We all have many choices, and an important contributor to the success of any business – and your PT practice – is whether the choices you’re making are intentional and strategic, impacting how your clinic looks and how it performs.
Here are four key choices that shape your clinic:
- What is your customer value proposition? Answering this question determines what kind of clinic or space you’re going to be within the physical therapy industry.
- What is your profit formula? The choices you make here will determine how your specific profit formula (revenue – expenses = profit) works in your clinic. Without healthy margins, you won’t be able to continue fulfilling your mission.
- What are your key resources? Every clinic has different resources available. What resources are you utilizing and how do they affect how your business runs?
- What are your key processes? What are the key processes you’ve built to help your clinic run effectively? Are they having the outcomes you intended?
Many private practice owners and leaders didn’t necessarily receive business training. But there are a multitude of business practices and principles, adapted to the physical therapy service industry, that are essential in helping your clinic thrive and maintain a competitive advantage. If you’re looking for business training tailored specifically to your PT practice, Evidence In Motion’s Executive Program in Practice Management (EPPM) is a 12-month, MBA-style training that can empower you and your clinic to new levels.
In this video, you can see how EPPM grad Brian Yee, PT, DPT, MPhty, OCS, FAAOMPT, used his business acumen to keep his clinic open and serving patients during the coronavirus pandemic, even in economic hardship. Source: The Wall Street Journal
The EPPM program begins this fall and is accepting applications now. To learn more, visit us here or contact us here.