Physical Therapy Management – How To Survive The Recession

It is virtually impossible for any business not to experience a downtrend or recession.  Small businesses are usually hit hardest as they have limited resources to survive a drought spell.  For small clinic owners, it is vital that they have a well prepared physical therapy management plan that can help them face this challenge.

There are some crucial rules that a physical therapy management must follow if they intend to survive this stage of the economic cycle:

  1. Debt should be evaluated and excessive debt eliminated.  It is always wise to be frugal even before revenue starts to drop.  Shrewd physical therapy management will work towards restructuring debt if they cannot be eliminated altogether.
  2. Downsizing is a prudent way of saving on overhead and salary wages.  Efficient physical therapy management will work to increase productivity of staff instead.
  3. Tracking finances should be done daily, if not yet done.  Micro-managing your finances will let you plug any financial leaks right away and minimize wasted resources.  Astute financial physical therapy management should involve generating profitability reports per staff per day or per week.
  4. Staff should be trained and cross-trained if possible.  Wise physical therapy management like this ensure there is no service gap if a staff is occupied or otherwise unavailable.  This ensures smoother service and greater productivity for patients.
  5. Analyze and review marketing costs.  Reduce and eliminate advertising campaigns that are not attracting clients. Astuteness should be required in physical therapy management to gauge if the marketing expense is paying off or if it is just costing the clinic much needed dollars.
  6. Expand geographically without actually opening another clinic.  You can reach farther market by using the internet.  A smart physical therapy management knows that the internet has greater reach and a much lesser expense.  Using this tool effectively and efficiently can mean huge advertising savings with greater benefit to a struggling small business.
  7. An efficient physical therapy management should never lose track of quality.  In slow times, it is tempting to forsake quality for profitability.  Scrimping on quality might eventually mean a lost patient. Remember it is cheaper to keep an old client than to find a new one.

Surviving a recession is going to be a struggle but it is not impossible. Recession is part of any economy thus it cannot be avoided.  Being prepared for it could mean the difference between closing shop and weathering it for the next economic cycle.

Physical Therapy Management Techniques

Let’s deviate from the usual physical therapy management discussions we have and in this blog, focus on physical therapy management in reference to clinical intervention.

Physical therapy management should be dedicated to the providing of services to patients who need to restore the proper function of parts of their bodies. Physical therapy is also used to improve the mobility of some patients. In addition, the relief of pain and the prevention of physical disability is important. Patients with injuries or diseases need this kind of help. If an entrepreneur is not focused on physical therapy management they will never be able to get to what they want to be doing more, namely helping people. Management of a practice is the second most important part of being a physical therapist and cannot be done without.

Physical therapy management allows a therapist to help a patient gain the independence they had before an accident or illness. Improving the range of motion, strengthening the affected parts of the body and heightening the functions of the body parts is high on the priority list. For other patients with osteoporosis a training program should be put into place to allow them to be active and without pain through the development of exercise regimens that reduce the fracture risk as well as improve the function of muscles. Physical therapy management techniques help a therapist puts these kinds of programs together.

Heart patients can benefit from a therapist’s physical therapy management techniques. A therapist can help a patient understand and manage their afflictions by educating them. Resources can be referenced and treatment strategies can be implemented to help the heart patients regain their independence after a heart attack or other issue. Physical therapy techniques can help the heart patients build their stamina for day to day activities. With the proper examination of a heart patient’s history the therapist can help them by setting out the proper therapy regimen for them to follow when at home.

Physical therapy management techniques encourage the studying of medical histories as well as testing the strength of the patients when they begin therapy. Balance and coordination is a big concern for therapists as well as the overall posture and muscle performance. Motor function is tested as well as respiration (especially for heart patients). A patient’s ability to function independently is paramount and is the main focus of physical therapy management techniques. Treatment plans are studied, devised and developed for patients in order to ensure the optimum development of muscle coordination after an accident, surgery or illness.

 

Physical Therapy Management When Economic Conditions Are Tough

Physical therapy management is even more taxing in tough economic conditions.

However much you take precautions, you cannot totally secure your business. It takes very good physical therapy management to survive in uncertain economic environment. The first thing you need to do is to make a SWOT analysis, your strengths, weaknesses, opportunities and threats. This will go a long way in helping you create a survival strategy.

The second physical therapy management approach is to optimize financial and human resources – spend less and maximize productivity. This means you increase your revenue while minimizing cost. You have to make sure that for every penny you spend, you get maximum value. Spending less does not mean cutting costs unnecessarily. The focus is on the value of money, not on the cost alone.

Another aspect of your physical therapy management is your cash flow. In simple terms, cash flow is the money coming in and out of your business. It is one of the crucial elements in your business so you must know how much money you have, how much you owe and how much money are owed to you. As much as possible, there should be a healthy balance of the cash flow. It is sound physical therapy management to have a cash flow forecast that will show your projected revenues and expenses so that you can anticipate cash flow shortages and will have time to make necessary adjustments.

Risks are part and parcel of physical therapy management or any business for that matter. Even so, reducing your risk factors can spell the difference between survival and failure. This is more critical in tough economic conditions so you need to have a risk management in place. This means once you have identified the threats in your business, do steps that will reduce them or better still, eliminate them entirely.

In adverse economic conditions, it is good physical therapy management to review your business plan. Analyze the current economy and make the adjustments in your business plan accordingly as your previous targets may now be unattainable.

Focusing on the core strengths of your business is a crucial physical therapy management. You should have enough confidence in your abilities. Surviving tough conditions is a real learning experience. Survivors have shared that there was an increase in teamwork and internal communication.

In these tough economic conditions, surviving is difficult but with good physical therapy management, a private practitioner can make it and will come out stronger.

Your physical therapy business will be in a better position to deal with the unpredictable economic conditions if you have a good physical therapy management in place.

Physical Therapy Management Complexities

It is a challenging decision for a physical therapist whether or not he or she should quit working at a facility or hospital to start his or her own private practice.  To some, this is not even a choice; setting up their own clinic is something they have to do.

Aside from clinical skills which the physical therapist learns in school and practices at work, one of the things he or she must learn when he or she decides to venture to private practice is physical therapy management. This is a skill that will allow him or her not only to start his or her own business but also make it grow and succeed in a very competitive setting.  The ultimate goal of a business owner is to have a profitable business so it is important for him or her to learn and master this skill of physical therapy management.

Now, physical therapy management is rarely simple.  It covers budgeting for the overhead expenses especially at the onset of the business operations, scheduling for clients’ appointment and sometimes putting in more than 8 hours a day, and billing to make sure that you get paid for all clients’ visit especially when it goes through insurance companies.  Physical therapy management also means making plans and strategies to make sure that you stay ahead of trends that will affect your business now and in the future.

But what is physical therapy management really?  It is much more complex than what has already been mentioned.  When it comes to running your clinic on a day-to-day basis, your physical therapy management skills will dictate that you find ways to make sure it is running smoothly with all procedures and guidelines in place.  Having guidelines is important to make sure that there is a structure everyone follows for a systematic physical therapy management.  These guidelines would include patient handling from the time a patient comes in the door, goes up to reception, gets served,  until he or she exits that door.  Good physical therapy management means making guidelines for equipment maintenance, for employees’ compensation, for legal issues, for marketing and getting your presence known in your area, for recruiting and making sure you are hiring and developing the right people.

Physical therapy management is a complex decision but with time and experience, it will get simpler.

Before you do decide to venture out on your own, make sure that you are ready with your clinical and physical therapy management skills, seek the advice of those you have gone and ahead of you and made their physical therapy business a success and most of all, be determined to face head-on all the challenges that will surely come your way once you become a private practice owner.