Real Magic Begins With Entrepreneurs

Why Entrepreneurs Will Save Physical Therapy

Real Magic Begins With Entrepreneurs

Entrepreneurs. The physical therapy profession benefits from a rich history of innovators and entrepreneurs. We all have been blessed by pioneers like Florence Kendall, Robin McKenzie, Shirley Sahrmann and many more. These therapy entrepreneurs(before entrepreneurship was hip) saw health problems in their patients and despite resistance created innovative ways to solve them.

Why Entreprenuers will save

The physical therapy profession exists to make a distinctive difference in the lives of individuals and society. This is starting point and ending point of our mission–changing lives for the better. It always has and will always be the mission of our profession.

Any professional group is composed of individuals that are it’s representatives on a daily basis. It’s important for every therapist to think carefully about answering a central question.

What is my mission?

It’s such a simple question but it goes right to the heart of how our profession stays effective and relevant during these tumultuous times. Every truly great profession demonstrates the ability to preserve its core mission while it responds to changing realities.

A new reality that therapists must adapt to is how therapy services are paid for in the new healthcare economy. Without sacrificing our core mission we must adapt our educational programs, delivery methods, strategies, clinical practices, marketing, business models etc.

Making A Lasting Impact–John Childs PT [ff#73]

The Power of Mentorship

john childs pt

Can one person really make a difference?

Muhammad Ali was widely known as ‘The Greatest’. He’ll be remembered as one of the most significant and influential sport figures of the 20th century. Ali had an impact on millions of people throughout the world. His death caused me to reflect on his inspiring and somewhat controversial legacy.

How much difference can one person make out of 7 billion people on planet earth?

How about one therapist in the midst of the 200,000 licensed therapists in the United States?

If we focus solely on the numbers and professional accomplishments then individuals can become unimportant. Despite his greatness Ali never forgot the importance of connecting with people one on one. I know it’s important to capitalize on the strength in our PT numbers but we must not lose the worth of every individual therapist.

Do you want to make your life count for something? Do you want your career to consist of more than going to work, seeing patients and making a living?

The desire for making an impact and leaving a legacy is hard wired in most of us.

DO YOU WANT TO BE YOUR OWN BOSS?

Why Being a Therapy Entrepreneur Makes Sense

lemonade stand

Remember the good old days in physical therapy?

Therapists relied on a stable industry with positive career growth and mobility.  PT graduates were paid a competitive salary that allowed them to pay off reasonable school loans in a realistic time.

Good jobs were abundant in choice locations and specialties. Skilled therapists were allowed the necessary time to develop their craft as patients made substantial progress.  Therapists had the environment to deeply connect with patients which often lead to a meaningful experience for both parties.

In large most therapists loved their work and encouraged the next generation to think about a career as a therapist. 

Well, times have changed. An over emphasis on cost containment is eroding away the very heart of the physical therapy profession. There are lots of therapists who are unhappy with their jobs. And apparently therapists are not the only ones.

In a recent poll by Gallup reported that only 13 percent of the world’s workers are “engaged” in their jobs. The other 87 perscent feel disconnected from work and more frustrated than fulfilled. Similarly, only 54 percent of physicians said they would select medicine as career if they had to do it over again.

HOW TO INVEST IN YOUR OWN VALUE

warren-buffett-quote-on-value-definition

 

Warren Buffet, the ‘Oracle of Omaha”, is a celebrity in my home state of Nebraska. His reputation for value investing has reached mythical proportions.

Investopedia stated in a 2015 article that $8,175 invested in Berkshire Hathaway in 1990 was worth more the $165,000 by September 2013 as compared to $42,000 in the S&P 500.  Needless to say his value investment philosophy has made investors in his company a lot of money.

Warren Buffet is known worldwide for being a genius at value investing. Value investors buy securities that are currently undervalued by the market based upon a determination of their intrinsic worth. Investopedia goes on to say “Buffet chooses stocks solely based on their overall potential as a company…Buffet seeks not capital gain but ownership in quality companies.”

Therapists regardless of their employment situation can learn a lesson or two from Mr. Buffet on value investing.  All of us need to be mindful of not underselling our value or understanding simple business fundamentals. 

KILLER MARKETING SECRETS FOR PRIVATE PRACTICE–CHAD MADDEN[ff#71]

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chad madden interview

What would you do if you lost your top referral source for the 3RD TIME because of a POPTS practice?

In 2010, Chad Madden PT experienced two therapists leave his private practice to open up their own practice. He had just lost $98,000 in one quarter in his business. He was, in his own words, feeling sorry for himself and playing the victim.

Instead of looking for solutions he was wallowing in his problems.

Then things changed for the better.

Chad went from being a PT victim to a PT allstar by following some very simple steps that he is going to share with us today. 

Grow A Business Without Sacrificing Your Family [ff72]

sarah lyons intreview-4

Do you ever feel like you’re not living up to your potential? Are you a therapist and a mom who is committed to both your profession and your family? I believe there thousands of therapists who are eager to ditch their full time jobs at the hospital or outpatient clinic but are unable or unwilling to step away from the income.

Therapists have spent a significant amount of their adult life preparing for their profession not to mentioned thousands of dollars. When therapists begin a family there is often a struggle to make ends meet while trying to balance work and family. Many are looking for alternative career options for a solution. In episode #53  I interviewed pediatric occupational therapist Rachel Coley about writing books and selling products from home.

My guest today, Sarah Lyon, is also an occupational therapist who set out to create her own solution. Sarah started her blog six years ago out of her own need to connect with other OTs and get support as a new graduate. Her blog evolved into her own online business, OT Potential.com, which has almost replaced her income working part time.

In Control Of Your Most Important Asset?

 

reputation

I want to you to ask yourself:

What are the three words you want to come after your name when people think of you?

I’m not talking about your professional credentials or certifications. I’m referring to the words that patients, colleagues and referral sources use to describe who you are and what you do.  I guarantee you they are putting labels and categories on you that greatly effect your professional success.

Many therapists believe that if they just improve their clinical knowledge and skills they’ll be recognized based upon the merits of their work. Their thinking goes something like this, if patients get better and I work really hard the rest will take care of itself.

Therapists often make the faulty assumption that if their professional reputation grows to a certain level, word of mouth marketing will fill their schedules. Once they become “good enough” their professional career will take off and they’ll be in high demand.

But that’s simply not reality anymore. Whether you want to be happier at your present job, make a job change or take the leap into private practice you have to make a name for yourself. To achieve success in today’s competitive market, it’s almost certain that you’ll need to develop your professional brand.

CREATE YOUR EXTRA-ORDINARY PROFESSIONAL BRAND- JASON TREU [[ff70]

jason treu

Too many therapists believe that if they just improve their clinical knowledge and skills they’ll be recognized based upon the merits of their work. Their thinking goes something like this, if

I work really hard and patients get better the rest will take care of itself. They think that their professional reputation and practice will grow as patients improve and begin telling their physicians and friends. Once they become good enough their professional career will take off and they’ll be in high demand.But that’s simply not reality anymore.

Whether you want to be happier at your present job, make a job change or take the leap into private practice you have to  to make a name for yourself. To achieve success in today’s competitive market, it’s almost certain that you’ll need to develop your professional brand.

We live in a busy world where it is becoming increasingly difficult to stand out from all the other practioners in the healthcare industry. Whether it’s developing an expert niche or attracting your ideal clients having a clear professional brand is vital.

You don’t have to be a genius or a worldwide therapy guru to make an impact. Applying simple branding principles based upon cultivating relationships within your inner circle.

Feel Small and Insignificant?

small & insignificant

Are you feeling a little bit small and insignificant? As competition for dwindling reimbursements and good jobs becomes more intense many therapists are feeling feeling undersized in the winner-take-all economy.

Mergers are happening–not just in private practice but up and down the healthcare spectrum. It seems that if you want your clinic to survive  you need to become a multi-clinic chain to just get your foot in the door.

Big data is the latest buzzword in healthcare. Governments, insurance companies and healthcare organization are all rushing to embrace large quantities of data. They are scrambling to understand the medical industry in ways they could only dream about before.

Big data with it’s high stakes data analytics threatens what many therapists value most–meaningful one on one connections with their patients. It’s easy to feel like your life’s work is just another data point.

The truth is probably all of us go through times when we feel small and insignificant.

I often feel like I don’t contribute much when I hit the publish button to send a blog post into the world wide web. When I managed my own practice there were many times when I wondered if I was making a difference. I was anxious about what to do next and if I was going to make it another year.

I felt incredibly small and anomynous.

HATE SELLING–TRY BEING ATTRACTIVE

apple waiting line-2

There’s no such thing as a business with nothing to sell. 

Historically, therapists have been lousy at selling. Most therapists have been insulated from market forces due to third party payers. Consumers relied on ‘someone else’ to pay the bills so therapists didn’t have to sell their value. Not anymore. If you want to stay competitive in the therapy business you’ll need to be able to sell.

But let’s be honest selling can be a pain in the gluteus maximus. It takes a lot of energy to keep going, especially if you’ve don’t have any training or previous experience. Most therapists avoid it like a chronic pain patient on late Friday afternoon. Many therapists dabble in it but give up because they don’t get as many referrals as they’d like for the effort invested.