building a successful practice with im
DESCRIPTION
Building a Successful Practice with IM Starting a private practice is challenging, creating a successful private practice is even harder. This course is designed to help the new or established practice owner or manager grow their practice. The presenter will draw upon his experience of incorporating Interactive Metronome® treatment in both Pediatric and Adult private practices. Strategies designed to facilitate greater financial and clinical success will be shared and attendees will leave with new marketing strategies and emerging practice areas that will enhance their practice.TRANSCRIPT
Building a successful practice with IM
Dillen Hartley, OTR/LAdvanced Therapy Solutions
Spartanburg, SC
Building or Growing your Practice
Your “Vision” and “Mission” Define your “Success” Develop strategy
Incorporate Interactive Metronome Financial planning Marketing
Expand and diversify services Measure you success
Your “Vision” and “Mission”
Vision (2003)Our Vision is to establish Advanced Therapy
Solutions as the preferred provider of specialized therapeutic and wellness services for the greater Spartanburg area in 10 years.
Mission (2003)Advanced Therapy Solutions will provide highly
specialized therapeutic wellness services to industry, physicians, patients and the general community in the greater Spartanburg area, utilizing the most progressive speech, physical, occupational therapy and wellness tools available.
Why a Vision and Mission
1. It describes your intent and puts your “dreams” in words.
2. Forces you to pick a direction and analyze
3. Fallback for future decisions
4. Prevents being sidetracked
Success
Different for everyone
Success is divided into two areas:
1.Personal Success
2.Business Success
Personal Success
Income Therapeutic skill Fame Security Independence Service to community
/ individuals Respect of others
Business Success
Financial Success Therapeutic skill of
staff Fame / market share Security Service to
community Acknowledgement /
Recognition Self Sufficient
Developing a Strategy
PLANNING PLANNING PLANNING
Goals based on Vision and Mission1. To provide evidence based physical and occupational
therapy for patients at current location2. Become the preferred provider of services for children
suffering from ADD and ADHD3. To develop a collaborative OT and SLP language and
sensory integration program with documented results4. Have 10 stroke patients documented functional
improvement5. To see 16 patients a day and have positive cash flow
within 6 months
Incorporating IM
What does IM bring to the table and is there a match with your vision and mission.1. Outcomes2. Revenue3. Marketing4. Technology based5. Fits in with personal philosophy6. Wide application and potential for
diversifying
Financial Planning
Considerations1. Cost Analysis
2. IM Home
3. Marketing Dollars / Strategy
4. Charge for service
5. Breakeven analysis
6. Budget development and future planning
IM ProgramConsiderations
Assist in decision making: To buy or lease? Return on
Investment? IM Home? How many visits do I need per
day/week? How much can I spend on
marketing and growing business?
The effect of adding an extra staff member?
Monitor progress? How much do I need to charge
for the service?
Looking at the numbersBusiness NameClinic Rev visit 100.00$ IM cost / Hour $10 IM / time/ hr 0.5
Days/month Hours of IM Tx / 8 day HoursHours / month 22 4 88 # of therapists 1
Cost of IM Lease Rate/mPay off /months 6
Revenue RevenueIM Treatment 8,800.00$ IM Treatment 8,800.00$
Expenses ExpensesSalary 3,520.00$ per hour 40.00$ Salary 3,520.00$ Space 1,000.00$ 2,000.00$ Space 1,000.00$ Marketing 300.00$ Marketing 300.00$ Utilities 500.00$ Utilities 500.00$ Payment / Capital -$ IM Lease -$ IM Hours after first 100 $440
Total Expenses 5,320.00$ Total Expenses 5,320.00$ Net 3,480.00$ Net 3,480.00$ Total Expenses 5,760.00$
Purchase Rental
Marketing Growth
Key Points:1. Customer service and
expectations• Medication• Unrealistic
expectations• Payment
2. Growth (Peds)• School Contracts and
screenings• Home School groups• Adoption agencies• Private schools
Marketing Growth Cont.
3. Growth (Adults)• Physician Marketing• Neurologists• Golf pro’s and
Tennis coaches• Industrial Rehab
4. Product champions• Recovered Patients• Believers (Care
Givers)• School
psychologists
Marketing Growth Cont.
5. Grants and Research Opportunities• Autism Speaks• YMCA• Youth Programs• Adoption Agencies
6. School / University affiliation• Students• Teaching• Research• Services (Statistics)
Marketing Growth Cont.
7. IM-Home Opportunities
Clients with: High deductibles Limited approved visits No prescription for
OT, PT, ST Travel issues Degenerative Diseases Athletes Schools
Next Steps: IM-Home Certification
Diversify
Don’t put all your eggs in one basket:1. Buy vs Lease space.2. Manage expenses and choose actions carefully3. Multiple revenue streams:
• Teaching• IM Home options• Maintenance programs• Yoga / Pilates / Music services• Message• Sports training• Wellness programs• Work Hardening and Conditioning• Driving• Accent reduction• Camps
Measure your success
Personal Salary Therapeutic skill Fame Security Independence Service to
community / individuals
Business Financial Success Therapeutic skill of
staff Fame / market share Security Service to community Acknowledgement /
Recognition Self Sufficient
Questions?