We had a great webinar on October 1st with over 45 therapists participating. You can now purchase the recorded webinar! Most physical, occupational and speech therapists do not just retire, and stop practicing. Many, especially those over 45, begin to shift and attempt to … Continue reading →
Navigating the Course for Therapists 50 Years and Older… Effective Planning for Gradual Exit Strategies and the Monetization of Skills Set and Contacts
$95.00 Written by Iris Kimberg, MS PT OTR This workbook, newly updated in 2016 is geared specifically for therapists (PT OT ST) in the beginning stages of starting a professional private practice. Trial and error is not a business plan!!!! … Continue reading →
Starting a Professional Private Practice - Download
This formulized Excel spread is an easy way to start measuring your company’s potential value by determining your Adjusted EBITDA, or earnings before interest, taxes, depreciation, and amortization. You can also add both tangible assets (like equipment) and intangible assets … Continue reading →
Formularized Excel EBITDA Spread Sheet for Practice Valuation
This 39 page manual covers the specific policies and procedures necessary to have in place for any contract ( individual or agency) with Early Intervention. The document is editable so that you can modify to include practitioner and/or agency name … Continue reading →
Updated Policy and Procedure Manual for Early Intervention Providers and Individuals
The sale of your business entity should start long before you announce it publicly because proper preparation is essential. Not since the consolidation in our industry back in the 90’s has there been so much interest in therapy practice sales, … Continue reading →
The Ins and Outs of Selling a Private Practice or Practice Entity
New regulations went into effect September 23, 2013 requiring updates to the Notice of Patient Privacy Practices that you give out to patients. We have a template that includes the necessary changes – it is a downloadable, editable document so … Continue reading →
Updated HIPAA Compliance Form- Notice of Patient Privacy Practices and Rights
I received many emails and did many consults after my recent article about exploring a buy in as an option for a practice . For the full text of the article, click here. If you need help with the basic … Continue reading →
One of the most basic financial questions that practice owners need answered is how many productive sessions they have to achieve each month in order to “break even”. Being able to know or estimate your break even point is crucial both when you are in the planning stages of a private practice, and when you are actually in practice. This is a low cost, very user friendly excel formula spread sheet that is simple to use, and allows you to compare calculations based on changing data. By entering your anticipated or real average billing rate, your average fee for service pay scale, and your monthly fixed costs (projected or actual), you can determine how many sessions you have to do each month to break even. Likewise, the tool can help you determine what your budget should be for rent, utilities etc. in order to reach a “doable” break even point. The excel spread sheet has simple, easy to follow directions, and is extremely user friendly.
This workbook is intended to bolster the long term viability and business success of physical, occupational and speech therapists who already have established a therapy practice/therapy based business. The workbook presents concrete ways to analyze a practice to determine strengths and weaknesses in order to develop strategies for continued growth, and ideas on how to adapt to the changing business conditions we face today. Preliminary considerations about second locations, the sale, acquisition, merger, and valuation of a practice are also covered. Trends for the future are also identified and discussed.
Consolidations in the healthcare market place have occurred on two fronts. In the 1990's there was consolidation in the provider sector - merging of hospitals, institutions, and acquisitions of practices by larger organizations. In the early 2000's to present, consolidations are continuing, only this time in the payor sector (insurance end) of the industry. Managed care is a permanent entity that must be dealt with, and there is increasing competition from all sectors for a percentage of the money that is spent by the consumer on health care.
It can be a challenge to determine whether you have adapted in the best way possible as both a therapist and business person to current conditions including increased competition and managed care. Some therapists might suspect a “problem “ in their practice, but may not clearly see what the problem is, or determine the solution. Others may have pinpointed certain issues in their practices but need validation that they are on the right track for the solution. Most of us have wondered at some point whether we should strive to grow bigger either through acquisitions or joint ventures or stay within a defined specific market that we feel most comfortable in. A few of us are concerned even though we have experienced short term success - when demand exceeds supply it is difficult NOT to do well in the short term.
The challenge is to make sure that your success will be sustained and continuous because of your good management, forward strategic thinking, and of course, good service.
The reasons for developing strategic alliances become apparent once you understand the benefits. This powerpoint lecture will discuss various types of strategic alliances that have proven successful in healthcare, including co-branding, shared locations, and cause –related marketing (CRM). We will … Continue reading →
Strategic Alliances in Health Care - Lessons Learned from Chocolate Covered Pretzels