physical therapy practice management coachingBy Thomas Champine

In part 1 of this series on physical therapy software and practice management we focused on the anticipated results of the aging baby boomer population on the health care system in the United States. Today, I would like to cover the second question that we raised and that was “Are you ready for a massive demographics shift at your physical therapy practice?”  Well, are you?

This massive shift will mean you will need to change to stay ahead of the curve.  Do you have a growth plan in place? Can you easily forecast your potential through your current practice management program? A growth plan is not only about collecting more money. It is also planning for additional employees, expanding practice space, improvement in patient flow and supply coordination to name just a few.
Finding quality talent is always a difficult task for any practice.  One way to help ease the pain is to go to what you know.  If you are looking for new providers, why not recruit new providers from a place you trust, your alumnus. Your alumnus and the college’s and universities in your area are a great resource for new talent to add to your staff.
One well known fact about growth is that if you add employees sooner or later you will need more space.  There are many options when it comes to more space but all of them require a careful consideration of pros and cons. Can you expand your current space or will you need to move into a new building.  What effect will a new physical address have on your practice?  Do you have a large population that see you based on physical convenience or are you confident that your patient may travel farther to see you? These are just some of the heavy issues that you must think about when reviewing your growth plan.
The key to all of this is to have a plan in place, with a list of resources you can quickly and easily reach out to, when you need to grow.  Planning now, for your practices success, will better prepare you for the changes that are coming. In the final part we will review the systems and process your practice uses and some key performance indicators to determine if it is ready for the future, including your physical therapy practice management program.