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Written by Brian Gallagher PT, President & Founder of MEG Business Management Contact: info@megbusiness.com
While some may focus on the past, is it the job of the entrepreneur to constantly be thinking in the future. This is what we mean when we encourage our physical therapy practice owners to put on their “CEO hat.” But the question is: Which actions can a physical therapy owner take today to make a difference in improving their patients and practice, tomorrow?
The answer is clear when you consider that most people equate the word new = better. Examples of this can be seen all throughout the world of Marketing.
It would then stand to reason that in private practice, we should be seeking to innovate and bring newer and more effective systems of operation into fruition. These solutions can be found in cutting-edge physical therapy technology, both on the clinical and administrative sides.
By driving in this direction, practice owners are more likely to expand and meet the golden rule of having three income verticals. Some of the best practice models in existence are not those that are traditional insurance, nor those that are all cash, but rather the hybrid practices who accept federally-funded programs and cherry-pick the insurance carriers that are willing to pay a fair amount for our professional services.
I can hear you now, “Do those even exist today?” That all depends on where you are practicing geographically. Why does this seem so difficult to do? Well, our Healthcare System isn’t exactly doing us any favors.
I'm frustrated that over the span of my 30 years as a physical therapist in private practice, reimbursement injustices have yet to be remedied. This is part of the reason that I have made it my life’s mission to teach practice owners how to “out-create” these barriers and succeed in spite of them… and the secrets to doing so are right here in this article.
There are several proven systems that the most successful private practice owners have already embraced. By “successful” I am referring to those who can afford to live their lives with both economic stability and time flexibility. In my opinion, when added together, this is what equals true freedom and business autonomy.
Let’s be honest: these freedoms come at a cost that only about 10% of the population are willing to pay, and for those who are willing, they should reap the rewards of their efforts.
To this end, I would like to provide you with a list of advanced technologies that will grant you the rewards others are failing to experience due to their outdated modes of operation:
Advanced Clinical Applications:
This device is unique among electrical stimulators for several reasons:
The waveform has a significant effect on the neuromuscular system that can accomplish faster rates of recovery.
Its application includes using a mapping technique and specific rehab protocols administered while the patient is actively rehabbing with movement-specific techniques as opposed to a passive modality.
Due to the unique waveform, one can go with much higher levels of application without any skin burns. This is an ideal option as both a cash-based service and for insurance carriers alike.
Personal Fitness Training
When adding personal fitness training into your practice, it’s all in the application model you choose to set up. The most success we have seen is when you start off with college-educated staff who are either Sports Med, Exercise Physiology, or any of the sports science-related majors. They should come on as Techs in your clinic, working with your patients, then come in during the last half of your discharge visit and educate your patients on the value of continuing towards reaching optimum health with your aftercare program.
Pulsed electromagnetic therapy has been around for decades and is currently a billion-dollar business. I invite you to research Dr. William Pawluk to learn more about it from a true expert in the field.
Here is a quick overview: The earth has a magnetic field of .5 gauss (which is very low) and these therapy devices can go into the 1,000’s of gauss - safely treating pain and healing the body. Because Pulsed electromagnetic therapy can go all the way through the body, this can be a much more effective option than Tens, US, or laser therapy.
Advanced Administrative Applications:
Pay-for performance Model
As our society changes, so does the way we need to work within it. As owners, we need to consider higher rates of exchange so that we can ensure ongoing job satisfaction for our top-performing employees.
Anyone in business will tell you that it’s the personnel, not the product or service, that determines a company's success or failure. The Pay-for-performance model is based on quality, efficiency, and productivity. People want more work-life balance, and this model opens the door for them to achieve it.
Remote Services
Almost two years ago, I claimed that we have a “supply chain shortage” in physical therapy, which is the lack of high-quality human beings who value the concept of reaping what they sow. It has become increasingly more difficult to find (let alone afford) good people who are talented and willing to contribute for the greater good of a group, not just for themselves.
There is a better way to fill your positions that also eliminates turnover, raises, and the need for staff coverage of vacations and sick days. Why just shop in your backyard? Whether you need a highly-trained Biller, Credentialing Officer, Front Desk Coordinator, or Insurance Verification Officer, look to the future of outsourcing remote employees to get the best and brightest from all over the country!
LMS (Learning Management System)
An LMS, like MEG Academy, is the single best step an owner can take to elevate their practice operations and staff. With a virtual, web-based system for training entry-level members all the way up to the CEO of your organization, you will witness the difference in their skill development with this onboarding system. The LMS allows for greater consistency in what they are learning and how they are applying it. It is cost-effective and ongoing, with limitless possibilities for changes and upgrades.
Advanced Clinical & Administrative Application:
PT Wired is the cornerstone of cutting-edge technology, combining clinical and administrative applications in the form of a patient engagement app. This is essentially your clinic in an app - connecting your patients with their plans of care and continuing their stellar patient experience wherever they go. Not only is it fully customized, but it’s been proven to prevent dropout and make lifelong fans out of your patients - enabling those in your community to feel better, faster, and more conveniently than ever. Messaging their provider, paying bills, and engaging with clinic Marketing is just the tip of the iceberg.
It’s time to stop practicing like it’s 1995 and fill the needs of today’s public using these pieces of innovative technology. Propelling yourself and your team into the future by taking these meaningful actions will send you on your way to a happy life as a private practice owner.
If you’re not expanding, you’re contracting - don’t allow your physical therapy business to become stagnant. Learn how to implement technology that will propel you into the top 10% of practices nationwide.
Download our new PT Technology Trends in 2022 eBook to learn more.
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