Neil interviews Nathan Shields, Founder of PT Owner's Club, who shares insights on regaining freedom and profitability in your clinic in 2024. The topics covered include transitioning from practitioner to business owner, maximizing profits through payment collection and financial understanding, the importance of upgrading your business operating system, creating and implementing standard operating procedures for success, and final words of advice for physical therapy owners.
Transition from practitioner to business owner mindset is crucial for practice success.
Coaching and consulting provide valuable support, guidance, and accountability for practice owners.
Prioritizing profitability and creating systems are essential for achieving freedom in a practice.
Deep dives
Shift from Practitioner to Business Owner
The speaker discusses the importance of transitioning from a practitioner mindset to a business owner mindset. They share their own experience as a physical therapist turned successful business owner, highlighting the need to invest time and effort into working on the business, not just in it. They emphasize the importance of recognizing the role of business owner and taking control of the business to achieve sustainable success.
Recognizing the Impact of Business Coaching
The speaker emphasizes the value of coaching and consulting for practice owners. They share personal experiences and interview stories of successful PT owners who credit coaching as a pivotal moment in their business growth. They explain that coaching provides a third-party perspective, helping owners to see blind spots, implement effective strategies, and make necessary mindset shifts. Coaching is highlighted as a reliable way to gain support, guidance, and accountability in scaling a practice.
Focusing on Profitability and Freedom
The speaker discusses the importance of prioritizing both profitability and freedom in a practice. They emphasize that simply increasing the number of new patients is not enough to achieve sustained success. Instead, they advocate for analyzing and improving key financial metrics and implementing systems that maximize profits. By focusing on procedures, values, accounting, and optimizing team performance, practice owners can create a foundation for profitability and create freedom in their professional and personal lives.
Creating a Strong Operating System
The speaker emphasizes the need for a well-defined and adaptable operating system for a practice. They suggest developing a comprehensive policy and procedure manual that outlines the essential processes, values, and expectations for each team member. By documenting and continuously refining these systems, owners can ensure consistency, efficiency, and scalability in their practice. They highlight the importance of ongoing training, coaching, and accountability for the team to effectively operate within this system.
Setting Uncomfortable Goals and Taking Action
The speaker encourages practice owners to set ambitious and uncomfortable goals for their business. Rather than aiming for incremental growth, they advocate for aiming for significant leaps and being willing to push boundaries. They stress the importance of taking action and implementing strategies to reach those goals, rather than getting stuck in complacency or fear. Utilizing coaching, studying relevant resources, and holding team members accountable are key strategies for achieving these goals.
Is your practice giving you the FREEDOM you dreamed of? Or does it feel more like a trap?
In this podcast episode, Neil interviews Nathan Shields, Founder of PT Owner's Club. You'll learn...
How to regain freedom in your clinic
1 simple step to make yourself more profitable in 2024
The simple systems you need to build so your clinic runs itself
About Nathan Shields
Nathan Shields knows that owning a PT clinic is hard work. During his career, he has owned, grown, and sold four different PT clinics for seven figures. That journey led him to launch the PT Owners Club where he’s helped hundreds of PT owners build profitable businesses that give them the time and freedom to step away.
Learn more at ptoclub.com!
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