Warren Buffet, the ‘Oracle of Omaha”, is a mega 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 on their intrinsic worth. Investopedia goes on to say “Buffet chooses stocks solely based on their overall potential as a company…Buffet seeks not capital gains but ownership in quality companies.”
Therapists regardless of their employment situation can learn a lesson or two from Mr. Buffet on value investing. All therapists need to take ownership of their own value regardless of their employment situation. You can do this by understanding patient’s hierarchy of values and a few simple business fundamentals.
Do you want a wildly successful year?
If you followed college football this last season you might have heard about one of the most sought after successful football coaches– P.J. Fleck.
This high-energy leader is probably most well know for one phrase that he used to turn around Western Michigan’s football program.
“ROW THE BOAT”
Fleck did not come up with the catchy, yet puzzling phrase by reading motivational self-help books. No, the two time MAC coach of the year relied on his ‘Never Give Up’ mantra to endure the death of his second son due to a heart condition in 2011.
Fleck’s whole life changed while he held his infant son as he took his last breath. That’s when ‘Row The Boat’ came to be. Coach Fleck, used the motivational phrase to lead his football team to a 14-1 record in 2016.
If you desire to make this year wildly successful, the 3 steps contained in the ‘Row The Boat’ mantra will help you get there.
There are three parts to Row The Boat:
Oar- The Energy
Boat- The Sacrifice
Compass- The Vision For Success
I enrolled in a Course Builders Laboratory Course in 2015 to guide me in creating the Cash Practice From Scratch Course that I launched this month. I would not have finished the course without the encouragement and guidance of my Mirasee coach Leslie Taylor.
Leslie recently wrote an excellent blog post where I thought she was reading my mind. I experienced many of the terrifying emotions that she wrote about and I thought of you all. Many of you have taken risks and faced uncertain outcomes as a part of your journey to growing your practice. I thought you would benefit from her article on what it means to be an entrepreneur and face down your fears. Enjoy!!
“Expect the unexpected I always say and the unexpected never happens”
The Whetherman in The Phantom Tollbooth
As Head Coach at Mirasee, I have watched thousands of entrepreneurs work through our programs.
Some are a lot more successful than others, and because I know you want to be in the Successful Group, I thought I’d take a few moments to tell you what separates those who succeed from those who do not.
It’s the start of a new year and if you’re like me you’re eager to learn and grow in new directions. The question is which direction and how to do it.
As I step back and examine my daily routine I find myself increasingly looking at a screen of some sorts. It used to be that all I had to be concerned with is controlling how much time I spent in front of a television screen. Now I’m find my day filled looking at the screens on my laptop, tablet and smartphone. I’ve noticed how screen time has effected my attention span and how I read.
I have to put more effort into focusing on what I’m reading when I read an ebook on my tablet or computer. It seems like I’m more distracted as thoughts jump around
. I tend to scan without comprehending the words. In 2016 I’ve decided to emphasize a habit that I’ve tried to cultivate for many years – reading at least one book a month. Why?
I’ve observed that effective leaders are life-long learners and life-long learners are life-long readers.
What’s the big deal about that? “The Pew Research Center reported [in January of 2014] that nearly a quarter of American adults had not read a single book in the past year. As in, they hadn’t cracked a paperback, fired up a Kindle, or even hit play on an audiobook while in the car. The number of non-book-readers has nearly tripled since 1978.”
It’s quite apparent that the screen time is winning. To encourage you to expand your mind building habits here are 4 Reasons You Should Plan Your Reading in 2016 from Mark Casper’s Blog Sons & Orphans. Mark is a thoughtful writer who loves to read. You might want to check him out.
4 Reasons to Make A Reading Goal for 2016
Therapists live in a fast paced world where seeing more patients in a shorter period of time is a constant push. In the new healthcare economy the term “being productive” is now almost synonymous with care that is good and effective.
Therapists are often measured on how many patients they see on an hourly basis. However, there are times when being maximally productive is not beneficial.
Productivity should never be confused for good care
Productivity should never be confused for how good the care is. No matter how productive the therapists is, it should not be confused with how good the treatment experience was in the eyes of the patient. Unfortunately, many corporate therapy organizations make this mistake. Few companies understand how patient satisfaction impacts how patients feel about how long they waited and were treated.
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For this episode I had the unique priviledge of interviewing Martin Simiyu a missionary/leader/businessman and the founder of Possibilities Africa. I discovered this remarkable yet humble man at an intimate dinner with friends where we all learned about his personal story and work in Africa. Martin grew up in a small village of Namawanga in Kenya, Africa. Until his early twenties, he thought the world looked like his small village and everyone lived as he did. Martin’s family lived in a mud home that got soaked when it rained. When water flooded the dirt floor that he and his 10 siblings slept on they would have to stand, sometimes until morning, to get out of the water and away from the snakes.
You might be wondering what in the world does this have to do with a therapy practice. I was fascinated by his rise from extreme poverty to establishing a ministry model to transform poor villiages in Africa, one leader at a time. Possibilities Africa focuses on recruiting community leaders, productivity, and the multiplication of capital through miro-loans within a supportive community.
You will learn the essential truths about business and community transformation right along with me as you hear Martin share what he has successfully field tested for the last 10 years in Africa. The principles he teaches about life transformation and micro-business will challenge your assumptions about business and personal success. You won’t be the same after you listen to him.
It is important for you to be ahead of the curve and adjust your practices as we move away from the fee for service model. Here is an article about a bundled payment test that CMS is planning to implement at the beginning of next year.
Whether your just starting out or have owned your own practice for a number of years I can’t think anything more important to know than how to bill for your services.
Billing can be complicated and ever changing. However, the time you invest in learning billing best practices will pay back dividends ten fold. Developing a billing system that submits a clean, compliant claim that leads to a timely reimbursement can be worth its weight in gold.
Here’s an excellent article originally posted by Lauren Milligan at WebPT Blog that outlines some basic tips to get you started.
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On today’s podcast I revisit therapy reimbursement issues with Steve Forbush PT, assistant professor at the University of Central Arkansa and International Spine and Pain Institute lecturer.
I had the opportunity to chat with Steve between sessions at the APTA’s Combined Sections Meeting 2015 a couple of months ago. I wanted him to update you all on what’s the latest on the reimbursement issues facing therapists and how to prepare for them.
Speaking of ISPI they will be conducting their annual clinical conference Every Joint Has a Brain June 19th through June 21st 2015 in Minneapolis Minnesota. It is a high energy and fun conference that is pain-focused with a strong clinical application. If you want to know more about it listen to the interview I did with Kory Zimney PT on episode 47.
Significant changes in reimbursement systems are on the horizon for therapists. Steve is a member of the APTA’s Reimbursement section and give us the latest scoop on what’s ahead. Steve shares practical advice to therapists that are considering opting out of third party payment with cash-based services or practice.
Photo Courtesy of MichaelNyffelerPhotography.com
Are you ready to step on stage and be a therapy rock star? In the near future, some form of pay-for-performance will be required for therapists to reign in runaway healthcare costs. This trend in reimbursement should cause you to rethink how you will be paid in the days ahead. I found this article by Brooke Adrus very helpful in clarifying where, as I like to call it, no performance-no pay stands today.
Originally posted by Brooke Andrus at WebPT blog.
For decades, healthcare leaders have searched for a way to balance the interests of providers, patients, and payers. The pay-for-performance paradigm has emerged as a front-runner in the race to drive down healthcare costs while simultaneously raising the quality of care and increasing patient satisfaction. But what, exactly, does this buzz term mean?