Why Your Private Practice will Fail if You Don’t Make These Changes
So you want to grow and expand your business, but when was the last time you stepped back and assessed your practice and thought outside the box? 📦
Are there ways to impact more lives AND increase income without taking more time? ⏰
Are you where you want to be today?
I'm going to show you FIVE critical steps to reevaluating your practice so that you stay in control of your business instead of IT controlling you. 📝
Let's be honest... If you take a cognitive assessment and try to evaluate oral-motor function with it or administer a sensory profile to assess handwriting, you won't be getting the information needed to make a plan moving forward for that client/patient. The same applies to your business. And if you're just trucking along with your business and not re-assessing its state every 3-6 months, you, your business, and your patients will suffer.
Are you ready to take a hard look at your practice and think outside the box for ways you could make it better? If you’re ready to dig in tell me, "I’m ready"!
Number 1: Assess Your Scope - Specialized or Generalized?
When you work in a school or a rehab facility, you don’t get to choose the patients that come your way. But one of the glorious things about being in private practice is that you are able to find ways to set yourself apart from the crowd by being a specialist. While I was in school there was a professor that was IN LOVE with the brain. She told us she was in love, and she would actually caress the model of the brain she was using while she was lecturing in class. When we talked about the brain we ALWAYS talked about Dr. Lauer.
What about you? There may be a benefit to finding something you’re passionate about and becoming the expert in your small, well-defined area. Some people in sales like to say that “ The riches are in the niches.”
But on the other hand, maybe you love all the things and you couldn’t bear to choose just one.
The point is that you really need to take stock in this. Don’t just let this become something you fall into. If you don’t consciously make this decision, the decision will make you.
If you think this is something you need to dig into a little bit, give me a hashtag #SCOPE so I know you agree.
Number 2 - Assess Your Staff: Delegate or DIY
Raise your hand if you LOVE dealing with insurance. I’ll wait.
Since none of you raised your hand, let’s dig into an idea for a minute. Right now you’re thinking that dealing with insurance is a necessary evil, but that you would much rather be working with a patient.
All this time you’ve been saying that you can’t afford to hire someone to help you, but what if I told you that you can’t afford NOT to?
Others have people working for you, but those people aren't being used effectively, or they’re not moving the needle in the right direction.
In any case, if you want to grow your practice you’re going to need to take a hard look at your scalability. To go from making X dollars a month to making Y dollars, what would need to change? If you’re thinking that you’d have to work more, then “Have I got a deal for you!” There are some simple ways around that.
Number 3: Assess Your Financial - Cash or Insurance?
If insurance is such a pain to deal with, what could be gained by transitioning to a cash-only business? We’re not talking about going under the table, but what if people paid you directly, instead of you filing to get paid by an insurance company?
For many, this is a simple transition that has given them quite a bit of freedom. But many are worried about what it might cost them or their business.
For big decisions, it can be helpful to find a way to measure out the pros and cons. A common way to do this is something called a SWOT Analysis. SWOT is an acronym for looking at your strengths (S), your weaknesses (W), your opportunities (O - external things that could enhance your business), and your threats (T - things that could put your business at risk). Ultimately, will moving from insurance pay to cash only enhance or limit your business. You might be surprised to hear what other people have experienced. You can grab your own printable S.W.O.T. Analysis tool and example below.
Number 4: Assess Your Method of Delivery - Online, brick and mortar, in-home, or both?
You’ve heard someone say it, “The new normal.” In his book, “The Obstacle is the Way”, author Ryan Holiday describes people who have looked at obstacles in their path and used them as inspiration to help them create something better than they would have without the intrusion.
For many, COVID is just such an obstacle.
As you plan for the next 6 months of your practice, you must decide WHERE you’re going to practice. Many are simply waiting for their opportunity to open their office again. Others are taking this as a chance to open up a new online presence, or to transition into serving their clients in homes.
What about you? Where will you be practicing? Let me know if you’re going to people in home, a brick and mortar, online, or more than one.
Number 5: Assess Your Services - Holistic resource or not?
The title for this one sounds a lot like the first area we covered today, but it’s really very different. Hear me out.
Many people are happy just doing speech therapy. But other people would rather be known as a resource hub. In our company, I was called the “Resource Queen”, because I could always give people a new tool, or help them track down some research they’d forgotten about.
For you, will patients think of you when they meet a friend whose kids are having a hard time pronouncing their “R”, or will they think of you any time their friends talk about their kids with oral/motor issues of ANY kind? In other words, will you be helping people find answers in other areas of their health? Or will you “stick to speech”? Now, this is different from the first area we discussed because this isn’t the things you’re treating with your patients, it’s all about you helping your patients track down other resources that will help them along the path to overall wellness.
As with each of the areas we’ve discussed this isn’t one-size-fits-all. You’ll really need to look at your passions, at your strengths, at your gifting, and even your skill set to see how you want to move forward.
When we do this sort of work with our clients, we use our SPARK method to help them begin by looking at the core of who they are as a person, at how they function, and how their mind works. If you don’t start there, you’ll be on a wild goose chase.
If that’s you then I want to help you calm the crazy and grow your business in a way that feels natural. But because this is a new business, I’m being really choosy and limiting the number of people I work within the early phases, so I’m only choosing people that are a good fit for our team. If your clients would give you a good review, and you would be willing to put in the work with me, then let's set up a quick chat to see if we are a good fit for each other.
Grab your blank version here:
Which of the areas from today’s conversation do you need to work on the most?
I have a free FB group for therapists in all disciplines in private practice who can collaborate, support each other during all of these shifts happening. If you'd like access to this group, click here and answer the questions for approval.
Watch the full video here: