• Financial Metrics—Frightening or Doable? Doable. Image

    articleAug 25, 2014 | 6 min. read

    Financial Metrics—Frightening or Doable? Doable.

    Tracking financial metrics in your practice doesn’t have to be hard, and it doesn’t have to distract from treating patients. In fact, even if you don’t have a systematic way of tracking, you’re probably already doing it informally. For example, you probably have a pretty good idea of your bank account balance, and you likely know how many patients your practice sees on a given day. You know these things because they are crucial to your survival …

  • Are Your Patients Really Satisfied? 5 Metrics to Find Out. Image

    articleAug 21, 2014 | 10 min. read

    Are Your Patients Really Satisfied? 5 Metrics to Find Out.

    Physical therapy can be a long, hard, difficult—and yes, sometimes unenjoyable—experience. So what, then, keeps patients coming back for more? Well, it’s probably safe to assume that it’s not the sweat-inducing gym sessions or the wince-eliciting manual therapy. Rather, I would argue it’s the feeling your patients have when they leave your clinic at the end of their visits. How are they feeling as they walk to the parking lot? Satisfied? Happy? You might not realize it, …

  • Mastering the Metrics for an Exit Image

    articleAug 18, 2014 | 4 min. read

    Mastering the Metrics for an Exit

    A checklist for what matters most to potential buyers of your therapy practice The physical therapy and rehabilitation care industry market is large and growing. Merger and acquisition activity continues to be on the radar for many of our nation's largest rehab therapy providers with six of the ten largest players now owned by private equity firms. There are several reasons for this industry phenomenon, which has driven multiples to a 20-year high and has attracted both …

  • Revenue Metrics Every PT Private Practice Owner Should Know Image

    articleAug 13, 2014 | 4 min. read

    Revenue Metrics Every PT Private Practice Owner Should Know

    The phrase “revenue metrics” might conjure up images of highrise boardrooms, laser pointers, and Powerpoint slideshows with graphs galore. But these financial data points aren’t just for corporate bigwigs; every business person—including physical therapy private practice owners—should not only know what these figures are, but also pay attention to them. While there’s probably no need for you to run out and buy a laser pointer (unless you really want to—I mean, they are pretty darn cool ), …

  • What You Need to Know About Calculating Expenses Image

    articleAug 12, 2014 | 3 min. read

    What You Need to Know About Calculating Expenses

    We briefly talked about totaling up expenses in order to calculate your net cost per visit in a previous post , but today, let’s take a deeper dive into the expenses side of things. Admittedly, it’s not the most exciting topic, but it’s necessary nonetheless, so here we go. Below are four metrics to help you get a handle on the costs of doing business (adapted from this article ): 1. Wages divided by net revenue. Rehab …

  • How to Calculate Your Ideal Patient Load Image

    articleAug 11, 2014 | 3 min. read

    How to Calculate Your Ideal Patient Load

    As a rehab therapy provider, the strength of your clinic’s revenue stream depends mainly on the number of patients you see each day—and the dollar amount you receive for each one of those visits. So naturally, if you want to increase your clinic’s revenue, you mostly likely will need to increase the volume of patients you treat. But how do you figure out how many patients you should be seeing each day—in other words, your ideal patient …

  • How to Create a Metric-Centric Culture in Your PT Practice Image

    articleAug 7, 2014 | 4 min. read

    How to Create a Metric-Centric Culture in Your PT Practice

    If you’re just starting out, your rookie physical therapy practice may not have as much business metric data as your more senior counterparts. But that’s okay, because you’ve got something that they don’t: The opportunity to create a metric-centric culture from the start. And that’s huge. Not only do you want the business metrics themselves, but you also want the culture that supports a constantly improving mode of operation. (Now, this isn’t to say that clinics that …

  • The Four Cs: Essential Metrics for Monitoring the Health of Your Practice Image

    articleAug 6, 2014 | 6 min. read

    The Four Cs: Essential Metrics for Monitoring the Health of Your Practice

    This month is all about tracking your clinic’s performance. Now that you know what business metrics are and why they’re so important , it’s time to get to the good stuff—that is, the ones you should actually use. Without further ado, here are the metrics essential to monitoring the health of your practice (in no particular order): 1. Cash First and foremost, you should know how much money—on average—you make for each patient visit, after subtracting all …

  • Founder Letter: Essential Objective: Mastering Business Metrics Image

    articleAug 5, 2014 | 5 min. read

    Founder Letter: Essential Objective: Mastering Business Metrics

    As physical therapists, we know the importance of objective measurements. Not only do they affirm that your plan of care for a particular patient is, in fact, working, but also they reveal areas in which adjustments to the treatment plan may be necessary. Clinically, you wouldn't—and couldn't—develop or progress through a patient’s therapy program without completing any objective measures. Well, that same principle applies to your business. That’s right: your business. Often, PTs refuse to think of …

  • The Basics: What are Business Metrics Image

    articleAug 4, 2014 | 3 min. read

    The Basics: What are Business Metrics

    This month’s blog theme is business metrics for therapy practices. But before we jump into the specifics of what to measure, calculate, analyze, and act upon, let’s take a step back and cover the basics—what are business metrics? You know the first word in the phrase: business. So how about the second? In addition to referring to a much smarter standard of measurement (the metric system), a metric in its simplest form is a measurement. Put the …

Pages

Achieve greatness in practice with the ultimate EMR for PTs, OTs, and SLPs.