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Financial Planning for Your Practice with Physical Therapy Performance Metrics

Jan 21, 2021 9:30:00 AM

Physical therapy performance metrics help you identify where your practice is performing best and where it needs to grow. Whether you currently run a practice on your own or are thinking of investing in one, paying close attention to performance metrics is a surefire way to keep your business on the right track. At FYZICAL, we specialize in the business side of physical therapy, and we work with our partners to analyze their practices’ performance metrics. Get a sneak peek at some of the things we watch for.

Key Physical Therapy Performance Metrics

Referral Sources

If you’re already running your practice, you know that referrals drive a significant part of your business. You’ve likely established a strong relationship with at least one or two physicians in your community, but putting all of your referral eggs in one basket can be a bad strategy. When those physicians retire or move, you’ll need to find new ones to replace them. That’s why referrals are a key physical therapy performance metric to review.

At FYZICAL, our strategy is to help our members to get referrals from a wide range of physicians. We help them to network with physicians in their area to spread the word about the types of services they offer at their practice. We work with them not just to increase their overall referrals but also to diversify their referral sources.

Multiple Revenue Streams

Much like any business, leveraging multiple revenue streams can be beneficial in physical therapy. If your practice already offers multiple services, FYZICAL will help you analyze how much revenue each one is delivering and whether there is a potential for improvement. If your practice doesn’t offer multiple services, FYZICAL can help you scale up, integrating services that are in high demand in your community. Some of the many services FYZICAL offers include:

  • Balance
  • Audiology
  • Sports rehab
  • Fitness & wellness

Marketing Spend & Returns

Another important physical therapy performance metric is your marketing budget and what you’re getting in return. If you simply ask your patients how they heard about your clinic, it’s one way to do this. Although physician referrals determine where many patients end up, some likely chose your clinic because they had heard about it through other sources.

FYZICAL helps our members to make the most of their marketing spend by identifying channels and strategies that are likely to yield the highest returns. When you manage it effectively, great marketing can be a considerable driver of growth.

Trust FYZICAL to Review These and More

These are just a few of the physical therapy performance metrics that can help your practice thrive. If you’re thinking, “that sounds like a lot of work,” that’s where FYZICAL comes in. We’re experts in growing physical therapy practices, and we’ve put systems in place to collect this data and much more!

Contact FYZICAL today to learn more about opening a new practice or converting your existing one.

Cindy Bercaw
Written by Cindy Bercaw

Cindy is a rock star content writer for FYZICAL Therapy & Balance Centers. Like a courier of knowledge, neither snow nor rain nor heat nor gloom of night will prevent her from sharing everything you could possibly need to know about succeeding in the business of physical therapy private practice. Cindy maintains a reputation for the imaginative. Recognized as a creative problem solver and divergent thinker, she brings her unique skill set to FYZICAL by helping physical therapists access business knowledge that is designed to help them succeed. She is the lead copywriter for Successful Outcomes Magazine, a publication dedicated to physical therapy private practice owners.

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