Each time a doctor opens a private practice, they are essentially reinventing the wheel. Whether they know it or not, they operate on the same traditional business model that, when applied to today’s medical billing climate, leaves even the most capable owners clawing and scratching their way toward a 20% profitability benchmark. Individual practitioners spend precious time and energy developing their practice from the ground level, fighting the same battles, and no one is coming out ahead of the game.
Everyone is competing and facing the same business challenges. Those that are thriving have a plan. A plan to beat the hospitals, a plan to become less dependent on insurance reimbursement, a plan to operate using an innovative PT business model that challenges the way business is conducted today. If you are like most professionals trained in the art of healing, chances are, you didn’t go to business school. The fact is, a successful practice requires both applicable business knowledge AND quality patient care.
Business model for success
Think of your business as an organism that requiring a series of processes to occur in order to operate successfully. Much like the hierarchy of needs for human development, only when the essential needs of a business are satisfied can your practice experience true growth. FYZICAL has already developed the business principles to automate functions franchisees can choose to implement right away.
Franchising levels the playing field by providing business solutions that make a huge impact on your practice. For example, our business experts provide the systems and best practices that take the headache out of billing and insurance, in addition to introducing cash based revenue to your business. When owners no longer have to worry about the processes that keep the business breathing, they are free to focus on optimizing patient care.
Continued Support
With a franchise organization, you become part of a national network of business experts and healthcare professionals working together with pooled resources. You’ll have access to intellectual property, national and regional advertising campaigns, and proprietary technologies you would never be able to build on your own. This results in lower costs and higher profit margins. Through a non-competitive network, you are able to share information and the best techniques through collective channels quickly, so you don’t have to do it alone.
The business plan and continued support are just a few of the benefits of franchising. Most franchisees say the biggest benefit is having a network to rely on, for either advice on day to day challenges or a cheering section to celebrate wins along the way. For this group, a big win for you is a big win for all. In fact, the group gets together for an annual event, Brand Triumph, during which members join together to celebrate years’ successes and share ideas and innovations for the future.