The 5 Biggest Money-Drainers In Your Practice & How To Eliminate Them
A lot of physical therapy practices find it hard to keep on track with their financial business side. The truth is, cash flow is important aspect of any business. So, if you cannot see where your money is leaking, it may negatively affect your business during its growth.
As we said above, most clinics and facilities nowadays suffer from these problems. In order to help you see and prevent them from happening, we are listing the biggest aspects of your business that are draining money from your wallet.
Every time your staff, therapists or your subcontractors are disorganized, it costs your practice money - without any purpose. For example, if your email marketing is not organized but you have the addresses of your patients, you are losing money and the leads are falling through the cracks.
2. No Attention To Detail
People say 'devil is in the details' and there is a big reason why that's the case. If your clinic is rushing to make ends meet and you are trying to get more patients through the door, you are not growing your business - you are missing on the details that may grow it. Aside from that, you could be causing your patients to lose money as well.
3. Failure To Calculate Your Soft Costs Into ROI
If you don't know what soft costs are, they are basically all the expenses that come on a regular basis but ones you don't to attend to much (bills, transportation expenses, event costs, etc.). Failing to calculate them and their return on investment (ROI) means that you are letting them leak as well.
4. Lack Of Strategic Thinking
The time that you don't allocate to think strategically is actually money that you are losing. However, if you do strategic thinking, you are keeping more dollars in your clinic. If you are not sure how to start doing that, you can begin by analyzing the key performance indicators (KPIs) in your business and gain whatever insight is available from them.
Losing money on a regular basis can eventually lead to losing your business as a whole. So, are you ready to pull out your glue gun and start fixing the cash holes where your money is leaking?
Katie co-founded HENO based on her career as a physical therapist and practice owner of over 10 years. Her understanding of the pain points many practice owners face has equipped her to create practice management solutions that optimize the efficiency and profitability of physical, speech and occupational therapy clinics.
Discover all the ways to streamline your practice with our end-to-end practice management platform.