In this third video of a three-part series, PT and entrepreneurial consultant Jamey Schrier explains why looking at your practice’s staff as an investment—rather than a cost—is the key to achieving business growth and financial success. Want to know more? Watch the video or read on for Jamey’s description:
Ask any business “expert” what you should do to increase your clinic’s profits, and he or she likely will advise you to do two things:
- Cut costs.
- Increase your number of new patients.
While I agree with the second piece of advice, I have a fundamental issue with the first. Why? Because I feel many PT practice owners and directors have a flawed definition of cost. I’ve asked hundreds of PT business professionals what they consider their biggest costs, and their responses have been virtually unanimous: “My number-one cost is my staff!”
Well, I would argue their number-one problem is labeling staff as a cost in the first place. In reality, if you’re running a PT practice, your staff is your greatest asset—and the best way to grow your practice is to use their skills and talent effectively and efficiently.
In this short video, I’ll teach you how to grow your practice by assessing your financials and analyzing your staff’s impact on those numbers. And once you do so, I’m confident you’ll shift your perspective to see your as an investment rather than an expense. In fact, by adopting this mindset in my own two-location practice, I was able to completely remove myself from my clinics’ day-to-day operations while continuing to make a sizable profit.
About the Author
Jamey Schrier, PT, DPT, provides business coaching services to private practice owners. Jamey has been a PT business owner himself since 1998, so he has plenty of experience in dealing with the challenges that every owner faces: generating more new patients, overseeing financials, managing staff, and handling the stress of juggling many different roles.
Before automating his practice using systems and grade-A staff, Jamey was working 60-plus hours a week, missing his kids’ events, and worrying about pulling in enough money to make ends meet. The stress kept building, which caused his confidence to plummet. Nowadays, Jamey uses his 13-plus years of PT experience and vast business knowledge to provide one-of-kind courses that show practitioners how to double patient volume and increase take-home pay by 50%—all in less than six months.
You can learn more about Jamey at jameyschrier.com.