RECOGNISING THE DUAL RESPONSIBILITY

Patient Care: The Core of Your Practice

Your patients come to you for relief, recovery, and prevention. Their trust in your expertise is the cornerstone of your business. However, quality care requires an investment in skilled staff, state-of-the-art equipment, and continuing professional development to stay abreast of advancements in treatment techniques.

For instance, a chiropractic practice introduced advanced spinal decompression therapy as a service. While the initial investment was substantial, it reinforced their reputation for offering cutting-edge solutions, resulting in increased referrals and patient satisfaction.

Profitability: A Business Imperative

From clinic space rental and equipment upkeep to compliance costs and staff salaries, running a practice comes with significant financial responsibilities. Balancing these expenses against revenue generation is a continuous challenge, especially in a competitive market.

A physiotherapist managing multiple clinic locations used financial analytics to identify peak and off-peak patient hours. By offering discounted rates during quieter periods, they boosted patient bookings and improved revenue consistency without compromising care quality.

EFFICIENT WORKFORCE MANAGEMENT 

Hiring and Retention Strategies

Your staff plays a critical role in maintaining care standards and operational efficiency. High staff turnover can lead to inconsistencies in care and increased recruitment costs.

A physiotherapy clinic struggling with retention implemented mentorship programs and offered subsidized certifications in advanced treatment techniques. This investment in staff development fostered loyalty and reduced turnover, enhancing both employee satisfaction and patient care.

Optimising Schedules

Balancing staff availability with patient demand can be challenging. Inefficiencies in scheduling may result in overstaffing during quiet hours or understaffing during busy periods.

A small osteopathy practice introduced a flexible scheduling system, allowing therapists to adjust their hours based on patient bookings. This adaptability reduced operational costs and ensured patients received timely care.

MANAGING COSTS WITHOUT COMPROMISING QUALITY

Streamlining Supplies and Equipment

Every practice requires high-quality tools and materials, from ultrasound devices to treatment tables. However, careful supplier management can yield substantial savings.

A chiropractor renegotiated contracts with their suppliers, securing bulk discounts on consumables like kinesiology tape and disinfectants. These savings allowed the practice to invest in a new patient management system, improving both operational efficiency and the patient experience.

Energy and Operational Efficiency

Utility costs can be significant for practices reliant on climate-controlled treatment rooms or equipment with high energy consumption. Simple changes can make a big impact.

One clinic conducted an energy audit and switched to energy-efficient lighting and HVAC systems. These changes reduced monthly expenses by 20%, freeing up resources to expand their marketing efforts.

PARTNERING WITH SPECIALIST ACCOUNTANTS

Tailored Financial Guidance

Accountants who specialize in the health care sector understand the nuances of your practice. They can identify tax relief opportunities, streamline payroll, and provide actionable financial insights.

Building Resilience Through Expertise

Financial challenges, whether from seasonal fluctuations or unexpected expenses, are inevitable. Having an expert partner ensures that you can navigate these hurdles confidently.

BALANCING CARE AND PROFITABILITY

Balancing patient care and profitability is a continuous challenge for physiotherapists, osteopaths, and chiropractors. By implementing strategic workforce management, optimizing costs, leveraging technology, and seeking specialist financial advice, practices can achieve a harmonious blend of compassionate care and business success.

Partnering with accountants who understand the unique demands of the physical therapy sector can be a game-changer. With their expertise, you can focus on what you do best - helping patients heal and thrive - while ensuring your practice flourishes.

(c) Warren Davies, January 2024

We are Accountants for Physiotherapists, Chiropractors and Osteopaths.

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