Running your own business is equal parts exhaustion and exhilaration. Being able to hire people you enjoy working with and treating patients with care is incredible. But it’s hard not to get bogged down with the minutia of running a business and forget what’s important.
There are two mistakes that small business owners have a tendency to make and one that physical therapists cannot afford. Let’s examine each so you can avoid them.
1. You do too much yourself. It’s always the easiest solution—just do it yourself and get it done. But it’s not the smart solution. Take a step back and look at how much of your day you spend on growing your business. If the answer is none or very little, it’s time to make some changes. Commit to spending a specific amount of time each day on business development, whether that’s marketing, networking, researching competitors, or brainstorming ways to improve your company. Figure out how to fit that time into your schedule by eliminating, automating, or delegating the tasks you used to spend that time on.
2. You don’t have the right systems. Provided you choose the right technology, it will pay for itself within a short time. These days, savvy business owners don’t hesitate to spend on systems that automate their business. Doing things manually is slow and error prone, and tracking down a claim issue can cause you to lose an afternoon. Worse, you may not even realize there is an issue until it’s too late to collect.
3. You’re lax about insurance-related matters. This is certainly the least interesting part of your job, but failing to stay on top of insurers, regulations, and industry changes like ICD-10 can cause your business to seize up. Find a way to make it interesting, hire someone who knows the ins and outs of getting paid, or use a system that ensures your claims process is quick and clean.
It seems straightforward, but if you stop trying to do it all yourself, put the right systems in place, and figure out how to stay on top of insurance issues, your business will not only head in the right direction, it will soar.
Last Updated on November 22, 2021