Building a Successful Practice with IM
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The document outlines a strategic plan for building a successful therapy practice in Spartanburg, focusing on vision, mission, and defining success in personal and business terms. Key strategies include incorporating interactive metronome technology, financial planning, and a diverse range of services while measuring success through various metrics. Marketing approaches target both pediatric and adult markets, emphasizing customer service and potential growth opportunities.
Building a Successful Practice with IM
- 1. Building a successful practice with IM Dillen Hartley, OTR/L Advanced Therapy Solutions Spartanburg, SC
- 2. Building or Growing your Practice Your “Vision” and “Mission” Define your “Success” Develop strategy Incorporate Interactive Metronome Financial planning Marketing Expand and diversify services Measure you success
- 3. Your “Vision” and “Mission” Vision (2003) Our Vision is to establish Advanced Therapy Solutions as the preferred provider of specialized therapeutic and wellness services for the greater Spartanburg area in 10 years. Mission (2003) Advanced Therapy Solutions will provide highly specialized therapeutic wellness services to industry, physicians, patients and the general community in the greater Spartanburg area, utilizing the most progressive speech, physical, occupational therapy and wellness tools available.
- 4. Why a Vision and Mission 1. It describes your intent and puts your “dreams” in words. 2. Forces you to pick a direction and analyze 3. Fallback for future decisions 4. Prevents being sidetracked
- 5. Success Different for everyone Success is divided into two areas: 1.Personal Success 2.Business Success
- 6. Personal Success Income Therapeutic skill Fame Security Independence Service to community / individuals Respect of others
- 7. Business Success Financial Success Therapeutic skill of staff Fame / market share Security Service to community Acknowledgement / Recognition Self Sufficient
- 8. Developing a Strategy PLANNING PLANNING PLANNING Goals based on Vision and Mission 1. To provide evidence based physical and occupational therapy for patients at current location 2. Become the preferred provider of services for children suffering from ADD and ADHD 3. To develop a collaborative OT and SLP language and sensory integration program with documented results 4. Have 10 stroke patients documented functional improvement 5. To see 16 patients a day and have positive cash flow within 6 months
- 9. Incorporating IM What does IM bring to the table and is there a match with your vision and mission. 1. Outcomes 2. Revenue 3. Marketing 4. Technology based 5. Fits in with personal philosophy 6. Wide application and potential for diversifying
- 10. Financial Planning Considerations 1. Cost Analysis 2. IM Home 3. Marketing Dollars / Strategy 4. Charge for service 5. Breakeven analysis 6. Budget development and future planning
- 11. IM Program Considerations Assist in decision making: To buy or lease? Return on Investment? IM Home? How many visits do I need per day/week? How much can I spend on marketing and growing business? The effect of adding an extra staff member? Monitor progress? How much do I need to charge for the service?
- 12. Looking at the numbers Business Name Clinic Rev visit 100.00$ IMcost / Hour $10 IM / time/ hr 0.5 Days/month Hours of IM Tx / 8 day Hours Hours / month 22 4 88 # of therapists 1 Cost of IM Lease Rate/m Pay off /months 6 Revenue Revenue IMTreatment 8,800.00$ IM Treatment 8,800.00$ Expenses Expenses Salary 3,520.00$ per hour 40.00$ Salary 3,520.00$ Space 1,000.00$ 2,000.00$ Space 1,000.00$ Marketing 300.00$ Marketing 300.00$ Utilities 500.00$ Utilities 500.00$ Payment / Capital -$ IM Lease -$ IM Hours after first 100 $440 Total Expenses 5,320.00$ Total Expenses 5,320.00$ Net 3,480.00$ Net 3,480.00$ Total Expenses 5,760.00$ Purchase Rental
- 13. Marketing Growth Key Points: 1. Customer service and expectations • Medication • Unrealistic expectations • Payment 1. Growth (Peds) • School Contracts and screenings • Home School groups • Adoption agencies • Private schools
- 14. Marketing Growth Cont. 3. Growth (Adults) • Physician Marketing • Neurologists • Golf pro’s and Tennis coaches • Industrial Rehab 4. Product champions • Recovered Patients • Believers (Care Givers) • School psychologists
- 15. Marketing Growth Cont. 5. Grants and Research Opportunities • Autism Speaks • YMCA • Youth Programs • Adoption Agencies 5. School / University affiliation • Students • Teaching • Research • Services (Statistics)
- 16. Marketing Growth Cont. 7. IM-Home Opportunities Clients with: High deductibles Limited approved visits No prescription for OT, PT, ST Travel issues Degenerative Diseases Athletes Schools Next Steps: IM-Home Certification
- 17. Diversify Don’t put all your eggs in one basket: 1. Buy vs Lease space. 2. Manage expenses and choose actions carefully 3. Multiple revenue streams: • Teaching • IM Home options • Maintenance programs • Yoga / Pilates / Music services • Message • Sports training • Wellness programs • Work Hardening and Conditioning • Driving • Accent reduction • Camps
- 18. Measure your success Personal Salary Therapeutic skill Fame Security Independence Service to community / individuals Business Financial Success Therapeutic skill of staff Fame / market share Security Service to community Acknowledgement / Recognition Self Sufficient
- 19. Questions?