In this episode of the Grow Your Practice Podcast, host Chad Madden tackles the challenge of aligning incentives amidst declining reimbursements. Chad discusses effective strategies to motivate team members while addressing the financial pressures faced by private practices. Key highlights include the importance of transparent financials, implementing incentive plans, and the necessity of involving team members in decision-making. Chad also shares valuable insights from his own practice and interactions with other practice owners. Tune in to learn how to navigate financial challenges and foster a collaborative environment in your practice.

We will go even deeper into this topic and more in our next FREE virtual event, Revenue Per Visit Summit. Register and join in on the conversation with 600+ practice owners and 8+ expert guests.

00:00 Introduction to the Podcast

00:21 Aligning Incentives with Declining Reimbursement

01:06 Understanding the Financial Context

02:22 Implementing Incentive Plans

03:07 The Importance of Transparent Financials

04:54 Team Member Engagement and Financial Education

19:37 Weekly and Monthly Meetings for Accountability

22:52 Q&A Session: Incentive Structures and Best Practices

34:56 Conclusion and Upcoming Events