3 Faulty Thoughts That Cause Failure
Back in 2010, I was working with a PT in private practice who seemed so eager to succeed that I agreed to sit down with him to analyze his practice.
He said he was “super busy”…treating patients full-time, marketing and running the business.
I asked, “When are you running the business?” (since he was treating full time)
“You know…after hours, and whenever I can?” he said.
He was married with 2 kids.
After about 40-minutes, I learned:
-His take home pay was around $95k per year,
-had over $250k in accounts receivables,
-his Revenue-Per-Slot was only $47 (not the same as Revenue-Per-Session)
-and he was losing money every month.
“How can I be losing money?” he said. “I’m paying myself?”
After I explained it to him, he rubbed his face in frustration.
He should have been making over $215k per year for the amount of work he was doing, and the number of patients he was seeing, but was leaving TONS on the table due to poor collections and disorganized systems.
“It’s an easy fix.” I told him.
(It truly was, and is.)
If you have patients to treat, all the necessary ingredients, are a good clinician (with supportive wife and kids), but are merely missing the correct procedures and tools to make the financial ends meet…it’s an easy fix.
But it wasn’t.
Not for him,
because of his faulty mindset.
I see this type of situation over and over again all the time in our profession.
-Too many believe that being busy will somehow eventually lead to success…but it doesn’t, and it won’t. Busy does not equal “productive”, and it certainly doesn’t mean success… It actuality means something is wrong.
-Too many believe that they have time. (It’s usually the busy ones that think it). Most don’t truly understand that in the business world, standing stillmeans you are dying quickly. And if you are losing money, you are dying even quicker.
-Too many believe they don’t need outside help. That somehow they can figure it out eventually. They don’t realize that the successful ones always rely on outside objective coaching. That’s why they are successful.
Don’t be like Ben (that was his name).
The last I heard, he was doing the same ole thing.
He still has his business but that doesn’t mean he’s not failing.
Nope…his wife and kids are paying the price.
He’s still paying the price.
If you want a rock-solid billing and collection system,
a rock-solid cashflow and profiting system,
a rock-solid “take-home” pay system,
you’ve got to make it happen.
Install the proper procedures…
Utilize the proven tools…
Stop spinning your wheels.
Start success today.
Discount ends tonight.
My revenue grew over 300% in less than a year with James Ko’s system. I’m thankful for him every day!” -Lilly Bojic, DPT, MCMT
Life is short. Start success now.
James Ko, PT
P.s. Discount ends at 10pm tonight. Take advantage now.