Today on the Podcast: Be Optimistic & Fix Your Mindset With Stephanie Telibasa, The Planning PT
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About This Episode
You ever wish there were more POSITIVE voices in the PT industry? PT Owners who are optimistic about the future and focused on growing, not complaining?
Well, I’m talking to one of those PTs today!
In this episode, I interview Stephanie Telibasa, The Planning PT—a seasoned physical therapy business owner and PT business coach.
As the owner of a thriving NYC practice that she runs remotely from Florida, Stephanie knows firsthand the power of SYSTEMS for scaling and simplifying operations.
You’ll learn….
- How Stephanie runs her NYC clinic from Florida
- Her 4-step “SOAP” method, which been implemented in 32 practices across 13 states and 8 specialties
- How to gain an “Evolved Mindset” in your practice
Connect with Stephanie on Instagram @theplanningpt!You can also learn more about her business coaching at theplanningpt.com.
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Listen Above or Read The Summary Here:
Mastering Mindset and Systems: Key Insights from Stephanie Telibasa
In a recent conversation, Neil and Stephanie Telibasa, founder of The Planning PT, delve into critical strategies for enhancing the success of private physical therapy practices. Here’s a summary of the key points they discuss, focusing on the importance of systems, understanding your numbers, and cultivating a positive mindset.
Building Effective Systems
Stephanie emphasizes that to run a successful physical therapy practice, implementing robust systems is essential. As the owner of a clinic in New York while residing in Florida, she shares how she effectively manages her practice remotely. She notes, “When I started growing my team, the less I had to be in the office.” By delegating tasks and responsibilities, practice owners can free themselves from the mundane day-to-day operations and focus on strategic growth.
- Delegation: Identifying and empowering team members to handle specific roles is crucial. Trusting your team to execute the vision of your practice is foundational to achieving operational efficiency.
- Analyzing Systems: Regularly evaluate your clinic’s processes, such as billing and new patient intake, to ensure they are as efficient as possible.
- Tracking Metrics: Monitoring relevant key performance indicators (KPIs) helps determine what’s working and what needs to change. This includes keeping a close watch on your revenue per visit and conversions from inquiries to appointments.
The Power of Knowing Your Numbers
Understanding your practice’s financial metrics is vital for maintaining profitability. Stephanie advises that owners should know their numbers, especially in a world where insurance reimbursement rates continue to decline. “You have to know what revenue per visit you want to achieve,” she stresses. By doing so, you can make informed decisions about accepting or denying certain insurance plans based on their financial viability.
- Revenue Monitoring: Regularly assess the average reimbursement you receive per visit and adjust your practice’s insurance models accordingly.
- Appealing Denials: Stephanie encourages practice owners to vigorously contest insurance denials to ensure they receive the reimbursements they deserve.
- Financial Transparency: Use transparency regarding financial health to establish competitive salaries for staff, attracting top talent to your practice.
Embracing an Evolved Mindset
Stephanie introduces the concept of an “evolving mindset,” essential for leaders in the physical therapy industry. This mindset revolves around continuous learning, adaptability, and humility, which are crucial for growth.
- Continuous Learning: Always be on the lookout for new methods and practices, remaining curious about evolving industry standards and patient expectations.
- Embracing Failure: Stephanie encourages practice owners to view failures as learning opportunities—“We have to get through those; it can’t always be perfect.” This attitude fosters an environment where innovation can flourish.
- Attributing Success: Celebrating victories while recognizing the contributions of team members creates a culture of gratitude and appreciation, further enhancing morale and teamwork.
In summary, combining an understanding of metrics, creating effective systems, and cultivating an evolved mindset will position private physical therapy practices for sustained success. By embracing these principles, clinic owners not only enhance operational efficiency but also create a supportive environment that fosters growth—both for their practice and their patients.
Common Questions Practice Owners Ask About This Topic:
- How can physical therapy practices improve their operations with effective systems?
- What is the SOAP method in physical therapy practice management?
- How can I develop an evolved mindset as a physical therapy clinic owner?
- What strategies can physical therapists use to maintain a positive outlook in their practice?
- How can remote management benefit physical therapy practices?
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