Private Practice Owners Club

Practice Owner’s Manual Series, Part 3 - Financial Mastery With Adam Robin

Jul 9, 2024

Financial expert Adam Robin joins Nathan Shields to discuss financial mastery for private practice owners. They cover the importance of knowing KPIs, measuring average reimbursement, and setting achievable financial goals. They emphasize good financial habits, payroll management, and achieving profitability. Learn how to take control of your practice's finances and set yourself up for success.

50:48

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Episode guests

Adam Robin

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Episode notes

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Quick takeaways

Monitoring key performance indicators like reimbursement rates and costs is vital for financial management.

Developing good financial habits and systems leads to greater clarity and control over finances.

Calculating break-even points and evaluating profit margins are critical for business success.

Deep dives

Percentage of Income Spent on Payroll as a Key Metric for Financial Health

Maintaining a low percentage of income spent on payroll is crucial for financial stability. High payroll expenses can lead to financial difficulties. Keeping the payroll within a certain range like 60-80% ensures financial health and viability.

Intro

1min

Financial Mastery for Practice Owners

4min

Financial Operations and Key Performance Indicators in a Physical Therapy Business

16min

Strategies for Financial Mastery and Business Sale Preparation

2min

Financial Mastery for Physical Therapy Practice Owners

8min

Mastering Financial Strategies for Practice Owners

20min

In this episode of the Private Practice Owners Club Podcast, Nathan Shields and Adam Robin discuss financial mastery for private practice clinic owners. They share tips and strategies to help private practice clinic owners gain financial clarity and success. They talk about the significance of knowing your KPIs and how they can transform your business. You'll learn practical steps to measure average reimbursement per visit and cost per visit to ensure profitability.

Adam emphasizes how developing good financial habits can empower you to design a system that works for you, while Nathan highlights the necessity of focusing on profits and viewing your clinic as a tool to serve your household. They also discuss the importance of payroll management, understanding break-even numbers, and setting achievable financial goals.

Tune in to uncover the secrets to financial success and take control of your Private Practice!

Want to talk about how we can help you with your Private Practice business, or have a question you want to ask? Book a call with Adam - https://calendly.com/adamrobin/dr-adam-s-30-minute-connection

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Private Practice Owners Club

Practice Owner’s Manual Series, Part 3 - Financial Mastery With Adam Robin

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Percentage of Income Spent on Payroll as a Key Metric for Financial Health

Importance of Financial Mastery for Practice Owners

Key Performance Indicators (KPIs) in Financial Management

Break-even Analysis and Profit Margins

Cash Management Strategies for Business Sustainability

Remember Everything You Learn from Podcasts