The 3 Habits of Highly Effective Physical Therapy Business Owners | Nitin 360

The 3 Habits of Highly Effective Physical Therapy Business Owners

Most private practice owners are in business to be their own boss. While some private practice owners struggle to get new patients, others are constantly growing their practice despite an uncertain economy. The following distinctions will help you understand the three key differences between the moderately successful and the extremely successful private practice.

A-players think in terms of strategy not tactics.
The definition of a strategy is a carefully detailed plan to achieve a long-term goal. If you sit down with your calendar in front of you and plan where you want to be several months from today, you are thinking strategically. This will allow you to prioritize your short-term tactics to achieve your long-term objectives. Ideally, each tactic should help you achieve several strategic objectives. key distinctions

A tactic on the other hand, is a solitary method or technique that helps you achieve an immediate, short-term gain. For example, your front desk person can call patients to remind them about their upcoming appointments, in an effort to minimize cancellation rates.

Tactics are small but important components in the overall strategy and marketing calendar. In my experience, a majority of private practice owners are tactical in nature and a few are strategic in nature.

However, a rare breed of private practice owners, less than 2%, possess the rare combination of tactical and strategic capabilities and all these individuals will be in attendance at the 3rd annual Private Practice Summit. You can learn more about the 2012 Private Practice Summit and secure your spot here. This is the ability to see the forest and recognized the trees at the same time. This brings me to the second distinction…

A-players understand the importance of education-based marketing.
A-players understand that we exist in a competitive marketplace. The best way to set yourself apart from a competitor is to position yourself as an authority. The best way to do that is to consistently provide high-quality information that makes it easy for you to break through the initial barriers between yourself and the prospect/referral source.

This also allows you to put yourself in front of a significant number of people who may or may not need a physical therapy at the moment, but will keep you in mind for physical therapy at some point in the future. Most tactical private practice owners are only interested in referral generation but the A-players look to build relationships and establish credibility as a pre-requisite to referral generation.

They go the extra mile to build that relationship by creating and distributing high quality material. The advantage of distributing material like this is that you have complete control over the content provided to the prospect or referral source, and the power to create loyalty. With high quality, validated information, the recipients feel a sense of reciprocity. It sets the stage for you to ask for something, i.e. the referral. This information can pre-condition the reader to trust you and your practice and gives them insights that they never had before.

private practice clinicReaders become more conducive to your practice and everything you have to offer. This requires that you, as a practice owner, be more knowledgeable than any of your competitors. All your competitors will be focused on getting referrals, which will pave the way for you to focus on relationship building with an education-based marketing.

The best way to make education-based marketing infinitely more powerful is to combine clinically relevant information with a strong personal story, the kind that builds relationships. People remember people.
When you recognize that you don’t have to go from point A to point B in a straight line [like your competitors do], you can take a different path, break new ground, and establish your territory. This is much easier for small private practice owners to do because they are not encumbered by the hierarchy of large organization and hospital-based systems. Private practices that move fast and implement decisively will succeed in the new economy.

This brings me to the third factor that separates A-players in a private practice from their competition.

A players attend events that help transform their practice.
Join the list of A-players attending the 2012 Private Practice Summit.

  • This event is all about practical, applicable strategies and tactics that GROW PRACTICES
  • This event is for those who are absolutely serious about building a successful practice
  • The information will be shared in a way that’s easy to understand and implement.
  • This guarantees that you can take action right away, unlike many other events where you take some notes, but never do anything with them.

4 Comments

  • Stephen S. says:

    It can be tricky to distinguish a tactic from a strategy. To an average individual, they are more or less the same.

    I do get your point, Nitin. A tactic addresses an immediate goal that impacts the now while a strategy focuses on achieving little goals to accomplish much bigger, future goals. A tactic is like a reaction to a situation while a strategy is a proactive action in order to hit a long term goal. The more I think about what you are saying here, the more I believe that critical thinking is required to identify tactical vs strategic activities.

    During a busy day at the clinic, it is so easy to just focus on things that are currently happening and use tactics to address them. Sometimes, I would need to take myself away from the clinic so I can strategize and think of activities that would help me achieve my long-term objectives.

  • Anne T. says:

    I am glad to know that there is another summit coming up this September! I missed it last April because I did not plan ahead. I have heard incredible reviews and feedback from those who attended it and I cannot afford to miss it this time!

    The principles and the concepts that you offer private practice owners like me, Nitin, are priceless. I am sure I will learn a lot by just attending your summit. I have also learned that you offer mentoring programs. I could certainly use mentoring from experts like you.

    In today's competive industry, it seems that all I am accomplishing is keeping my head above the water!
    Any insight on how the successful private practice owners do it will be a tremendous help!

  • Ryan R. says:

    Building relationships can be applied in almost every aspect of our lives. It is vital to success in our work or professional life and it is also a requirement for a happy and well-balanced family life.

    Doing the leg work for building relationships is not easy. One must put in extra time and effort into it. So easier said than done. It takes vision in order for someone to build and position themselves successfully in their selected field.

    As a physical therapist and a private practice owner, I , myself, have been working hard in building relationships in my community. I must say that it is not easy and it takes time for results to come in. There are times when doubt if it is worth the effort. But knowing that this has worked for others and believing that it can also work for me in helping me grow my private practice is what keeps me going.

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