From 15% Below to Over Doubling Business Growth | Breakthrough - Breakthrough

From 15% Below to Over Doubling Business Growth | Breakthrough

From 15% Below to Doubling Business Growth

 

In the latest episode of the Grow Your Practice podcast, we were delighted to have Tom Loyd, a seasoned physical therapist and co-owner of Bryn Mawr Sports Rehab and Physical Therapy. With over two decades in the field, Tom shared invaluable insights on evolving from a clinician to a practice owner and doubling business growth of his practice. Below are the key takeaways from our engaging conversation:

From Clinician to Co-Owner: Tom’s Journey

Initially, Tom began his physical therapy career with a simple desire to help people, starting as a volunteer in a hospital. His passion led him to Bryn Mawr, where he transitioned from staff therapist to co-owner. Importantly, Tom highlighted the challenges and rewards of moving from clinical roles to managing the business aspects of the practice.

Navigating Challenges in Private Practice

Furthermore, Tom discussed the changing landscape of outpatient orthopedics, emphasizing pressures from factors like reimbursement cuts and inflation. These challenges have compelled practice owners to optimize operations without compromising patient care.

Strategies for Success:

  1. Marketing and Outreach: Effective marketing strategies and community workshops are crucial for attracting and retaining patients.
  2. Operational Efficiency: Focusing on operational efficiency helps manage costs and enhance service delivery.

Leadership and Team Development

Developing leadership skills to foster a supportive and productive team environment was a profound change for Tom. He shared how leadership is about nurturing talent and dedication within the team.

Leadership Strategies:

  1. Core Values: Establishing core values that promote a team approach and family-like atmosphere within the practice.
  2. Employee Development: Additionally, encouraging staff to grow their skills and contribute to the practice’s success.

Sustained Growth Through the Pandemic

Despite pandemic challenges, Bryn Mawr experienced significant growth. Tom credits this success to strategic planning and robust marketing and patient engagement strategies with Breakthrough.

Growth Highlights:

  1. Consistent Revenue Increase: Achieving 20% growth for three consecutive years, effectively doubling the practice’s value.
  2. Community Engagement: Moreover, leveraging community workshops and events to maintain patient flow and engagement.

Implementing Traction by Gino Wickman

Tom highly recommends “Traction” by Gino Wickman, which helped apply a comprehensive business framework to his practice. This book guided him in establishing a clear vision, core values, and operational strategies that have significantly impacted growth and stability.

Implementation Takeaways:

  1. Vision and Core Processes: Articulating the practice’s vision and core processes ensures alignment and common goals.
  2. Staff Buy-In: Furthermore, achieving buy-in from the team was crucial for successful strategy implementation.

It’s Only Just The Beginning: A Model of Sustainable Growth

Tom Loyd’s journey from clinician to practice owner exemplifies how embracing leadership, continuous learning, and community engagement can lead to sustainable growth and success in physical therapy. His story is a testament to the power of strategic thinking and the importance of a strong team culture in overcoming challenges facing private practices today. We’re proud to be part of the success of Bryn Mawr PT. If you’re ready to increase your profit margins by $10K guaranteed, apply for Profitability Under Pressure today. You’ll learn even more keys to increasing profit margins, connect with like-minded owners, and achieve financial stability and growth.

Watch or listen to the full episode to hear all of Tom’s story.

Apply to Profitability Under Pressure where practice owners will learn how to use text messaging for profit and patient engagement, optimize hiring processes

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