Although there are many business metrics you should be tracking in your PT business, one in particular has a major effect on many aspects of your success: market share. It can be assumed that market share is the most important metric to track in all industries, because it reveals the effectiveness of any revenue generating efforts (i.e. marketing campaigns, branding initiatives, etc.).
Although it may seem basic to some, there’s still a large number of private practice owners who don’t know the difference between profit and revenue. Not understanding these numbers will affect how you track your business’s success and will likely cause you to miss opportunities to save money or make more money.
Running a private physical therapy practice is like running any other business and requires monthly, quarterly and yearly reporting of metrics. Unfortunately, you probably didn’t get much business education while in PT school. Thank goodness for the internet, am I right?