The Future of Private Practice is Bright… As Long As You Understand This One Secret
This article on the future of private practice was written by Dr. Jamey Schrier, DPT, Founder and CEO, Practice Freedom U
What does the future of private practice require?
As PT Practice Owners, we’re acutely aware that the landscape of private practice ownership is constantly changing. Competition and consolidation are increasing by the day. Medicare is restructuring. Reimbursements are declining. These are changes that we cannot always adequately prepare for – or predict.
And yet, I am confident that the future of private practice ownership is BRIGHT… as long as you do this ONE thing: become and stay efficient.
By watching the following video, or reading the transcript of the video below, you’ll learn more about one of the simplest things that you, as a private PT practice owner can do to ensure continued success and longevity in a highly competitive field – and where to go to help find it!
I had a great conversation with a private practice owner the other day, and we got into some deep stuff, and he asked me a question.
He goes: “What do you think the future of private practice is? Do you think it’s still worth it for people to go into business, or do you think that’s not really a good idea?”
And it was an interesting question. It was a great question, and I thought about it and I said: 100% business ownership is the way to go, if that’s what you want. I would not deter away from it because of all the things that are happening in the country, with competition and consolidation and Medicare restructuring and declining reimbursements.
And what I said was this: The reason I’m so confident, really comes down to: there is not a business in the world, right now, that can’t benefit and improve significantly if they do one thing. And if they do this one thing, they will make the money that they want.
We’re not necessarily trying to be millionaires in this business, but we want to make something. We want to get back our money that we put in our education, we want to have a life and provide for our family and our kids.
So if you do this one thing, you’re gonna get that. What you’re also going to get is a level of protection, protection against the competition, protection against the ongoing declining of reimbursements.
Definitely not the increase of reimbursements. What is this one thing? It’s efficiency.
You see, the days when I was growing up in the PT world of off the 90’s and people used to talk about the 80’s in the early 90’s, it was like:
“Oh, my god, you open up a practice and you’re making money hand over fist, this is the greatest thing in the world. “
Well, what they didn’t tell you is, A: you’re getting paid full boat for what you billed, and B: most doctors didn’t own their own PT.
Nowadays, we don’t have that luxury. You see, the people that don’t have systems in place, processes, they don’t really look at things like a business.. they look at things like a clinician.
See, those people are going to get squashed. You either going to have a very small business where you’re pretty much the whole business, or you’re gonna have these large, multi-location businesses.
But for most of us, that sit right in the middle, the 1, 2, 3, 4 location businesses, we have got to become more efficient.
We have to optimize everything we’re doing. And there’s only two ways to do it… You’ve got to get some processes in place, and you gotta have good people.
That’s it. And each one of us could do that. Each one of us could be better.
That’s the secret.
And he was blown away when he heard that.
So, if you’re looking to optimize your business, if you want to become more efficient—and believe me, you can – and see the results that you’ve been searching for…then you’re gonna reach out to me.
I’m happy to talk to you. Leave a comment below. But this is the way that you’re gonna not only survive in the future, but thrive.
You’ve got to create a more efficient business that delivers phenomenal care that people value. That’s it. That’s the secret.
The Future of Private Practice Success Depends on Owners that are Adaptable
Getting more efficient and optimized is always easier said than done. If you need a helping hand, I highly encourage you to check out my must-read book for private practice owners: The Practice Freedom Method.
You’ll not only learn critical time management skills, but also how to implement processes and systems to empower your staff, reduce administrative headaches and confusion, and provide you more time to work “on” your business instead of just working “for” your business Any one of these skills is valuable on its own, but when using them together? Your practice as a whole will evolve in ways that you wouldn’t believe possible.
Normally available for purchase on Amazon, this guide is available to Better PT network members for FREE (just cover the cost of shipping). You can request your free copy here – why wait?
The world of PT is one that is constantly evolving and changing to go along with the rigorous standards of care set forth by the rest of the medical industry, so falling behind is not an option. Whether you own a large network of physical therapy locations or a small but still growing one, you need to follow the steps that will give you the most benefit.
Getting organized and staying organized are two entirely separate entities, but by following the right advice and outline for success, both are very possible in a short period of time, even for busy PT practice owners. Since the overall goal is to do what is best for patients, why not ensure that you and your staff are doing whatever it takes to get to that point? Change and growth starts from the bottom and works up, so begin by ensuring that you’re equipped to give your patients the care, concern and attention that they deserve from the moment they first contact you. The future of your private practice depends on it.
For those practice owners that are looking to utilize a strong, widespread patient and facility network that gives back time to patients and providers, visit the BetterPT website today. Not only can you learn more about the company itself, but you can find out more information about how their secure inbound patient management software can help make your practice be more efficient through online appointment scheduling and EMR integration.
Dr. Jamey Schrier is a physical therapist and founder of Practice Freedom U, which teaches PT practice owners how to grow and scale their businesses, making prospering both inside and out of the clinic possible.