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?