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Physical therapy practice owners often find themselves going in circles. You’re constantly putting out fires, reacting to what’s happening right now—with no time to think about what’s next. You’re working hard and not getting ahead. You’re unsure about what to prioritize. You’re interested in growth but don’t know how to achieve it.
Sound familiar? The way out of this confusion begins with a strategic plan.
A strategic plan is an invaluable road map. It’s the bridge that connects your big-picture vision and your short-term, on the ground operations and goals. Your strategic plan puts you in control of your business and it’s future.
With a strategic plan, you have an action plan for the coming year. You know where to put your time, energy, and money. You can make concrete progress and measurable improvements to the most critical areas of your business—which sets you up for more (and more sustainable) growth down the road.
I talk to hundreds of practice owners a year. Here are how three PT practice owners I know used strategic planning to achieve their business goals:
RACHEL is a COMMITTED CLINICIAN. She operates a practice with a small staff, and handles all the treating herself. Patient flow is up and down, and the work of the practice is all tied up in her.
Rachel used a strategic plan to add an additional PT to her practice in next 1-2 years. Her plan prioritized:
- diversifying referral sources
- increasing revenue and reducing debt
- PT recruitment and compensation planning
After a year, Rachel is on track to hire a full-time PT and reduce her treatment hours by 25 percent.
OWEN is an OVERWHELMED OPERATOR. He treats patients full time, and spent every other moment putting out fires for staff. He was keeping a relentless pace, constantly distracted. Feels burned out, frustrated staff doesn’t have more independence/competence.
Owen used strategic plan to implement:
- systems for collection/billing/scheduling to reduce errors and improve efficiency
- a management structure that enables effective delegation and consistent treatment/patient engagement practices
- a staff time audit to maximize productivity
Six months in, Owen took his first vacation in 3 years. After year, he’s no longer working weekends and able to schedule regular time away from clinic to be with his family.
JASON is an EVOLVING ENTREPRENEUR. He operates two clinics in a competitive market, with long-term managers in place and well-established front office systems. Though energized and excited by leading a thriving multi-site practice, Jason feels stressed about not having an “exit plan” for when the time comes to sell.
Jason used strategic planning to evaluate a possible expansion to a third location, which focused on:
- Market research
- Analysis of current his business performance and capacity for growth
- Establishing a longer-term game-plan for selling his practice
Roughly a year and a half later, Jason entered into an agreement to buy a competitor’s clinic, and has a timetable and a to-do list for exiting his business.
No matter where you are in your PT business, strategic planning can make all the difference to growing successfully, on your own terms.
Are increasing patient visits and reducing drop-outs part of your strategy for growing your business?
For a limited time, get a free copy of my guide, the Patient Visit Multiplier, and use these proven strategies to get more patients and keep your patients more engaged.