40 years and Counting - Building Business Success in Therapy Practices- What Matters Most Iris Kimberg, MS PT OTR

As therapists we know the impact we have when we typically work one on one with clients. Nobly, over the course of a lifetime you can impact hundreds if not thousands of individuals. 
 But sometimes you want to do even more, and have a further, wider and deeper reach.    
 
 Academic and social entrepreneurship gives you that option, and today it is more important than ever.  Tomeico Faison and I tackle this in the podcast and both of us have immersed ourselves in this miche of entrepreneurship from different vantage points. Healthcare in this country is a trillion dollar industry regardless of whether you participate in it from the private or public sector. We are both deeply committed to the notion that the academic therapy program owes it to their students to introduce and support a student’s business acumen, and their foundation to be a conscientious global citizen in addition to advancing their clinical skills. 

Tomeico Faison and I talk about building in multiple revenue streams in your practice as a way to  mitigate, not increase your risk, to  strategically  grow a practice,  add value to current clients, provide learning opportunities for staff, and  help to preventpotential burnout and ultimately add value to practice at the  time of sale. 

Of course. we also discuss pitfalls  to watch for including an existing  infrastructure that does not accommodate new revenue streams, and what can happen if you are too distracted or differentiated from your distraction from core practice and competensies. 

And yes, we do discuss using success of therapy practice to venture into other unrelated areas/ business etc. Enjoy!

Probably the first big investment therapists make in their private practice is deciding to open a physicial location, or "brick and mortar" location. The podcast does a deep dive into all possibilites and what you need to take into consideration for each- from running a practice out of your home, subletting from someone, doing a space usage agreement, renting or buying a location.  This is discussed from all vantage points including what you need to include in a letter of agreement or lease to make sure you are protected, getting a good deal, and choosing the location best suited for you. 

One of the trickiest decisions for many first time practice owners is what to call their private practice.  This podcast explores naming your entity from a legal and  marketing  perspectives, and gives practical advice and information on what to take into consideration when making this decision.  Use of a tagline in association with a name is also discussed. 

One of the first questions I often get asked is whether I think you can you grow a successful practice and have  a family.  Proof of concept is the fact that my own company grew over a 25 year period in sync with my wonderful daughter Jenna. I can say without a shadow of a doubt that both turned out to be successful in their own right. 
That is not to say that there were not trials and tribulations along the way. This podcast, co hosted with Tomeico Faison talks about tips for doing this successfully ; how to manage guilt and growth,  why therapists make “special” kinds of mothers, and  the pros and cons of keeping your therapist hat on when looking at your own children. We also delve into the upside and downside of family engagement and what to expect if you go the route (which is actually pretty common) of hiring your family members, being the “boss” of your husband, and pitfalls to avoid. We also look at the impact that can have on the dynamics of your practice. Specifically what this may mean for other staff members, including tensions in the work place when your family is treated differently than other staff members, and how to avoid the appearance of nepotism. 

I decided to do this webinar solo because I feel so opinionated on the topic, so first and foremost, I welcome all feedback especially opposing points of view. At a time where there is so much competition in the healthcare industry, ongoing encroachment on our scope of practice, blurring of the lines between professionals, at the very least I hope everyone will think carefully about how they want to present themselves to the public, the motivation and pros and cons behind wearing each hat, and maybe some enlightenment on the risks and rewards to consider. As I mention in the podcast, please feel free to email me directly at iris@nytherapyguide.com if you would like a template for verbiage to consider using if you deem having a Disclaimer would be appropriate.