and I even created a PowerPoint for them. (I am terrible at PowerPoint and I blame it on the fact that we still used overhead projectors while I was in PT school!) I am sharing information with them to help them understand why certain metrics are so important and not just an arbitrary number I made up to make their lives more challenging.
We hope you find the articles in this edition helpful and timely, not only to you as the owner, but also to assist in conveying the financial health of your practice to your team.