WEBVTT

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Intro now.

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My toupee is on, right?

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Your toupee is centered.

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Centered looks good.

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Sturdy, welcome back, man.

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Good to see you again.

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Good to see you, Jamie.

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Good to see you.

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So this is what we're going to talk

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about.

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You're going to do some lessons in this

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sort of ad hoc MBA for the health

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care provider, the physical therapist,

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the clinical owner.

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A bunch of these different things on the

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syllabus, I think,

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would would fit your skill set.

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But what's the first lesson you want to

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teach?

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What's sort of the title of this thing?

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Yeah,

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this is the financial and operations

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dashboards.

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So we're going to get into numbers

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dashboards,

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but really why they matter and then what

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to do with them.

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I feel like you could have as many

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KPIs as you want,

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but the more KPIs you have,

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they become less K.

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Totally.

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Yeah, yeah, they do.

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I,

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I got a bunch of stories for you.

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But one of them is, this was a,

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I don't even have this one kind of

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prep.

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But you when you said that, yes,

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I had a guy with a two and

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a half million dollar business,

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he was running with his brother that sent

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me a forty seven page report when I

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asked for their KPIs.

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Too many.

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How would you even go through that weekly,

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monthly, quarterly?

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I wouldn't.

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That's exactly what we said.

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I asked him, like,

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what do you do with this?

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He's like, I don't know.

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Me either.

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It's too much, right?

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I mean, it's like,

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it reminds me of downtown San Francisco.

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They gave me a seventy six page lease

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for a twelve hundred square foot spot.

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And I'm like, no, it doesn't.

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I don't know how.

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I don't know how I'm going to get,

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you know, taken advantage of,

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but I'm going to be taken advantage of.

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And I'm not paying a lawyer to read

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seventy six pages so we can come back

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with these.

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We don't like these seventeen things or

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whatever.

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Like, no, right.

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We're done.

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So there's information overwhelm.

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But isn't that indicative of our entire

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society right now?

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Yeah, everything's at our fingertips.

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So we keep everything.

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Yeah,

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and we have a hard time sorting through.

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So I love what you just said,

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because yeah, the key,

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we want to focus in on the key

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things,

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and then we want to interpret them.

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So another story real quick,

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this is why this is so important.

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had a guy reach out to me this

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is a one point two million dollar business

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about four and a half fte therapists right

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um they've spent seventy six thousand

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dollars the previous year on advertising

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on marketing advertising and i you know

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immediately said well why why and and by

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the way this is why benchmarks suck okay

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um he said well you know i'm supposed

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to spend five to ten percent on marketing

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and i said who told you that well

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the people selling marketing

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right of course so that's what worked

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right yeah like well that okay

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timeout and said, Look,

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what I want you to do is go

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back and I asked him,

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Do you know what a customer acquisition

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cost is?

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And he he didn't know,

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I explained it to him.

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And for those listening,

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it is what it says customer acquisition

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costs,

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it is how much does it cost you

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to acquire a customer.

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So, you know, given the formula said, Hey,

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you got seventy six thousand dollars need

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to figure out how many people came through

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this channel to his credit,

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they tracked a lot of data.

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So he had

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the data.

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So he could go figure it out.

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I got a text later that night around

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six thirty or so.

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I was out at my kid's soccer practice.

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It was wintertime.

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It was dark.

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And I remember being there near the

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sidelines.

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I wasn't running the practice or anything.

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But I got a text and said, hey,

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you know,

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my CAC customer acquisition cost is seven

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eighty seven.

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Do you have time to talk?

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And he's East Coast, right?

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So that's like nine thirty at night,

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his time.

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I know he was stressing out and I'm

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like, yeah, sure.

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I was talking to him from the field

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and he had gone back and looked and

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they had acquired ninety seven new

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patients over the past twelve months

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through this channel with seventy six

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thousand four hundred and seven dollars,

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whatever it was,

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ended up being seven hundred eighty seven

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dollars customer acquisition cost in a

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practice where they made about twelve

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hundred thirteen hundred dollars per case

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at around a ten

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fifteen percent profit margin so they were

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making one hundred fifty dollars per new

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patient profit he was literally and again

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this is the numbers we're going to throw

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it all at you but he was literally

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seeing four other patients that he was

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generating through his other marketing

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channels primarily word of mouth referrals

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all that kind of stuff in order to

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pay the marketing company for the one

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patient

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So they were seeing,

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for every patient they saw through that

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channel for the seventy six thousand

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dollars,

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he had to see four more new patients

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to break even before he started to make

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a profit.

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And, you know,

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that's the thing with marketing every,

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you know, I had, you know this,

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but I had practiced for over twenty years.

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And whenever marketing folks would

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approach, I would say, well, this is our,

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in our case,

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our customer acquisition cost target is

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fifty dollars.

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If you can do it for less than

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fifty dollars, I will,

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I will pay you till the cows come

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home.

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Right.

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We will have a years, years, years long,

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decades long relationship.

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Nobody,

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nobody ever wanted to commit to it or

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do it.

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Very few even tried.

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You know, because and and again,

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back to that benchmark thing,

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we're going to get into some numbers and

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show you the dashboard and all that stuff.

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But benchmarking against industry standard

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or other practices loses your context.

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And if you're in a practice that makes

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five hundred dollars profit per patient or

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a practice that makes one hundred dollars

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profit per per patient,

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your your tolerance for what your customer

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acquisition costs for your marketing spend

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and all is different.

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right?

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Your if your margins are different than

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what you can spend is different.

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Like for me for to acquire a coaching

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client,

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if I spent seven or at seven dollars,

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I'd be happy.

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Because that relationship lasts for a long

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time.

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I you know,

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pay it off in the first few months,

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it will then turn into a long term

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relationship.

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I don't need that many new clients,

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you know, all that kind of stuff.

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So it works.

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But for a PT practice,

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show me you know i can name maybe

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two that make more than that profit off

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a full patient case maybe two right all

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right so when you're working with someone

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and you say where's your dashboard and

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either they show you and it's overwhelming

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or underwhelming or they don't have one

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where do you start where you know where

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do you want to begin this lesson with

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kpis

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Yeah,

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so this is one for everybody to write

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down.

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is you need basically so in a standard

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we're going to go with a standard practice

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okay so if you're in um something a

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little different if you're in canada if

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you don't build units if you have speech

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therapists you know they're going to be

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some things that don't apply depending

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upon you know the specifics of your

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practice and again this is why we

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customize everything but in general there

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are seven seven not seven that's five

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seven um

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Seven Chinese.

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So seven metrics that are kind of the

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key from which you can figure out a

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lot of their stuff.

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Okay.

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And I'm saying they're key.

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I'm not saying they're comprehensive.

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Okay.

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But you don't need forty seven pages

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either.

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Right.

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right so we're going to start with real

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simple revenue and expenses okay that's

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two you know what your gross revenue is

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you know what your total expenses are if

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you don't have a handle on those or

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or aren't able to pull them out and

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i've talked to plenty of practice centers

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who who aren't they stumble um we'll go

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back to that in a minute but

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You need to be able to know what

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your monthly revenue is and have that

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written down somewhere.

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You need to know what your monthly

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expenses are.

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From that,

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we can figure out your profit and other

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things, right?

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We're gonna use those numbers in other

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calculations.

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But revenue and expense,

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visits, and new patients.

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Okay, that's four.

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Okay, leads, which almost nobody tracks,

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right?

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Okay,

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but if you're spending money on marketing

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or effort, by the way,

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when I say money,

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I'm not just saying meaning money, time,

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energy, effort, you know,

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all that goes into it.

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If you're spending any of your resources

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on it, you should be tracking it.

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Okay.

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But the leads,

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and then the other two are the units

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so that may not apply to everybody but

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the units build for most and then the

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ftes and by ftes i mean full-time

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equivalent clinical staff all right and

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people get really confused by this one too

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we're probably not going to do a deep

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dive on what each number

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means,

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but an FTE is forty hours of available

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clinical time.

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OK,

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so if you have a manager that's got

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thirty two hours of available time and

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they're managing eight hours,

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that's point eight.

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Right.

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If you've got a part time person that's

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twenty four hours a week,

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that's point six.

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So you add those up, though,

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because that's going to define what your

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capacity is.

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And then we use that in looking at

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your business design,

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because that's the other thing I've run

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into a number of times, Jimmy,

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is

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You know,

00:09:22.845 --> 00:09:25.508
people will think that they can grow out

00:09:25.668 --> 00:09:28.129
of their anemic cashflow and business,

00:09:28.730 --> 00:09:30.011
and that may or may not be true.

00:09:30.491 --> 00:09:31.974
And I've had others be like, well,

00:09:32.014 --> 00:09:33.955
I have to cancel these contracts because

00:09:33.995 --> 00:09:34.515
it's killing me.

00:09:34.905 --> 00:09:36.106
And it's not the contracts that are

00:09:36.147 --> 00:09:36.506
killing them.

00:09:36.947 --> 00:09:37.807
It's the operate, but,

00:09:37.847 --> 00:09:39.649
but we need to look at the viability

00:09:40.208 --> 00:09:40.990
of the practices.

00:09:41.009 --> 00:09:42.671
I've looked at two within the last couple

00:09:42.691 --> 00:09:45.331
of months, they're in network, you know,

00:09:45.351 --> 00:09:46.952
and of course the big push is everybody

00:09:46.993 --> 00:09:48.333
needs to cancel all insurance and

00:09:48.354 --> 00:09:48.594
whatever.

00:09:48.614 --> 00:09:49.315
They're all evil.

00:09:49.355 --> 00:09:50.815
I don't think they're particularly great,

00:09:51.216 --> 00:09:53.817
but we're looking from a business case in

00:09:53.917 --> 00:09:54.878
your situation.

00:09:55.298 --> 00:09:56.339
And in both cases,

00:09:56.578 --> 00:09:58.940
if they were run well and efficiently,

00:09:59.399 --> 00:09:59.841
they would have,

00:09:59.880 --> 00:10:02.662
they would have like an and a profit

00:10:02.701 --> 00:10:03.582
margin respectively.

00:10:05.326 --> 00:10:08.448
So that's a viable PT business.

00:10:09.408 --> 00:10:11.091
You don't have to go cancel contracts.

00:10:11.110 --> 00:10:12.250
You got to fix other stuff,

00:10:12.270 --> 00:10:13.912
but that's exactly what some of the

00:10:13.932 --> 00:10:17.134
numbers and data tell us.

00:10:18.254 --> 00:10:18.355
Okay.

00:10:18.375 --> 00:10:19.195
Do you want to bring this on the

00:10:19.215 --> 00:10:19.495
screen?

00:10:19.676 --> 00:10:20.735
Is this something people should be seeing

00:10:20.775 --> 00:10:20.895
now?

00:10:22.293 --> 00:10:23.193
I have the seven,

00:10:23.774 --> 00:10:25.174
people can also go to my website,

00:10:25.195 --> 00:10:26.716
Sturdy Coaching and look at connect the

00:10:26.755 --> 00:10:27.115
dots.

00:10:27.495 --> 00:10:28.897
I don't have those outlined here on this

00:10:29.057 --> 00:10:29.898
piece though, Jamie.

00:10:31.219 --> 00:10:32.740
The other thing I want to bring up

00:10:32.779 --> 00:10:34.321
though, is when we look at these numbers,

00:10:34.400 --> 00:10:36.381
like what you've just shown.

00:10:36.422 --> 00:10:37.163
So this is a summary,

00:10:37.222 --> 00:10:38.342
we'll go over this real quick,

00:10:38.744 --> 00:10:40.465
but this is a demo dashboard and I

00:10:40.485 --> 00:10:41.546
can send the link to anybody.

00:10:41.566 --> 00:10:42.765
We'll put the link in the notes and

00:10:42.785 --> 00:10:43.267
give it to you,

00:10:43.287 --> 00:10:44.267
but they can look at it.

00:10:45.307 --> 00:10:46.908
And this is fully customizable by the way,

00:10:46.948 --> 00:10:48.230
right now I'm working on another one that

00:10:48.250 --> 00:10:49.870
we're launching today for another client.

00:10:50.331 --> 00:10:51.331
later this afternoon.

00:10:51.552 --> 00:10:54.514
And this is kind of based on a

00:10:54.553 --> 00:10:55.134
true story.

00:10:55.313 --> 00:10:57.615
It's anonymized and a little bit tweaked,

00:10:57.895 --> 00:10:59.255
so it doesn't give away anybody,

00:10:59.836 --> 00:11:02.857
but these are essentially real insights.

00:11:02.937 --> 00:11:04.720
So what we've got is year to date

00:11:04.759 --> 00:11:06.139
through October, you know,

00:11:06.159 --> 00:11:07.821
two point two million dollars in gross

00:11:07.860 --> 00:11:11.043
charges, one ninety six in profit,

00:11:11.844 --> 00:11:13.183
one point two million in revenue.

00:11:13.224 --> 00:11:14.504
We've used bank deposits here.

00:11:14.825 --> 00:11:17.907
We do reconcile posted and down below we

00:11:17.927 --> 00:11:18.668
looked at posted

00:11:19.707 --> 00:11:22.429
uh payments and then bank account to make

00:11:22.450 --> 00:11:25.572
sure that there's not a big discrepancy um

00:11:25.591 --> 00:11:26.732
that's the other thing numbers allow you

00:11:26.753 --> 00:11:29.195
to do is kind of reconcile and make

00:11:29.215 --> 00:11:34.519
sure that you're uh you know then what

00:11:34.558 --> 00:11:36.279
the billing company is posting and telling

00:11:36.299 --> 00:11:37.760
you is actually hitting your bank account

00:11:37.780 --> 00:11:41.342
and vice versa right right um but yeah

00:11:41.383 --> 00:11:42.583
we can look at things like this like

00:11:42.624 --> 00:11:44.385
the the visits and the and the um

00:11:45.566 --> 00:11:48.009
new patients and the units give us these

00:11:48.070 --> 00:11:48.451
numbers.

00:11:48.471 --> 00:11:51.816
So this is a visit per case number.

00:11:51.875 --> 00:11:54.100
And as we go across here, you know,

00:11:54.120 --> 00:11:56.644
you can see that their target is thirteen

00:11:56.663 --> 00:11:57.445
visits a case.

00:11:58.458 --> 00:11:59.860
And that came out of an audit.

00:11:59.899 --> 00:12:00.200
So again,

00:12:00.240 --> 00:12:01.821
it wasn't benchmarked against industry

00:12:01.860 --> 00:12:02.961
standard or anything else.

00:12:02.980 --> 00:12:04.922
We went through and we looked at their

00:12:04.961 --> 00:12:05.442
patients,

00:12:05.522 --> 00:12:08.644
the UT's plans of care across the board,

00:12:08.803 --> 00:12:09.563
averaged out,

00:12:09.943 --> 00:12:12.164
figured out over the course of six months

00:12:12.205 --> 00:12:13.166
worth of new patients,

00:12:13.206 --> 00:12:17.206
that thirteen is right on the dot for

00:12:17.246 --> 00:12:19.727
as far as what they expect people to

00:12:19.748 --> 00:12:20.328
come in for.

00:12:20.828 --> 00:12:22.048
And then what we're trying to do and

00:12:22.089 --> 00:12:23.409
making sure of, oh,

00:12:23.450 --> 00:12:26.270
and I don't have a,

00:12:26.410 --> 00:12:27.471
here's one thing we can do.

00:12:29.681 --> 00:12:32.043
Um, okay.

00:12:32.323 --> 00:12:36.889
I got to update that because it didn't

00:12:36.990 --> 00:12:40.354
cancel that and go back.

00:12:40.374 --> 00:12:42.336
How do I go back dashboard?

00:12:43.037 --> 00:12:43.096
Um,

00:12:45.888 --> 00:12:46.328
So anyway,

00:12:46.369 --> 00:12:47.629
I don't have October's numbers on here,

00:12:47.850 --> 00:12:48.510
although they should be.

00:12:49.772 --> 00:12:51.754
But they came back up to about thirteen

00:12:51.875 --> 00:12:52.655
in the real world.

00:12:53.817 --> 00:12:56.440
But what we're looking at is why.

00:12:56.840 --> 00:12:59.143
Why are we seeing a discrepancy between

00:13:00.705 --> 00:13:03.006
the target number that we know based on

00:13:03.027 --> 00:13:05.330
an audit they ought to be getting close

00:13:05.370 --> 00:13:06.490
to and

00:13:07.491 --> 00:13:07.792
you know,

00:13:08.192 --> 00:13:10.812
if there's a three visit a case difference

00:13:10.852 --> 00:13:12.254
or two visit a case difference,

00:13:12.714 --> 00:13:14.754
that's not only lost revenue.

00:13:14.815 --> 00:13:15.774
And this is one of my big,

00:13:15.815 --> 00:13:16.735
big things, too.

00:13:17.235 --> 00:13:20.676
It's it's are we taking all those patients

00:13:20.697 --> 00:13:21.616
across the finish line?

00:13:22.076 --> 00:13:23.277
Are we achieving their goals?

00:13:23.658 --> 00:13:25.138
So a lot of what we're talking about

00:13:25.177 --> 00:13:26.597
here with all of this is connecting the

00:13:26.639 --> 00:13:26.999
dots.

00:13:27.038 --> 00:13:28.359
And when I say connect the dots,

00:13:28.818 --> 00:13:30.259
I don't even just mean the numbers.

00:13:30.740 --> 00:13:30.940
I mean,

00:13:30.980 --> 00:13:32.701
connecting the dots between the people,

00:13:33.140 --> 00:13:35.682
the processes and then the numbers.

00:13:35.721 --> 00:13:36.802
The numbers are results.

00:13:38.052 --> 00:13:38.272
right?

00:13:38.292 --> 00:13:40.113
So this is really a lot of insight

00:13:40.232 --> 00:13:42.634
into how well, this is a feedback loop.

00:13:42.674 --> 00:13:44.235
How well are you managing?

00:13:44.956 --> 00:13:46.496
How well are you running your practice?

00:13:46.537 --> 00:13:48.378
How well are the players performing?

00:13:49.057 --> 00:13:50.639
Because if you've got good processes,

00:13:50.658 --> 00:13:54.100
good plays that get a particular result,

00:13:55.182 --> 00:13:57.503
then the players who are doing, you know,

00:13:57.543 --> 00:13:59.764
who are doing well ought to be achieving

00:13:59.803 --> 00:14:00.104
that.

00:14:00.124 --> 00:14:03.405
And that gives me another on this one.

00:14:03.426 --> 00:14:04.547
I, uh,

00:14:05.700 --> 00:14:07.283
another reason that you should be looking

00:14:07.322 --> 00:14:07.903
at this stuff.

00:14:07.923 --> 00:14:10.386
I had seventeen PTs in our practice at

00:14:10.466 --> 00:14:10.908
one point.

00:14:11.148 --> 00:14:12.269
One of them was in the red,

00:14:13.130 --> 00:14:13.932
one was in the yellow,

00:14:13.972 --> 00:14:15.094
and fifteen were in the green.

00:14:15.115 --> 00:14:16.336
The reason that's relevant is the one that

00:14:16.355 --> 00:14:16.836
was in the red

00:14:17.895 --> 00:14:18.296
By the way,

00:14:18.696 --> 00:14:21.177
we go deeper on this and then also

00:14:21.216 --> 00:14:22.898
track by therapists,

00:14:22.977 --> 00:14:24.038
like where do they fall?

00:14:24.078 --> 00:14:25.339
Because when you have this,

00:14:25.719 --> 00:14:27.440
you invariably have a few people above

00:14:27.480 --> 00:14:27.860
target.

00:14:27.899 --> 00:14:30.120
You have some near at target and you

00:14:30.140 --> 00:14:31.562
have a few that are below most of

00:14:31.581 --> 00:14:32.022
the time.

00:14:32.402 --> 00:14:34.062
I had fifteen people above the target.

00:14:34.403 --> 00:14:36.063
I had two people below one by just

00:14:36.104 --> 00:14:36.543
a little bit.

00:14:36.583 --> 00:14:37.244
When I say red,

00:14:37.264 --> 00:14:38.804
it was more than ten percent below.

00:14:39.284 --> 00:14:40.725
And when I sat down with him and

00:14:40.765 --> 00:14:41.505
talked about it,

00:14:42.206 --> 00:14:43.767
he told me that it was impossible.

00:14:44.167 --> 00:14:45.107
It was unachievable.

00:14:46.049 --> 00:14:47.591
so what i did was i pulled up

00:14:48.032 --> 00:14:51.734
the other right and everybody else in the

00:14:51.774 --> 00:14:54.216
practice across all the clinics was in the

00:14:54.255 --> 00:14:56.918
green with the exception of one person who

00:14:56.957 --> 00:15:00.200
by the way had been gone on vacation

00:15:00.240 --> 00:15:03.342
for five weeks wow so the year to

00:15:03.383 --> 00:15:05.063
date she was actually still seeing more

00:15:05.104 --> 00:15:09.267
patients than he was um at like you

00:15:09.287 --> 00:15:10.707
know two-thirds of the way through the

00:15:10.727 --> 00:15:12.269
year and she had been gone for five

00:15:12.308 --> 00:15:13.129
weeks wow

00:15:14.321 --> 00:15:15.822
So it wasn't impossible.

00:15:17.383 --> 00:15:20.625
If you have somebody like that, it's like,

00:15:20.645 --> 00:15:20.865
well,

00:15:21.225 --> 00:15:22.866
let's hook them up with somebody in the

00:15:22.907 --> 00:15:25.769
practice who can show him the ropes,

00:15:25.789 --> 00:15:27.471
who can go through and number one,

00:15:27.551 --> 00:15:29.392
verify that he's following the processes

00:15:29.412 --> 00:15:31.933
that you have laid out and number two,

00:15:31.953 --> 00:15:33.414
doing them successfully and comfortable

00:15:33.434 --> 00:15:33.755
with it.

00:15:34.196 --> 00:15:37.958
And then if there are people choosing not

00:15:37.979 --> 00:15:38.298
to,

00:15:38.619 --> 00:15:40.600
because there was no other reason

00:15:41.802 --> 00:15:45.865
that he was below um you know it

00:15:45.885 --> 00:15:47.647
then then you start to make decisions like

00:15:47.667 --> 00:15:50.229
do you do you where do you spend

00:15:50.249 --> 00:15:51.970
your time and effort do you coach somebody

00:15:52.009 --> 00:15:53.850
for how long how long do you work

00:15:53.870 --> 00:15:55.032
with them I want everybody to be

00:15:55.072 --> 00:15:57.033
successful there are some people and

00:15:57.072 --> 00:15:58.193
anybody who's listening this who's

00:15:58.234 --> 00:15:59.674
employed people for any length of time

00:16:00.154 --> 00:16:01.596
knows there are some people who don't want

00:16:01.615 --> 00:16:06.559
to you know and okay but you you

00:16:06.580 --> 00:16:07.740
can do that but you just can't do

00:16:07.759 --> 00:16:09.981
that on my team right right um

00:16:11.383 --> 00:16:12.763
So here's another where we're looking at

00:16:12.783 --> 00:16:14.683
the patient visits and then the leads and

00:16:14.703 --> 00:16:17.184
then patients per month, sorry,

00:16:17.205 --> 00:16:17.865
new patients.

00:16:18.304 --> 00:16:19.264
And this is where we get some of

00:16:19.284 --> 00:16:19.846
those others,

00:16:19.926 --> 00:16:21.046
but we can see over the course of

00:16:21.066 --> 00:16:22.265
the year, what's happening there.

00:16:22.765 --> 00:16:25.226
And then that ties into our productivity.

00:16:25.287 --> 00:16:27.467
So per FTE, we normalize this.

00:16:28.028 --> 00:16:29.227
In this practice's case,

00:16:29.288 --> 00:16:31.369
their visit number is two-sixteen a month.

00:16:32.883 --> 00:16:32.962
Okay,

00:16:32.982 --> 00:16:34.724
it doesn't matter if it's one-seventy or

00:16:34.783 --> 00:16:36.703
two-sixteen or two-thirty or whatever

00:16:36.724 --> 00:16:38.624
yours is, we can look at that,

00:16:38.663 --> 00:16:42.924
but they're over productivity for, what,

00:16:43.044 --> 00:16:46.066
six months out of the first nine months

00:16:46.086 --> 00:16:48.807
of the year, right?

00:16:49.187 --> 00:16:51.886
So then we look at things like the

00:16:51.907 --> 00:16:53.908
conversion rate is a little lower,

00:16:54.207 --> 00:16:55.947
and I happen to know that the October

00:16:55.967 --> 00:16:57.788
goes even lower to sixty-three percent.

00:16:58.769 --> 00:16:59.849
Our target's eighty-three.

00:17:00.702 --> 00:17:01.883
And we'll get to what that means in

00:17:01.923 --> 00:17:02.283
a second.

00:17:02.322 --> 00:17:03.964
But this is that lead number and the

00:17:04.003 --> 00:17:04.804
new patient number.

00:17:05.243 --> 00:17:06.523
But we look at why is that?

00:17:06.564 --> 00:17:08.244
Is the front desk not doing their job?

00:17:08.285 --> 00:17:09.025
Are they not selling?

00:17:09.065 --> 00:17:10.125
Are they not getting people in?

00:17:10.505 --> 00:17:12.045
Are people flaking out or not showing up?

00:17:12.484 --> 00:17:14.726
Or are we over capacity so that there's

00:17:14.786 --> 00:17:15.625
no room on the schedule?

00:17:16.526 --> 00:17:17.405
Good point.

00:17:17.445 --> 00:17:18.287
Right.

00:17:18.307 --> 00:17:19.507
But that's exactly where we're talking

00:17:19.527 --> 00:17:20.906
about the connecting the dots in two

00:17:20.946 --> 00:17:21.287
senses.

00:17:21.406 --> 00:17:24.028
One is interpreting the data because I can

00:17:24.067 --> 00:17:26.268
go yell at my front desk or figure

00:17:26.347 --> 00:17:28.169
out or do remedial training or whatever

00:17:28.509 --> 00:17:29.648
because they're not converting.

00:17:30.976 --> 00:17:32.537
but what if there's no room on the

00:17:32.576 --> 00:17:32.978
schedule?

00:17:34.519 --> 00:17:35.318
It ain't their fault.

00:17:35.940 --> 00:17:37.320
So I wanna make sure as far as

00:17:37.381 --> 00:17:38.682
like what I'm doing and running the

00:17:38.721 --> 00:17:40.943
business that I look at the different

00:17:41.023 --> 00:17:43.165
aspects and I tend to start with a

00:17:43.226 --> 00:17:43.885
process,

00:17:43.925 --> 00:17:45.587
like is the process being followed?

00:17:46.848 --> 00:17:49.069
And then a personnel is this person or

00:17:49.089 --> 00:17:50.731
a couple of people not really doing it.

00:17:51.192 --> 00:17:53.453
And then we get into other things.

00:17:53.493 --> 00:17:54.213
But in essence,

00:17:54.233 --> 00:17:57.017
let's step back for a second.

00:17:58.117 --> 00:17:59.599
When you, if you run your business,

00:17:59.619 --> 00:18:00.681
like you see a patient,

00:18:00.701 --> 00:18:02.021
like you treat a patient and you use

00:18:02.041 --> 00:18:05.244
the SOAP format, right?

00:18:05.726 --> 00:18:07.467
Most owners are basically stopping at the

00:18:07.728 --> 00:18:10.029
S, the subjective.

00:18:10.049 --> 00:18:10.931
They get the story,

00:18:11.010 --> 00:18:12.531
they hear the stuff from their team,

00:18:12.551 --> 00:18:14.193
they hear the anecdotal, whatever,

00:18:14.574 --> 00:18:16.556
and they jump to an assessment and they

00:18:16.596 --> 00:18:17.416
create a plan.

00:18:17.957 --> 00:18:19.298
And the problem is if they don't

00:18:19.439 --> 00:18:22.382
cross-reference that with the objective,

00:18:24.263 --> 00:18:24.463
Right?

00:18:24.683 --> 00:18:26.286
You don't just take a patient's word for

00:18:26.326 --> 00:18:26.806
it.

00:18:26.826 --> 00:18:28.366
You have a hypothesis in your head.

00:18:28.686 --> 00:18:30.269
You have a differential diagnosis after,

00:18:30.288 --> 00:18:30.689
you know,

00:18:30.729 --> 00:18:31.990
a patient comes in and tells you,

00:18:32.450 --> 00:18:33.770
and you've observed a couple of things,

00:18:33.810 --> 00:18:35.392
which are also objective, right?

00:18:35.412 --> 00:18:36.894
But you start adding in the objective

00:18:36.913 --> 00:18:39.315
pieces and you verify or refute your

00:18:39.355 --> 00:18:40.115
hypothesis.

00:18:40.756 --> 00:18:42.958
Then you come up with an assessment and

00:18:42.998 --> 00:18:43.377
a plan.

00:18:44.318 --> 00:18:45.740
And that's really what a lot of the

00:18:45.799 --> 00:18:47.801
numbers are and what it can tell you

00:18:48.221 --> 00:18:50.483
is if you have a dashboard, you know,

00:18:51.183 --> 00:18:51.904
what, what,

00:18:52.263 --> 00:18:53.805
We know where to look because it's not

00:18:53.865 --> 00:18:56.246
on target, but why?

00:18:57.046 --> 00:18:57.846
We need to figure out,

00:18:57.865 --> 00:18:59.326
we need to diagnose why.

00:18:59.406 --> 00:19:01.387
And if we have a capacity issue that

00:19:01.428 --> 00:19:03.147
is going to impact our conversion rate,

00:19:03.448 --> 00:19:05.269
it's also gonna impact our visits per case

00:19:05.308 --> 00:19:05.628
number.

00:19:07.190 --> 00:19:09.111
But if we don't diagnose it correctly,

00:19:10.951 --> 00:19:12.311
therapists need to see more patients.

00:19:13.192 --> 00:19:16.193
No, they don't.

00:19:16.213 --> 00:19:17.473
Front desk needs to convert better.

00:19:18.855 --> 00:19:19.634
No, they're trying.

00:19:21.282 --> 00:19:21.462
Right.

00:19:21.923 --> 00:19:23.423
So, so it's, you know,

00:19:23.443 --> 00:19:25.523
it's not just the forty seven page report

00:19:25.584 --> 00:19:26.125
or whatever.

00:19:26.565 --> 00:19:28.525
It's also this kind of integration and

00:19:28.565 --> 00:19:30.546
understanding and looking at all this

00:19:30.566 --> 00:19:34.767
stuff that allows you to interpret and

00:19:34.787 --> 00:19:37.208
then take the right action at the right

00:19:37.248 --> 00:19:37.508
time.

00:19:38.984 --> 00:19:40.724
What are you using technology wise to

00:19:41.046 --> 00:19:42.145
track phone calls?

00:19:42.486 --> 00:19:43.806
Is there something that you're using or is

00:19:43.846 --> 00:19:45.027
that just something that's calculated

00:19:45.067 --> 00:19:45.586
somewhere else?

00:19:46.146 --> 00:19:47.247
It's a process thing.

00:19:47.487 --> 00:19:48.127
It depends.

00:19:48.147 --> 00:19:49.008
I mean, there are some,

00:19:49.468 --> 00:19:50.887
depends on what platform you're on.

00:19:51.008 --> 00:19:52.249
You know, with some EMRs,

00:19:52.269 --> 00:19:54.348
you can create a case with each phone

00:19:54.388 --> 00:19:54.769
call.

00:19:54.809 --> 00:19:56.329
So there are others.

00:19:56.349 --> 00:19:58.089
I have a client that they still insist

00:19:58.150 --> 00:19:59.730
on doing all the intakes on paper.

00:20:00.411 --> 00:20:02.330
So it goes into the paper log and

00:20:02.351 --> 00:20:02.991
at the end of the month,

00:20:03.011 --> 00:20:04.251
they count up the number of leads.

00:20:05.231 --> 00:20:06.672
Because all we're looking at when we're

00:20:06.692 --> 00:20:07.632
saying leads, right?

00:20:07.652 --> 00:20:09.073
I'm not trying to overcomplicate this.

00:20:09.673 --> 00:20:11.192
Leads, I'm looking at inbound leads.

00:20:11.232 --> 00:20:12.532
Let me see if I've got it down

00:20:12.553 --> 00:20:12.772
here.

00:20:15.273 --> 00:20:17.034
When we look at the inbound leads, right?

00:20:17.273 --> 00:20:22.134
What we're looking at is fax referrals,

00:20:22.315 --> 00:20:25.675
email, online inquiries, phone calls,

00:20:25.955 --> 00:20:26.796
any and all of it.

00:20:27.987 --> 00:20:30.087
right and then the other thing that this

00:20:30.127 --> 00:20:32.469
allows you to do jimmy is you set

00:20:32.509 --> 00:20:34.910
a baseline so like we just said running

00:20:34.930 --> 00:20:37.010
your business like like a soap note

00:20:37.070 --> 00:20:39.092
gathering subjective information objective

00:20:39.412 --> 00:20:40.952
before you come up with an assessment and

00:20:40.972 --> 00:20:42.712
then that before you come up with a

00:20:42.772 --> 00:20:45.294
plan that will allow you to be more

00:20:45.334 --> 00:20:47.634
disciplined in your decision making but

00:20:47.935 --> 00:20:50.436
there's also a baseline for test intervene

00:20:50.457 --> 00:20:50.936
retest

00:20:52.365 --> 00:20:53.566
That was the only rule in my PT

00:20:53.586 --> 00:20:54.567
practice for twenty years.

00:20:55.048 --> 00:20:57.430
We had people very eclectically trained

00:20:57.470 --> 00:20:58.892
from different backgrounds and whatever,

00:20:59.231 --> 00:21:01.515
but the one rule we had consistently was

00:21:01.934 --> 00:21:03.297
test, intervene, retest.

00:21:03.416 --> 00:21:04.738
Whatever you're doing needs to get a

00:21:04.778 --> 00:21:05.118
result.

00:21:06.222 --> 00:21:08.744
And if it doesn't, then switch gears,

00:21:08.925 --> 00:21:10.446
ask for help, do something else, right?

00:21:10.707 --> 00:21:11.807
We've got to get results.

00:21:12.269 --> 00:21:14.010
So the same thing's true here.

00:21:14.070 --> 00:21:17.054
What if that guy, you know,

00:21:17.074 --> 00:21:18.494
before he spent seventy six thousand

00:21:18.515 --> 00:21:19.215
dollars, and by the way,

00:21:19.256 --> 00:21:20.977
that was like the second or third year.

00:21:21.478 --> 00:21:21.718
Right.

00:21:21.738 --> 00:21:23.759
So we're talking two hundred grand plus.

00:21:25.060 --> 00:21:26.522
But what if what if in the first

00:21:26.563 --> 00:21:28.344
three months he was looking at the

00:21:28.384 --> 00:21:29.665
difference in his leads?

00:21:30.788 --> 00:21:32.148
know i i go and i hire a

00:21:32.169 --> 00:21:33.969
marketer and i'm running at a hundred and

00:21:34.028 --> 00:21:36.170
fifteen hundred and twenty hundred and

00:21:36.210 --> 00:21:40.152
thirty leads and then um you know one

00:21:40.192 --> 00:21:42.231
thirty seven one fifty three one fifty two

00:21:42.291 --> 00:21:43.732
i happen to know october is one fifty

00:21:43.772 --> 00:21:46.413
six well guess what we started a new

00:21:46.453 --> 00:21:48.775
marketing effort well leads are up thirty

00:21:48.815 --> 00:21:52.435
percent thirty thirty you know thirty per

00:21:52.496 --> 00:21:54.817
month okay

00:21:55.612 --> 00:21:56.853
is that worth it well not if we

00:21:56.873 --> 00:21:59.954
don't have capacity but but if we have

00:21:59.994 --> 00:22:01.596
capacity and we're putting more new

00:22:01.636 --> 00:22:03.617
patients in if we're converting eighty

00:22:03.637 --> 00:22:05.239
three percent of one hundred and fifty six

00:22:05.278 --> 00:22:06.559
instead of eighty three percent of one

00:22:06.579 --> 00:22:09.782
hundred and fifteen that's significant

00:22:09.823 --> 00:22:15.227
right so you know there's a bunch of

00:22:15.406 --> 00:22:16.708
math kind of that i mean that and

00:22:16.728 --> 00:22:19.269
that's in part to why people like hire

00:22:19.549 --> 00:22:21.070
somebody like me um

00:22:21.945 --> 00:22:24.188
Because after running a practice and being

00:22:24.208 --> 00:22:24.688
able to do this,

00:22:24.788 --> 00:22:25.828
I can look at this stuff and kind

00:22:25.888 --> 00:22:26.450
of go, yeah,

00:22:26.490 --> 00:22:27.750
this is what we might want to be

00:22:27.790 --> 00:22:28.391
focusing on.

00:22:28.431 --> 00:22:30.133
This is where it might be happening.

00:22:30.173 --> 00:22:32.315
Let's go through and test that idea.

00:22:32.855 --> 00:22:34.435
Make sure that that's actually the case.

00:22:34.836 --> 00:22:36.077
Because I'm not professing to have all the

00:22:36.137 --> 00:22:36.498
answers,

00:22:36.577 --> 00:22:39.401
but we can certainly get there a whole

00:22:39.461 --> 00:22:40.221
lot faster.

00:22:41.021 --> 00:22:42.462
And this dashboard,

00:22:42.502 --> 00:22:43.403
is this something you built?

00:22:43.423 --> 00:22:45.105
And this is what people use when you

00:22:45.125 --> 00:22:45.566
work with them?

00:22:45.605 --> 00:22:45.806
Yeah.

00:22:45.846 --> 00:22:45.986
I mean,

00:22:46.006 --> 00:22:48.107
it looks like it's pretty complete.

00:22:49.025 --> 00:22:49.444
Yeah, I mean,

00:22:49.904 --> 00:22:51.125
we're going to be to this one.

00:22:51.645 --> 00:22:53.067
And this, this has been tweaked.

00:22:53.086 --> 00:22:54.407
This is a,

00:22:54.488 --> 00:22:55.508
I made a copy of this a month

00:22:55.548 --> 00:22:55.788
ago.

00:22:55.827 --> 00:22:57.229
So we've actually added a couple things to

00:22:57.249 --> 00:22:57.989
the real clients.

00:22:58.910 --> 00:23:00.871
But among them is that visits per case

00:23:00.891 --> 00:23:01.550
by therapists,

00:23:01.590 --> 00:23:03.551
we've added that data in and a tracking,

00:23:04.672 --> 00:23:06.633
I got a couple more things to kind

00:23:06.673 --> 00:23:08.193
of share on here.

00:23:08.253 --> 00:23:11.215
But that whole concept of connecting the

00:23:11.256 --> 00:23:11.635
dots.

00:23:12.896 --> 00:23:16.157
i was uh talking about this with matt

00:23:16.198 --> 00:23:18.818
matt fitzsimmons is my co-author on the

00:23:18.838 --> 00:23:20.920
books back here and stuff and was my

00:23:21.019 --> 00:23:25.201
business coach back in like and uh he's

00:23:25.221 --> 00:23:29.182
in new zealand right and i was we

00:23:29.202 --> 00:23:31.304
were talking about bringing on doing some

00:23:31.324 --> 00:23:33.105
kind of small group for smaller practices

00:23:33.545 --> 00:23:35.905
and bringing in a a bookkeeper cpa

00:23:35.945 --> 00:23:37.605
bookkeeper accountant type person a

00:23:37.645 --> 00:23:39.307
marketing person a compliance person and

00:23:39.567 --> 00:23:41.948
kind of doing a group right and um

00:23:43.606 --> 00:23:45.269
I realized that we were talking past each

00:23:45.308 --> 00:23:46.589
other on some of the bookkeeping stuff,

00:23:46.890 --> 00:23:47.510
accounting stuff.

00:23:47.911 --> 00:23:48.672
And I'm like, wait a minute,

00:23:49.251 --> 00:23:49.673
what do you mean?

00:23:50.292 --> 00:23:51.734
And his assumption,

00:23:51.755 --> 00:23:52.976
because in New Zealand they do this,

00:23:52.996 --> 00:23:53.936
and I've since talked to a couple of

00:23:53.957 --> 00:23:55.718
people in the UK and they do this,

00:23:56.098 --> 00:23:58.059
the accountants and bookkeepers and all,

00:23:58.461 --> 00:24:00.383
they also look at the operational metrics.

00:24:01.042 --> 00:24:02.304
So if you're running a cafe,

00:24:02.344 --> 00:24:03.965
they'll look at the tables turned over,

00:24:04.046 --> 00:24:05.126
the ticket, you know,

00:24:05.146 --> 00:24:07.328
the people per table, the ticket,

00:24:09.494 --> 00:24:10.596
average ticket price,

00:24:11.336 --> 00:24:14.057
they'll help you to see where your

00:24:14.196 --> 00:24:16.157
operations could potentially improve your

00:24:16.178 --> 00:24:16.698
finances.

00:24:17.597 --> 00:24:19.679
And ours don't, right?

00:24:20.058 --> 00:24:21.900
And I know that not just in my

00:24:21.960 --> 00:24:23.359
personal experience and people I've worked

00:24:23.380 --> 00:24:25.500
with, but once I learned this,

00:24:25.560 --> 00:24:26.781
I started going back to, hey,

00:24:27.884 --> 00:24:29.404
And I've interviewed over a dozen

00:24:29.884 --> 00:24:32.707
bookkeepers and accountants in the PT

00:24:32.727 --> 00:24:35.888
space who work with therapists about this,

00:24:35.949 --> 00:24:38.750
about how many visits and do you ever

00:24:38.770 --> 00:24:41.051
look at that stuff and tie that back

00:24:41.071 --> 00:24:43.733
to their operations or their employees to

00:24:43.753 --> 00:24:45.213
their expenses and what have you.

00:24:45.595 --> 00:24:47.355
And they just look at me like I'm

00:24:47.855 --> 00:24:48.997
speaking Greek.

00:24:51.038 --> 00:24:52.259
They're totally confused.

00:24:53.071 --> 00:24:55.413
i'm sitting there going well but how you

00:24:55.433 --> 00:24:57.815
know if you're only dealing with the money

00:24:58.234 --> 00:25:01.557
after it's happened what kind of value can

00:25:01.576 --> 00:25:03.097
you really bring to me right all they're

00:25:03.117 --> 00:25:04.898
doing really is submitting a report and

00:25:04.919 --> 00:25:06.680
telling you what you owe your accounting

00:25:07.059 --> 00:25:08.721
right but and this so this was the

00:25:08.740 --> 00:25:10.001
disconnect right we started about the

00:25:10.041 --> 00:25:12.403
managerial accounting which bigger

00:25:12.443 --> 00:25:14.765
companies like you know work with a big

00:25:14.785 --> 00:25:16.826
corporation they have managerial

00:25:16.865 --> 00:25:17.326
accountants

00:25:18.047 --> 00:25:18.186
Right.

00:25:18.207 --> 00:25:19.248
They hire people to do that.

00:25:19.288 --> 00:25:20.269
But in small business,

00:25:20.388 --> 00:25:21.349
at least here in the U.S.

00:25:21.470 --> 00:25:22.911
and I believe in Canada,

00:25:23.491 --> 00:25:26.433
there isn't any there's a there's a big

00:25:26.554 --> 00:25:27.674
gap in the market.

00:25:27.714 --> 00:25:29.797
There's a big gap here that could help

00:25:29.817 --> 00:25:31.679
people connect the dots.

00:25:31.778 --> 00:25:33.880
Again, when we're looking at expenses,

00:25:34.121 --> 00:25:36.702
you know, everybody wants to do gap GAP,

00:25:37.123 --> 00:25:37.383
you know,

00:25:37.403 --> 00:25:39.065
accounting and their tax and da da da

00:25:39.105 --> 00:25:39.305
da.

00:25:39.625 --> 00:25:41.146
And it's like it's simpler than that.

00:25:42.138 --> 00:25:44.380
know for your for managerial decisions

00:25:44.400 --> 00:25:46.520
we've got three buckets we've got your

00:25:46.560 --> 00:25:49.403
profit we've got your expenses what really

00:25:49.442 --> 00:25:51.003
your your personnel and your overhead so

00:25:51.023 --> 00:25:52.585
this is total expenses this is two of

00:25:52.605 --> 00:25:55.546
the buckets personnel expense in green and

00:25:55.586 --> 00:25:58.227
overhead in purple and this is our total

00:25:58.267 --> 00:25:59.968
expense and we put that up against the

00:26:00.048 --> 00:26:02.170
total revenue and the difference between

00:26:02.190 --> 00:26:03.849
the expense and revenue is our profit and

00:26:03.869 --> 00:26:04.750
there's your three buckets

00:26:06.400 --> 00:26:06.599
Right,

00:26:06.961 --> 00:26:08.821
but what we can do here is we

00:26:08.842 --> 00:26:09.682
can look at, well,

00:26:09.742 --> 00:26:13.566
why was my personnel expense higher in

00:26:13.746 --> 00:26:14.146
April?

00:26:15.027 --> 00:26:15.847
And once again,

00:26:15.867 --> 00:26:16.989
it doesn't necessarily tell us what's

00:26:17.009 --> 00:26:18.230
wrong, but it tells us where to look,

00:26:19.090 --> 00:26:19.310
right?

00:26:19.750 --> 00:26:20.612
And he happened to have,

00:26:20.632 --> 00:26:22.173
that was the magic paycheck month and some

00:26:22.192 --> 00:26:22.834
other stuff, right?

00:26:23.233 --> 00:26:26.057
But if I'm looking at my overhead,

00:26:26.156 --> 00:26:27.577
it should be relatively steady.

00:26:28.157 --> 00:26:29.420
And if you see like, twenty-five,

00:26:29.460 --> 00:26:31.260
twenty-three, twenty-one, twenty-five,

00:26:31.661 --> 00:26:32.761
twenty, you know,

00:26:33.262 --> 00:26:34.503
that's what I want it to look like.

00:26:35.511 --> 00:26:36.973
I don't want my overhead bumping around

00:26:37.013 --> 00:26:39.478
because that's the way I break these down

00:26:39.577 --> 00:26:42.422
is overhead is anything that won't change

00:26:42.442 --> 00:26:45.426
when you hire somebody or let somebody go.

00:26:45.467 --> 00:26:46.709
So what should fit under overhead?

00:26:46.909 --> 00:26:48.490
Things like a lease?

00:26:49.031 --> 00:26:50.134
Anything that doesn't change.

00:26:50.193 --> 00:26:50.253
HR.

00:26:50.394 --> 00:26:50.554
Okay.

00:26:51.894 --> 00:26:52.594
Yep.

00:26:52.614 --> 00:26:52.794
Yep.

00:26:52.834 --> 00:26:54.315
If you've got a contract with somebody,

00:26:54.355 --> 00:26:55.336
if you're Yeah,

00:26:55.355 --> 00:26:57.517
your phones won't change your other now

00:26:57.676 --> 00:26:58.517
personnel bucket,

00:26:58.557 --> 00:26:59.758
people get a little bit more look,

00:26:59.798 --> 00:27:00.738
it's a little more complicated,

00:27:00.758 --> 00:27:02.058
because it's anything that will change.

00:27:02.519 --> 00:27:04.098
So if there's software licenses,

00:27:04.779 --> 00:27:06.059
or a billing company,

00:27:06.099 --> 00:27:09.642
like percentage revenue of whatever you

00:27:09.662 --> 00:27:10.442
have collections,

00:27:10.481 --> 00:27:11.982
but you're increasing collections,

00:27:12.083 --> 00:27:13.544
because you've added a person,

00:27:13.923 --> 00:27:15.484
then all that stuff goes into personnel

00:27:15.505 --> 00:27:16.164
into one bucket.

00:27:17.489 --> 00:27:18.808
because it's gonna go up and down as

00:27:18.848 --> 00:27:21.930
you scale, but the overhead doesn't.

00:27:22.009 --> 00:27:24.631
So then our incremental gross profit is

00:27:24.691 --> 00:27:28.192
different, but like, you know, con ed,

00:27:28.231 --> 00:27:31.092
professional dues, if you pay for those,

00:27:32.231 --> 00:27:33.893
work comp, insurance,

00:27:34.752 --> 00:27:36.874
disability insurance, taxes,

00:27:36.953 --> 00:27:38.294
all that stuff goes in the personnel

00:27:38.334 --> 00:27:42.654
bucket, because it's tied to people.

00:27:43.720 --> 00:27:45.161
And then, and then for all of these,

00:27:45.201 --> 00:27:45.922
by the way, too,

00:27:45.961 --> 00:27:47.462
we set targets and some of these,

00:27:47.522 --> 00:27:48.903
I have the target, you know,

00:27:49.104 --> 00:27:50.805
outlined like on this revenue.

00:27:52.386 --> 00:27:53.547
Well, this has cost per visit.

00:27:53.708 --> 00:27:55.808
I have since updated for the clients.

00:27:56.789 --> 00:27:57.349
In this case,

00:27:57.410 --> 00:28:01.173
the revenue per visit target is, is one,

00:28:01.834 --> 00:28:06.237
and the cost target I think is and

00:28:06.277 --> 00:28:08.419
we put a straight line across at the

00:28:08.439 --> 00:28:10.961
and the so they can compare to the

00:28:11.000 --> 00:28:11.421
targets.

00:28:15.114 --> 00:28:16.295
then if you're hitting target and

00:28:16.335 --> 00:28:18.497
everything's cool this month great enjoy

00:28:18.537 --> 00:28:22.640
it because it won't last and if it's

00:28:22.700 --> 00:28:24.861
not you can you at least know to

00:28:24.901 --> 00:28:27.242
start to look for something a leak or

00:28:27.282 --> 00:28:30.005
something yeah and you start to and you

00:28:30.025 --> 00:28:32.527
feel more confident too as an owner and

00:28:32.626 --> 00:28:35.229
i can attest this personally knowing that

00:28:35.308 --> 00:28:36.809
where i'm looking is going to have an

00:28:36.849 --> 00:28:37.871
impact on the business

00:28:38.788 --> 00:28:41.210
right like um i can look at my

00:28:41.269 --> 00:28:43.109
age of accounts and as long as i'm

00:28:43.190 --> 00:28:44.871
in like twenty six is a little high

00:28:44.891 --> 00:28:46.471
for them they should be around twenty

00:28:46.490 --> 00:28:49.491
three twenty two um but that then you

00:28:49.551 --> 00:28:51.992
ask the question okay in february twenty

00:28:52.012 --> 00:28:54.653
six why what happened it's not huge but

00:28:54.713 --> 00:28:56.755
it's like it better not be higher than

00:28:56.775 --> 00:28:59.474
twenty six in march because now we're not

00:28:59.515 --> 00:29:01.195
collecting the money that we're billing

00:29:01.276 --> 00:29:01.375
out

00:29:03.123 --> 00:29:04.683
right so you start to see you can

00:29:04.723 --> 00:29:06.824
see trends but if it's you know bumping

00:29:06.864 --> 00:29:09.204
around in here that's that's pretty cool

00:29:12.066 --> 00:29:14.047
yes we talked about the bookkeeper the

00:29:14.146 --> 00:29:17.208
test intervene retest is huge the other

00:29:17.348 --> 00:29:18.868
one and I know that Dave and I

00:29:18.888 --> 00:29:20.650
are going to do a thing on valuations

00:29:21.230 --> 00:29:22.790
but when

00:29:24.087 --> 00:29:25.250
I bought a couple of practices in the

00:29:25.269 --> 00:29:26.692
past and I sold my practice.

00:29:27.251 --> 00:29:28.473
Certainly looked at a whole bunch of

00:29:28.513 --> 00:29:31.979
practices to buy and not just for me,

00:29:31.999 --> 00:29:33.661
but working with a couple of people to

00:29:33.701 --> 00:29:34.461
buy practices.

00:29:34.982 --> 00:29:38.508
And when we ask for the numbers, right,

00:29:39.087 --> 00:29:41.491
it often turns into a fiasco.

00:29:42.567 --> 00:29:43.607
because like you said, well,

00:29:43.627 --> 00:29:44.269
where do you get them?

00:29:44.388 --> 00:29:45.808
Well, some come from QuickBooks,

00:29:46.148 --> 00:29:47.250
some come from the EMR,

00:29:47.309 --> 00:29:48.390
some come from the bank account,

00:29:48.890 --> 00:29:50.171
some you have to figure out with your,

00:29:50.250 --> 00:29:51.891
that's like your staffing or HR with your

00:29:51.971 --> 00:29:53.811
FTE number, all that stuff.

00:29:55.133 --> 00:29:57.554
But you bring them all together and

00:29:59.074 --> 00:30:02.454
usually that ends up taking weeks and

00:30:02.494 --> 00:30:03.796
especially if we want the last three

00:30:03.836 --> 00:30:04.236
years,

00:30:04.276 --> 00:30:06.477
it takes a long time and we have

00:30:06.497 --> 00:30:07.757
to get them to give it to us

00:30:07.936 --> 00:30:09.738
in a format that I can then do

00:30:09.798 --> 00:30:10.838
stuff with and whatever.

00:30:12.621 --> 00:30:13.788
What if you had all this and you

00:30:13.807 --> 00:30:14.412
had a summary?

00:30:16.003 --> 00:30:17.684
Like, here's your year to date summary.

00:30:17.724 --> 00:30:19.247
This is the first three quarters we can

00:30:19.287 --> 00:30:20.228
extrapolate out.

00:30:20.788 --> 00:30:21.568
But, you know,

00:30:21.588 --> 00:30:23.770
we've charged two point two five million.

00:30:23.830 --> 00:30:26.893
We've posted almost one point to our bank

00:30:26.932 --> 00:30:27.554
deposits.

00:30:27.894 --> 00:30:28.074
Now,

00:30:28.094 --> 00:30:29.434
this is a little different because they do

00:30:29.494 --> 00:30:32.678
rent out a room or a room to

00:30:32.698 --> 00:30:34.239
a massage therapist and some stuff.

00:30:34.660 --> 00:30:36.000
So those are a little bit different,

00:30:36.040 --> 00:30:37.422
but total expenses at a million.

00:30:37.801 --> 00:30:39.584
So you should see you should see posted

00:30:39.624 --> 00:30:40.384
and bank deposits.

00:30:40.463 --> 00:30:40.964
In theory,

00:30:40.984 --> 00:30:42.125
they should be the same thing if

00:30:42.165 --> 00:30:43.267
everything was running standard.

00:30:44.598 --> 00:30:45.338
They should.

00:30:45.419 --> 00:30:48.260
Well, hang on.

00:30:48.480 --> 00:30:49.862
I will.

00:30:50.041 --> 00:30:51.142
That's a great question.

00:30:52.103 --> 00:30:53.063
Stick a pin in it for just a

00:30:53.123 --> 00:30:53.403
second.

00:30:53.743 --> 00:30:53.903
Okay.

00:30:54.564 --> 00:30:55.163
But in their case,

00:30:55.183 --> 00:30:57.085
they also have operating income.

00:30:57.105 --> 00:30:59.727
So that's like the rent that they collect

00:30:59.866 --> 00:31:00.646
versus the

00:31:02.248 --> 00:31:04.388
know the pt operations and then i have

00:31:04.429 --> 00:31:06.509
other clients that have like you know this

00:31:06.529 --> 00:31:07.730
would be thirty thousand dollars from

00:31:07.770 --> 00:31:11.192
pilates and one ten from pt or whatever

00:31:11.231 --> 00:31:13.093
right um but then you got your total

00:31:13.113 --> 00:31:14.453
profit margin and you can look at all

00:31:14.473 --> 00:31:17.535
this well if i'm if if you were

00:31:17.575 --> 00:31:21.156
looking to sell your practice and um you

00:31:21.196 --> 00:31:22.616
know they said well can i have your

00:31:22.676 --> 00:31:25.018
numbers you can export this into a pdf

00:31:25.117 --> 00:31:26.118
and send it to them and if you

00:31:26.138 --> 00:31:27.598
did this for the last three years how

00:31:27.740 --> 00:31:28.480
simple would that be

00:31:29.335 --> 00:31:31.195
You know, and again,

00:31:31.217 --> 00:31:32.277
we'll talk more evaluation,

00:31:32.317 --> 00:31:33.117
but what do you think that does to

00:31:33.137 --> 00:31:34.138
your evaluation?

00:31:34.219 --> 00:31:34.439
Right.

00:31:34.479 --> 00:31:36.000
If someone can trust your numbers and can

00:31:36.039 --> 00:31:37.642
clearly go backwards, forwards,

00:31:37.682 --> 00:31:39.042
up and down with your numbers and see

00:31:39.063 --> 00:31:39.782
how you got them.

00:31:39.843 --> 00:31:41.064
Yeah, these numbers look great.

00:31:41.124 --> 00:31:41.884
How'd you get them?

00:31:41.924 --> 00:31:43.326
If you can't explain how you got them,

00:31:43.346 --> 00:31:44.106
I don't trust the number.

00:31:44.787 --> 00:31:46.008
right well and if they're consistent

00:31:46.028 --> 00:31:48.309
across time and if you you know yeah

00:31:48.411 --> 00:31:50.051
and if you can yeah this is how

00:31:50.092 --> 00:31:52.094
we run things this is why we have

00:31:52.294 --> 00:31:54.415
you know the success we do whatever um

00:31:54.836 --> 00:31:56.458
it's and it's a piece of the puzzle

00:31:56.498 --> 00:31:58.240
right this isn't the end all be all

00:31:58.259 --> 00:31:59.721
you can't solve all your problems through

00:31:59.740 --> 00:32:01.762
the numbers because we've got to be able

00:32:01.782 --> 00:32:03.325
to translate these back into the language

00:32:03.345 --> 00:32:05.527
of the therapist you know again like that

00:32:05.586 --> 00:32:07.989
visit per case number i can't tell my

00:32:08.028 --> 00:32:09.490
therapist see more visits

00:32:10.450 --> 00:32:11.951
That doesn't translate.

00:32:11.971 --> 00:32:13.011
What we have to do is go in

00:32:13.031 --> 00:32:13.893
and figure out, okay,

00:32:14.413 --> 00:32:15.453
so what is our process?

00:32:15.513 --> 00:32:16.193
Are they following it?

00:32:16.213 --> 00:32:17.694
Are they getting buy-in from the patients?

00:32:17.734 --> 00:32:19.717
Are they doing the blocking and tackling

00:32:20.076 --> 00:32:21.317
and following up with people who've fallen

00:32:21.337 --> 00:32:21.939
off the schedule?

00:32:22.618 --> 00:32:23.960
We have all that stuff in our standard

00:32:24.000 --> 00:32:24.861
operating procedures.

00:32:25.280 --> 00:32:26.241
Are they doing it?

00:32:26.862 --> 00:32:28.303
And what can we do to help them?

00:32:28.423 --> 00:32:30.105
And that's really my job as a manager

00:32:30.144 --> 00:32:30.565
or founder,

00:32:30.944 --> 00:32:32.786
is I need to support my players.

00:32:32.865 --> 00:32:36.429
I really take the coaching model seriously

00:32:36.929 --> 00:32:38.650
in that if I put people in the

00:32:38.690 --> 00:32:41.092
best position to succeed and I give them

00:32:41.152 --> 00:32:42.633
everything they need to succeed,

00:32:43.472 --> 00:32:46.075
they're more likely to succeed, right?

00:32:46.115 --> 00:32:47.135
The score will work out.

00:32:47.736 --> 00:32:48.936
But here,

00:32:48.977 --> 00:32:49.958
let's go back to your question about

00:32:49.998 --> 00:32:51.278
posted payments and bank deposits.

00:32:52.278 --> 00:32:55.401
This is a little broad right here,

00:32:55.801 --> 00:32:58.262
but generally what you're looking at if...

00:33:00.212 --> 00:33:01.173
you know, we're looking at this,

00:33:01.854 --> 00:33:04.316
is this bottom line,

00:33:04.336 --> 00:33:05.936
there's actually two lines there are bank

00:33:05.957 --> 00:33:07.317
deposits and posted payments.

00:33:08.179 --> 00:33:10.160
And what we want is for that to

00:33:10.180 --> 00:33:13.742
be pretty close month to month to month.

00:33:14.544 --> 00:33:16.984
And if it goes bank deposits higher than

00:33:17.045 --> 00:33:18.405
payments by two thousand,

00:33:19.229 --> 00:33:20.509
Then there we go.

00:33:21.150 --> 00:33:22.711
Bank deposits by two thousand.

00:33:23.431 --> 00:33:26.571
What we want is that not to accumulate.

00:33:27.093 --> 00:33:29.074
So we're seeing that does kind of raise

00:33:29.094 --> 00:33:31.555
the question if my bank deposits are

00:33:31.674 --> 00:33:33.855
always a thousand or two thousand more.

00:33:34.336 --> 00:33:35.296
Why is that?

00:33:35.696 --> 00:33:37.656
Is stuff not getting posted?

00:33:38.298 --> 00:33:39.218
In this case,

00:33:39.877 --> 00:33:41.679
they're collecting a little over a

00:33:41.719 --> 00:33:44.901
thousand dollars a month in rent.

00:33:45.020 --> 00:33:45.300
Got it.

00:33:46.336 --> 00:33:48.997
So it's always in their case specifically,

00:33:49.037 --> 00:33:50.337
it's going to be off by about two

00:33:50.357 --> 00:33:51.298
grand.

00:33:51.337 --> 00:33:51.938
That's okay.

00:33:52.397 --> 00:33:53.618
But in general, yes,

00:33:53.999 --> 00:33:56.619
it's a check and balance because if I'm

00:33:56.660 --> 00:33:58.420
depositing more than I'm posting,

00:33:58.960 --> 00:34:00.421
I'm probably sending out statements to

00:34:00.461 --> 00:34:01.881
patients for money they've already paid,

00:34:01.901 --> 00:34:08.664
which ain't gonna make anybody happy,

00:34:08.704 --> 00:34:09.063
right?

00:34:09.284 --> 00:34:12.625
Or if I'm posting a lot more than

00:34:12.784 --> 00:34:15.365
I'm depositing, where's that money going?

00:34:16.083 --> 00:34:17.324
Because if it's not going to my account,

00:34:18.726 --> 00:34:19.387
what's happening?

00:34:19.748 --> 00:34:21.429
And that's relevant because I think this,

00:34:21.630 --> 00:34:23.172
I don't know if anybody's done PTs,

00:34:23.211 --> 00:34:25.775
but north of thirty percent,

00:34:25.815 --> 00:34:27.376
I think it's closer to fifty to sixty

00:34:27.396 --> 00:34:29.798
percent of physicians in private practice

00:34:29.838 --> 00:34:34.003
will be embezzled from in their career.

00:34:35.474 --> 00:34:36.655
You know, it's crazy, but,

00:34:36.835 --> 00:34:39.018
but it's because they're not looking at

00:34:39.057 --> 00:34:39.157
it.

00:34:39.478 --> 00:34:40.980
It's that whole bank balance accounting.

00:34:41.019 --> 00:34:42.942
If I have enough money in my bank

00:34:43.001 --> 00:34:44.422
account, then everything's cool.

00:34:44.503 --> 00:34:45.885
And they trust everybody because,

00:34:46.304 --> 00:34:48.027
you know, once again, they're trustworthy.

00:34:48.586 --> 00:34:50.929
So why, why wouldn't everybody else be?

00:34:51.789 --> 00:34:52.911
And that's simply, you know,

00:34:52.951 --> 00:34:54.172
not the way the world works,

00:34:54.251 --> 00:35:01.278
but so can I,

00:35:03.483 --> 00:35:05.744
hit you with a couple other things go

00:35:05.784 --> 00:35:08.646
for it so what we what we do

00:35:08.686 --> 00:35:11.146
with all this and I'm going to kind

00:35:11.186 --> 00:35:12.367
of connect the dots back with you so

00:35:12.407 --> 00:35:13.829
we have a summary we go through we

00:35:13.869 --> 00:35:15.349
talk about it but really we're

00:35:15.389 --> 00:35:17.150
interpreting it so if you understand your

00:35:17.190 --> 00:35:20.050
numbers and you can get your head around

00:35:20.130 --> 00:35:22.851
it and have it be you know broken

00:35:22.891 --> 00:35:25.653
down piece by piece by bite so it's

00:35:25.733 --> 00:35:27.434
not overwhelming because all of this stuff

00:35:27.454 --> 00:35:28.514
by the way comes from

00:35:29.297 --> 00:35:31.440
like a spreadsheet like this, right?

00:35:31.981 --> 00:35:33.442
And when you have the spreadsheet like

00:35:33.461 --> 00:35:36.125
this, I'm sure you know this, Jenny,

00:35:36.144 --> 00:35:38.007
but there are two ways to scare away

00:35:38.047 --> 00:35:38.668
a therapist,

00:35:39.188 --> 00:35:41.710
pull up a spreadsheet like that, right?

00:35:42.192 --> 00:35:43.152
Or talk about sales.

00:35:44.918 --> 00:35:46.099
and either one of them you know you'll

00:35:46.119 --> 00:35:47.420
hear the tire screeching they're out of

00:35:47.440 --> 00:35:49.402
there real quick but so what we're trying

00:35:49.422 --> 00:35:50.983
to do is make this digestible and focus

00:35:51.043 --> 00:35:52.405
on one piece at a time so that

00:35:52.465 --> 00:35:55.646
we can take action everything's cool great

00:35:55.706 --> 00:35:57.047
we leave it alone move on to the

00:35:57.088 --> 00:35:58.510
next one but you but you do that

00:35:58.550 --> 00:36:00.050
by setting targets and what's kind of

00:36:00.090 --> 00:36:02.373
acceptable um so we know that we've been

00:36:02.413 --> 00:36:04.293
below target here for a while why is

00:36:04.333 --> 00:36:05.795
that well you know again we're back to

00:36:05.815 --> 00:36:07.697
the productivity thing so we look at these

00:36:07.717 --> 00:36:10.259
things from you know multiple sides

00:36:11.208 --> 00:36:12.570
It allows you to track your performance

00:36:12.610 --> 00:36:14.590
and look at what your potential is and

00:36:14.630 --> 00:36:15.831
see if you're actually achieving it.

00:36:16.411 --> 00:36:19.012
And then, excuse me,

00:36:19.393 --> 00:36:20.833
the ultimate goal though is to empower

00:36:20.853 --> 00:36:21.335
your people.

00:36:21.755 --> 00:36:24.755
Because if you're running it,

00:36:24.795 --> 00:36:26.277
if you're the founder, you're a manager,

00:36:26.297 --> 00:36:27.358
you're a manager of managers,

00:36:27.398 --> 00:36:28.838
or you're teaching managers,

00:36:28.958 --> 00:36:31.280
or you're just managing a small team,

00:36:33.380 --> 00:36:36.463
the better you can support them through

00:36:36.503 --> 00:36:38.523
the processes and through the resources

00:36:38.563 --> 00:36:39.585
they need to succeed,

00:36:41.092 --> 00:36:42.202
the better your numbers are gonna turn

00:36:42.242 --> 00:36:42.302
out.

00:36:46.550 --> 00:36:47.989
So when you go with a coaching client,

00:36:48.610 --> 00:36:50.110
I'm guessing you walk through with each

00:36:50.451 --> 00:36:52.311
where all this information for each one of

00:36:52.331 --> 00:36:53.490
these KPIs comes from,

00:36:53.550 --> 00:36:55.492
like how a bill becomes a bill,

00:36:55.512 --> 00:36:56.452
where do we get this number?

00:36:56.512 --> 00:36:57.911
How is it generated to make sure that

00:36:57.952 --> 00:36:59.652
information is coming in clean from where

00:36:59.711 --> 00:37:01.373
it starts?

00:37:01.432 --> 00:37:01.612
Yeah.

00:37:01.672 --> 00:37:03.413
And they actually have a pretty simple,

00:37:04.432 --> 00:37:05.333
it's still a spreadsheet.

00:37:05.353 --> 00:37:06.893
We have to kind of get them over

00:37:06.914 --> 00:37:07.333
that part,

00:37:07.434 --> 00:37:09.793
but a simple spreadsheet where they fill

00:37:09.914 --> 00:37:11.315
in not just seven,

00:37:11.355 --> 00:37:12.735
but more like twelve numbers.

00:37:14.121 --> 00:37:16.003
they plug those in each month and we

00:37:16.083 --> 00:37:18.806
also we make a key you know these

00:37:18.846 --> 00:37:20.586
two are from quickbooks or these three or

00:37:20.626 --> 00:37:22.628
whatever three are from quickbooks and

00:37:22.648 --> 00:37:24.429
then this is from your bank and this

00:37:24.489 --> 00:37:27.932
is from the emr and then you know

00:37:27.952 --> 00:37:30.175
this is hr your your staff depending on

00:37:30.195 --> 00:37:33.137
how big you are but yeah it's not

00:37:33.157 --> 00:37:34.097
a lot of numbers but

00:37:35.202 --> 00:37:37.065
what what it what it allows us to

00:37:37.105 --> 00:37:40.088
do is then get into these these ratios

00:37:40.128 --> 00:37:42.849
and calculations and targets and compare

00:37:42.889 --> 00:37:44.911
and see are are we cool so i

00:37:44.931 --> 00:37:46.614
really do like the idea of the dashboard

00:37:46.634 --> 00:37:50.036
because if you're driving your car you

00:37:50.077 --> 00:37:52.219
know on a trip this weekend without a

00:37:52.259 --> 00:37:56.103
dashboard what i mean

00:37:56.911 --> 00:37:57.331
Yeah.

00:37:57.512 --> 00:37:58.913
What, what do you, what do you,

00:37:58.932 --> 00:37:59.793
do you know what's going on?

00:37:59.833 --> 00:37:59.994
Right.

00:38:00.034 --> 00:38:00.454
Do you want,

00:38:00.474 --> 00:38:01.534
am I following the speed limit?

00:38:02.076 --> 00:38:02.576
You know, do I,

00:38:02.615 --> 00:38:03.996
how much gas do I have left?

00:38:05.016 --> 00:38:06.077
Is the engine light on?

00:38:06.117 --> 00:38:06.998
Am I overheating?

00:38:07.438 --> 00:38:09.280
There's all this stuff where, you know,

00:38:09.460 --> 00:38:11.141
if things are cool and everything's kind

00:38:11.161 --> 00:38:12.782
of in zone, okay, that's cool.

00:38:12.822 --> 00:38:13.222
You're good.

00:38:13.242 --> 00:38:13.742
You're vibing.

00:38:13.782 --> 00:38:14.083
Go.

00:38:14.523 --> 00:38:15.684
But if, if it's not,

00:38:15.724 --> 00:38:17.666
we need to know that before,

00:38:17.905 --> 00:38:19.407
before the car blows up, right.

00:38:19.427 --> 00:38:20.427
Before the engine blows up.

00:38:21.204 --> 00:38:23.365
And yeah,

00:38:24.746 --> 00:38:26.547
that's why I'm so passionate about this.

00:38:27.407 --> 00:38:28.748
When we first started doing this,

00:38:28.789 --> 00:38:29.949
let's go way back, right?

00:38:30.010 --> 00:38:30.971
Twenty plus years ago,

00:38:31.010 --> 00:38:34.393
when I started the practice,

00:38:34.432 --> 00:38:35.193
got a partner,

00:38:35.273 --> 00:38:38.094
opened the first kind of joint location,

00:38:38.454 --> 00:38:39.556
hired the first person.

00:38:39.996 --> 00:38:41.637
It did not take very long at all.

00:38:42.097 --> 00:38:43.518
And I'm saying very long at all.

00:38:43.579 --> 00:38:45.440
It might have been hours where I realized

00:38:45.739 --> 00:38:46.820
I didn't know what I was doing.

00:38:47.882 --> 00:38:48.141
Okay.

00:38:50.557 --> 00:38:52.739
Which was weird because I had an

00:38:52.800 --> 00:38:54.139
inordinate amount of confidence because

00:38:54.199 --> 00:38:57.623
I'd done every job in the in APT

00:38:57.663 --> 00:38:58.943
company, you know,

00:38:59.463 --> 00:39:01.824
except an assistant and except owner.

00:39:02.606 --> 00:39:02.865
Right.

00:39:02.965 --> 00:39:03.827
So I'd been a PT,

00:39:03.867 --> 00:39:05.487
I'd been front desk, I'd done aid work,

00:39:05.507 --> 00:39:06.849
I'd done billing, I'd done, you know,

00:39:07.228 --> 00:39:08.208
I've done back office,

00:39:08.248 --> 00:39:09.449
I've done all this stuff.

00:39:10.231 --> 00:39:11.672
So I thought I had a better handle

00:39:11.731 --> 00:39:11.992
on it.

00:39:13.753 --> 00:39:16.375
Never managed people, though.

00:39:16.434 --> 00:39:16.675
Right.

00:39:16.755 --> 00:39:17.715
And with the first hire,

00:39:18.715 --> 00:39:20.655
think a lot of times we make assumptions

00:39:20.675 --> 00:39:22.036
and not even the first time the fourth

00:39:22.056 --> 00:39:24.298
and fifth and sixth hire we assume people

00:39:24.318 --> 00:39:25.980
are going to do what what what we

00:39:26.019 --> 00:39:28.440
do meanwhile we don't have stuff written

00:39:28.460 --> 00:39:30.242
down we haven't told taught them very well

00:39:30.282 --> 00:39:32.003
we think training means to shadow somebody

00:39:32.023 --> 00:39:33.885
for a few days and they'll pick it

00:39:33.945 --> 00:39:35.405
up they'll figure it out and that's just

00:39:35.485 --> 00:39:38.568
a terrible way of you know it's not

00:39:38.608 --> 00:39:39.809
setting people up for success

00:39:41.043 --> 00:39:43.887
So, you know, I learned very quickly.

00:39:43.927 --> 00:39:44.947
I didn't know what I was doing.

00:39:45.007 --> 00:39:47.349
So then we spent the next decade plus

00:39:48.050 --> 00:39:50.532
figuring out what we were doing and

00:39:50.632 --> 00:39:54.496
learning and really intentionally using

00:39:54.556 --> 00:39:56.958
that business to learn about how to run

00:39:56.998 --> 00:39:57.458
a business.

00:39:58.682 --> 00:40:00.143
you know, and through multiple things,

00:40:00.182 --> 00:40:01.403
some formal, you know,

00:40:01.443 --> 00:40:03.063
hiring a coach and working with people,

00:40:03.143 --> 00:40:05.344
some like through organizations like EO

00:40:05.764 --> 00:40:07.204
where learning was a big, big deal.

00:40:07.744 --> 00:40:08.664
And you could, you know,

00:40:08.704 --> 00:40:10.346
network and learn from both from your

00:40:10.425 --> 00:40:12.865
peers and also from experts that we

00:40:12.905 --> 00:40:14.806
brought in to speak and talk.

00:40:14.887 --> 00:40:16.206
And, you know,

00:40:16.226 --> 00:40:17.608
there were other opportunities there,

00:40:17.648 --> 00:40:19.088
but really intentionally,

00:40:19.128 --> 00:40:23.548
deliberately learning parts and pieces all

00:40:23.628 --> 00:40:24.608
the way along the way and then putting

00:40:24.628 --> 00:40:25.188
those together.

00:40:25.648 --> 00:40:26.190
And, you know,

00:40:26.369 --> 00:40:27.349
when we're looking at those,

00:40:28.489 --> 00:40:30.610
those numbers we can blame it the business

00:40:30.630 --> 00:40:32.251
for case numbers off a little bit we

00:40:32.271 --> 00:40:34.873
blame it on capacity but are we making

00:40:34.913 --> 00:40:37.914
our patients happy are all those patients

00:40:37.934 --> 00:40:39.695
getting everything they need or are we

00:40:39.715 --> 00:40:41.255
kind of rationing because we don't have

00:40:41.275 --> 00:40:43.217
the capacity right and we should be hiring

00:40:43.257 --> 00:40:43.597
somebody

00:40:44.710 --> 00:40:47.271
So what this all is meant to lead

00:40:47.311 --> 00:40:48.972
back to is not to make things more

00:40:49.032 --> 00:40:49.532
corporate,

00:40:49.952 --> 00:40:52.313
not to make things colder and drier and

00:40:52.353 --> 00:40:52.733
whatever,

00:40:53.112 --> 00:40:54.934
it's really to connect the dots and make

00:40:54.954 --> 00:40:56.393
sure you have happy patients,

00:40:56.614 --> 00:40:58.135
there's more of them achieving the goal

00:40:58.175 --> 00:40:59.376
and getting across the finish line,

00:40:59.856 --> 00:41:02.637
which by the way leads into happier staff,

00:41:03.358 --> 00:41:04.938
Because why did they become PTs?

00:41:05.498 --> 00:41:05.980
Right.

00:41:06.019 --> 00:41:08.039
And there's all this burnout and all this

00:41:08.139 --> 00:41:10.561
whining and complaining and lack of

00:41:10.581 --> 00:41:11.201
appreciation.

00:41:11.561 --> 00:41:11.681
Well,

00:41:11.701 --> 00:41:13.001
if all my patients are achieving their

00:41:13.021 --> 00:41:14.420
goals and telling me how great I am,

00:41:15.322 --> 00:41:17.782
what's my what's my burnout level versus

00:41:18.021 --> 00:41:19.603
people dropping out or people not being

00:41:19.643 --> 00:41:20.802
able to get in or that type of

00:41:20.842 --> 00:41:21.063
thing?

00:41:21.583 --> 00:41:21.802
Right.

00:41:22.143 --> 00:41:23.023
And then if I do that,

00:41:23.063 --> 00:41:24.603
if I have happier patients and happier

00:41:24.643 --> 00:41:24.963
staff.

00:41:25.164 --> 00:41:28.644
You know, for some reason,

00:41:28.784 --> 00:41:29.824
I also get to make more money.

00:41:32.219 --> 00:41:35.121
Biggest mistake with KPIs from someone

00:41:35.161 --> 00:41:36.802
who's beginning to work for you,

00:41:36.822 --> 00:41:37.262
what are they?

00:41:39.804 --> 00:41:41.324
Oh,

00:41:41.344 --> 00:41:43.327
the most common is they don't track leads.

00:41:44.619 --> 00:41:46.360
So they're spending time and energy effort

00:41:46.599 --> 00:41:48.940
on money on marketing or some kind of

00:41:49.000 --> 00:41:49.340
effort,

00:41:49.420 --> 00:41:52.061
and they have no idea if it's working

00:41:52.121 --> 00:41:52.420
or not.

00:41:52.722 --> 00:41:54.081
They're measuring it by new patients.

00:41:54.101 --> 00:41:56.023
And there's a couple of steps in between

00:41:56.583 --> 00:41:59.284
there that could be, you know,

00:41:59.304 --> 00:42:00.684
like there's an intake process,

00:42:00.724 --> 00:42:01.945
there's a scheduling process,

00:42:01.965 --> 00:42:03.864
there's that stuff that could be breaking

00:42:03.905 --> 00:42:04.065
down.

00:42:04.125 --> 00:42:05.206
You could be generating more leads.

00:42:05.226 --> 00:42:05.945
You don't even know it.

00:42:06.905 --> 00:42:09.347
So I think that's the most common place.

00:42:10.851 --> 00:42:13.313
um the other one is i don't see

00:42:13.333 --> 00:42:14.512
people i don't see very many people

00:42:14.532 --> 00:42:18.074
looking at their um visits per case number

00:42:18.994 --> 00:42:22.375
and they you know they're so like in

00:42:22.434 --> 00:42:23.856
this case of the practice we just kind

00:42:23.896 --> 00:42:25.956
of showed you their schedules are busy

00:42:25.996 --> 00:42:28.356
their therapists are productive they

00:42:28.416 --> 00:42:31.797
wouldn't ever even notice that they might

00:42:31.838 --> 00:42:34.119
be under treating the patients that

00:42:34.139 --> 00:42:34.878
they're taking care of

00:42:36.135 --> 00:42:38.856
And again,

00:42:38.876 --> 00:42:40.516
you go back and you can verify and

00:42:40.536 --> 00:42:41.396
we can assess,

00:42:41.436 --> 00:42:43.615
but it makes us start looking at, well,

00:42:43.735 --> 00:42:45.077
are the patients achieving their goals?

00:42:45.597 --> 00:42:47.237
Are the patients happy?

00:42:47.637 --> 00:42:50.458
And you can add NPS into this and

00:42:51.137 --> 00:42:52.338
do some other stuff with it.

00:42:52.398 --> 00:42:55.579
But if the patients aren't getting across

00:42:55.619 --> 00:42:56.358
the finish line,

00:42:56.838 --> 00:42:58.358
then you will end up having gaps in

00:42:58.378 --> 00:43:00.478
your schedule eventually and be able to

00:43:00.500 --> 00:43:02.239
fill them with more new people because you

00:43:02.280 --> 00:43:03.000
lose the old ones.

00:43:04.536 --> 00:43:07.880
But I think it's a matter of

00:43:07.920 --> 00:43:09.621
interpretation and not really looking for

00:43:09.661 --> 00:43:13.724
help because, I mean,

00:43:14.146 --> 00:43:15.606
I guess this is one of my pet

00:43:15.626 --> 00:43:16.146
peeves too.

00:43:16.186 --> 00:43:16.507
It's like,

00:43:17.387 --> 00:43:18.588
we go and start a business and you're

00:43:18.608 --> 00:43:19.469
supposed to learn,

00:43:19.650 --> 00:43:21.291
you're supposed to figure out management,

00:43:21.952 --> 00:43:22.152
right?

00:43:22.413 --> 00:43:23.873
You're supposed to figure out marketing.

00:43:24.414 --> 00:43:26.637
You're supposed to figure out how to run

00:43:26.797 --> 00:43:28.157
and look at your numbers and stuff.

00:43:28.717 --> 00:43:30.480
And just because they're smart people

00:43:30.519 --> 00:43:31.300
doesn't mean you can,

00:43:32.697 --> 00:43:33.458
Not even that you can.

00:43:33.478 --> 00:43:35.119
It doesn't mean that you should reinvent

00:43:35.159 --> 00:43:36.659
the wheel and figure it all out for

00:43:36.679 --> 00:43:37.119
yourself.

00:43:37.521 --> 00:43:38.521
There are lots of people who have done

00:43:38.541 --> 00:43:40.362
this stuff before who, you know,

00:43:40.663 --> 00:43:42.643
the trick is finding a trustworthy,

00:43:43.445 --> 00:43:43.644
you know,

00:43:44.025 --> 00:43:46.567
group or people or whatever that you can

00:43:46.646 --> 00:43:48.809
rely on to help you with that piece.

00:43:49.730 --> 00:43:51.130
And it should pay you dividends over and

00:43:51.170 --> 00:43:51.851
over and over again.

00:43:52.030 --> 00:43:52.751
Right.

00:43:53.271 --> 00:43:54.793
I see you were asking about mistakes.

00:43:54.813 --> 00:43:55.914
There's a lot of them, right?

00:43:56.235 --> 00:43:57.795
Another one is not wanting to spend a

00:43:57.856 --> 00:43:59.036
little bit of money to make a lot

00:43:59.056 --> 00:43:59.356
more money.

00:44:00.594 --> 00:44:02.637
like very close to the chest, very like,

00:44:02.719 --> 00:44:04.902
well, I don't see the payoff.

00:44:04.981 --> 00:44:05.784
Well, here's the payoff.

00:44:07.208 --> 00:44:08.909
I mean, if you could do this,

00:44:09.088 --> 00:44:10.628
we can calculate what the payoff is.

00:44:11.210 --> 00:44:11.829
Is it worth it?

00:44:11.929 --> 00:44:13.471
I mean, you should be getting an ROI.

00:44:13.550 --> 00:44:15.030
Everything you spend in your business

00:44:15.492 --> 00:44:17.231
should be returning something back to you,

00:44:17.331 --> 00:44:19.072
usually more than what you're spending,

00:44:19.612 --> 00:44:21.353
unless it's like insurance or compliance

00:44:21.393 --> 00:44:22.074
or something like that,

00:44:22.094 --> 00:44:25.155
where you know you have to spend it.

00:44:25.175 --> 00:44:26.335
But essentially everything else ought to

00:44:26.356 --> 00:44:28.376
be getting you more money back in than

00:44:28.416 --> 00:44:29.177
what you're putting out.

00:44:29.536 --> 00:44:30.038
And if it isn't,

00:44:30.057 --> 00:44:30.858
you shouldn't keep doing it.

00:44:32.239 --> 00:44:36.221
if someone has uh you know they've left

00:44:36.561 --> 00:44:39.262
the shore they're three years in they

00:44:39.322 --> 00:44:42.744
haven't been doing something like this and

00:44:42.784 --> 00:44:43.844
now they might be i mean if i

00:44:43.925 --> 00:44:45.445
if i were if i had a clinic

00:44:45.485 --> 00:44:47.327
and i'd been figuring it out for three

00:44:47.347 --> 00:44:50.288
to five years i'd be super i don't

00:44:50.307 --> 00:44:52.489
know ashamed or i'd be awkward or scared

00:44:52.528 --> 00:44:54.289
to so then sit down and bust open

00:44:54.329 --> 00:44:56.472
the books almost scared of what i'd find

00:44:56.532 --> 00:44:57.112
under the hood

00:44:58.552 --> 00:44:59.413
do you talk what do you say to

00:44:59.452 --> 00:45:00.932
those people where you're almost like i

00:45:00.952 --> 00:45:02.074
don't even want to know about it i'm

00:45:02.094 --> 00:45:03.494
just going to keep pressing forward what i

00:45:03.534 --> 00:45:05.253
don't know can't hurt me and we all

00:45:05.273 --> 00:45:07.255
know that's not right you have no idea

00:45:07.295 --> 00:45:09.394
how common that is right and not just

00:45:09.474 --> 00:45:11.954
not just three years in i've i've gotten

00:45:11.994 --> 00:45:15.215
people fifteen plus years in who you know

00:45:15.815 --> 00:45:18.335
come hat in hand tail between the legs

00:45:18.396 --> 00:45:20.317
like but they're but they're but they're

00:45:20.336 --> 00:45:21.936
coming i know there are a lot more

00:45:22.177 --> 00:45:24.757
that don't right out of embarrassment the

00:45:24.818 --> 00:45:26.117
first thing i say to all of them

00:45:26.177 --> 00:45:27.117
is it's not your fault

00:45:29.525 --> 00:45:32.248
You weren't taught any of this, right?

00:45:32.327 --> 00:45:33.409
And it was thrown at you.

00:45:33.528 --> 00:45:34.289
And like we just said,

00:45:35.090 --> 00:45:36.452
you're supposed to figure it out.

00:45:38.012 --> 00:45:38.974
Well, while what?

00:45:38.994 --> 00:45:42.056
While you're treating patients eight hours

00:45:42.096 --> 00:45:45.838
a day and dealing with staff and the

00:45:45.898 --> 00:45:48.101
chaos that is Medicare and the insurances

00:45:48.141 --> 00:45:49.561
and all the rest of it and the

00:45:49.601 --> 00:45:51.163
billing company and the EMR and the

00:45:51.182 --> 00:45:53.385
vendors and the supplies and the landlord.

00:45:53.405 --> 00:45:55.726
I mean, there's too much stuff.

00:45:56.521 --> 00:45:56.782
right?

00:45:56.942 --> 00:46:01.465
So yeah, number one, don't be embarrassed.

00:46:01.666 --> 00:46:01.947
There,

00:46:01.967 --> 00:46:04.007
there's nothing at all to be embarrassed

00:46:04.047 --> 00:46:05.309
about, right?

00:46:05.750 --> 00:46:06.931
Um, it's not your fault.

00:46:07.411 --> 00:46:07.851
You, you, you,

00:46:08.152 --> 00:46:10.114
you signed up for something, you know,

00:46:10.173 --> 00:46:12.155
you did, whether you thought so or not.

00:46:12.255 --> 00:46:13.016
That's how I learned.

00:46:13.436 --> 00:46:14.416
When you start the business,

00:46:14.456 --> 00:46:15.998
you signed up to be the coach.

00:46:16.039 --> 00:46:17.199
You signed up to be the leader.

00:46:17.659 --> 00:46:19.320
You signed up to pay the bills to

00:46:19.360 --> 00:46:20.621
do, you know, to do all this stuff.

00:46:20.661 --> 00:46:22.063
You just maybe, you know,

00:46:22.123 --> 00:46:23.625
to learn marketing, to do whatever.

00:46:24.204 --> 00:46:24.826
But, um,

00:46:25.887 --> 00:46:28.570
yeah you take it one piece at a

00:46:28.610 --> 00:46:31.452
time don't get overwhelmed reach out get

00:46:31.472 --> 00:46:34.454
some get some help from experts and uh

00:46:35.474 --> 00:46:35.655
You know,

00:46:35.675 --> 00:46:36.775
there are people that are trying to do

00:46:36.815 --> 00:46:38.157
compliance all on their own.

00:46:38.637 --> 00:46:40.079
There are some great compliance people out

00:46:40.099 --> 00:46:41.018
there that can make it really,

00:46:41.039 --> 00:46:42.800
really simple and save you a lot of

00:46:42.860 --> 00:46:44.101
time and headache and the rest of it.

00:46:44.141 --> 00:46:44.382
Right.

00:46:44.782 --> 00:46:46.043
Try to do your taxes on your own.

00:46:46.063 --> 00:46:47.585
There's CPAs and stuff that can do that.

00:46:47.605 --> 00:46:47.965
And again,

00:46:47.985 --> 00:46:49.947
make it simple and what have you.

00:46:50.007 --> 00:46:50.226
Right.

00:46:50.567 --> 00:46:52.728
So, so use, use those experts.

00:46:52.768 --> 00:46:53.628
It's what they do.

00:46:53.690 --> 00:46:54.550
It's what they've done.

00:46:54.670 --> 00:46:57.152
It's what they're good at.

00:46:57.192 --> 00:46:58.432
Just find, find the good ones.

00:46:58.472 --> 00:46:58.914
That's all.

00:46:59.353 --> 00:47:01.615
When I started my podcast, ten years ago,

00:47:01.815 --> 00:47:02.876
I would look at numbers

00:47:04.090 --> 00:47:04.449
daily,

00:47:04.469 --> 00:47:06.192
sometimes multiple times a day to see what

00:47:06.211 --> 00:47:06.813
was going on.

00:47:07.673 --> 00:47:09.675
I now look at like big picture numbers

00:47:09.715 --> 00:47:10.516
like downloads.

00:47:11.998 --> 00:47:13.320
Sometimes I forget to look at it for

00:47:13.360 --> 00:47:15.041
a month where I'm just, I'm just like,

00:47:15.141 --> 00:47:16.443
I understand I'm doing the thing.

00:47:16.463 --> 00:47:17.443
And then I look up and say,

00:47:17.463 --> 00:47:17.925
how'd that go?

00:47:19.277 --> 00:47:21.818
Because if I keep looking at the numbers,

00:47:21.898 --> 00:47:23.360
I'm adjusting course way too much.

00:47:23.400 --> 00:47:24.239
It's called a course.

00:47:24.420 --> 00:47:25.161
It's long term.

00:47:25.641 --> 00:47:27.942
So how often do you tell people to

00:47:27.961 --> 00:47:28.902
look at numbers?

00:47:29.563 --> 00:47:30.684
What's too much?

00:47:30.744 --> 00:47:31.764
What's not enough?

00:47:32.585 --> 00:47:33.485
Where's the sweet spot?

00:47:33.505 --> 00:47:35.186
Because I don't want them every day to

00:47:35.226 --> 00:47:36.746
be living in the numbers, I'm guessing.

00:47:36.847 --> 00:47:37.626
No, no, no, no.

00:47:37.646 --> 00:47:38.788
No, you're exactly right.

00:47:38.987 --> 00:47:40.568
And we have an analogy.

00:47:40.588 --> 00:47:42.528
I don't know if you can see up

00:47:42.568 --> 00:47:43.309
on the wall there.

00:47:43.329 --> 00:47:44.990
That's Laguna Seca.

00:47:45.951 --> 00:47:48.172
on the track there's my first porsche

00:47:48.652 --> 00:47:54.737
sorry i hit the hit a button um

00:47:55.259 --> 00:47:58.360
so uh yeah i teach autocross or taught

00:47:58.400 --> 00:48:00.422
autocross for a long time and the uh

00:48:01.496 --> 00:48:03.237
The first thing after showing them how to

00:48:03.277 --> 00:48:04.900
set up their seat and their seatbelt and

00:48:04.920 --> 00:48:08.282
their hand position is to look up because

00:48:08.302 --> 00:48:09.184
when people are driving,

00:48:09.204 --> 00:48:09.965
they look at the corner,

00:48:09.985 --> 00:48:11.286
they look at the cone and then they

00:48:11.327 --> 00:48:12.487
make it past that and they look up

00:48:12.547 --> 00:48:13.449
and it's like, oh my God,

00:48:13.768 --> 00:48:14.550
it's a surprise.

00:48:14.911 --> 00:48:17.413
Well, you look farther ahead, right?

00:48:17.452 --> 00:48:18.695
The whole course slows down.

00:48:18.735 --> 00:48:20.556
They feel like they're going slower.

00:48:20.577 --> 00:48:21.757
They feel like it's smoother.

00:48:22.137 --> 00:48:22.978
Smooth is fast.

00:48:24.032 --> 00:48:26.614
time starts dropping off right as soon as

00:48:26.653 --> 00:48:31.275
they can look out and see anticipate so

00:48:32.317 --> 00:48:34.257
yeah it's exactly it don't stir the cones

00:48:34.378 --> 00:48:37.398
don't obsess over the numbers um the the

00:48:37.498 --> 00:48:40.000
right cadence the right frequency depends

00:48:41.061 --> 00:48:43.842
okay um and and some of it depends

00:48:43.882 --> 00:48:46.422
on how bad things can get so it's

00:48:46.463 --> 00:48:49.425
not even the same frequency for the same

00:48:49.485 --> 00:48:49.784
number

00:48:50.958 --> 00:48:52.139
it depends on the practice.

00:48:52.820 --> 00:48:53.900
So if I've got a practice,

00:48:54.000 --> 00:48:56.400
one practice I started working with was

00:48:56.422 --> 00:48:57.402
fifty two therapists.

00:48:57.981 --> 00:48:59.483
Well, we want to look at the numbers,

00:48:59.523 --> 00:49:00.702
some of those numbers weekly,

00:49:01.503 --> 00:49:04.445
because if something is off track,

00:49:04.625 --> 00:49:07.246
we need to know sooner rather than later.

00:49:07.306 --> 00:49:07.487
Right.

00:49:07.827 --> 00:49:09.527
I've got somebody with three therapists.

00:49:09.626 --> 00:49:13.168
We're working on more, you know, monthly

00:49:15.831 --> 00:49:17.052
there's kind of a tipping point when they

00:49:17.072 --> 00:49:19.737
get into ten, twenty, you know, PTs,

00:49:20.219 --> 00:49:22.563
I want to kind of update that monthly

00:49:23.085 --> 00:49:25.248
numbers report twice a month.

00:49:26.583 --> 00:49:27.844
might want to look at my leads every

00:49:27.905 --> 00:49:29.525
week i might want to look at things

00:49:29.545 --> 00:49:31.007
a little bit differently it also depends

00:49:31.047 --> 00:49:32.286
on what i'm doing so one of my

00:49:32.306 --> 00:49:34.768
quarterly initiatives is marketing effort

00:49:34.789 --> 00:49:36.210
and generate new leads i'm going to want

00:49:36.230 --> 00:49:37.190
to look at those a little bit more

00:49:37.230 --> 00:49:39.170
frequently and start to make you know

00:49:39.190 --> 00:49:41.052
quicker course corrections if i just spend

00:49:41.072 --> 00:49:42.413
a bunch of money on an ad or

00:49:42.452 --> 00:49:44.693
something else and i don't see any return

00:49:45.054 --> 00:49:46.755
right so it really varies a bit but

00:49:46.856 --> 00:49:48.577
but in general you know like this

00:49:48.617 --> 00:49:50.617
dashboard i showed you we're doing it

00:49:51.717 --> 00:49:53.838
roughly once a month with just about

00:49:53.898 --> 00:49:55.980
everybody some of them were doing an

00:49:56.019 --> 00:49:57.760
update in between and looking at run rate

00:49:58.521 --> 00:49:59.822
so that's a whole nother run rate is

00:49:59.862 --> 00:50:02.224
basically your speed like miles per hour

00:50:02.684 --> 00:50:05.125
so if i have my first five days

00:50:05.184 --> 00:50:07.306
i've got you know five hundred visits in

00:50:07.326 --> 00:50:09.427
the first five days and they're twenty one

00:50:09.447 --> 00:50:10.788
days in the month then i'm gonna have

00:50:10.827 --> 00:50:12.489
twenty one hundred visits if i continue at

00:50:12.509 --> 00:50:14.849
this pace right so

00:50:16.175 --> 00:50:17.840
can extrapolate out a little bit then i

00:50:17.860 --> 00:50:19.766
can monitor and see if my predictions are

00:50:19.806 --> 00:50:23.016
right or not um but uh

00:50:25.324 --> 00:50:25.965
It depends.

00:50:26.025 --> 00:50:26.365
And sorry,

00:50:26.385 --> 00:50:29.407
it's not a clearer answer than that, but.

00:50:29.427 --> 00:50:31.327
No, I think it's good.

00:50:31.467 --> 00:50:32.907
I'm curious about this since we're talking

00:50:32.927 --> 00:50:33.708
about KPIs.

00:50:34.088 --> 00:50:36.630
Is there one KPI that surprised you either

00:50:36.670 --> 00:50:38.710
in how important it turned out to be

00:50:39.271 --> 00:50:40.831
or how unimportant?

00:50:41.371 --> 00:50:43.172
Like over the course of you doing this,

00:50:43.192 --> 00:50:45.112
was there anything you ever didn't look at

00:50:45.213 --> 00:50:46.474
and started to and realized it was really

00:50:46.494 --> 00:50:48.393
important or used to pay attention to and

00:50:48.414 --> 00:50:49.155
eventually you were like,

00:50:50.454 --> 00:50:51.556
this is not important.

00:50:51.576 --> 00:50:51.715
Totally.

00:50:52.576 --> 00:50:53.896
Yeah, I got answers for both of those.

00:50:54.356 --> 00:50:55.958
And one of them is going to shock

00:50:55.998 --> 00:50:56.458
everybody.

00:50:56.778 --> 00:50:57.998
Okay.

00:50:58.599 --> 00:51:01.260
The first one that I learned to appreciate

00:51:01.300 --> 00:51:02.822
that I learned was really,

00:51:02.862 --> 00:51:03.461
really important.

00:51:03.481 --> 00:51:04.922
And not just because it told me how

00:51:04.943 --> 00:51:06.043
my marketing efforts were,

00:51:06.543 --> 00:51:08.304
but it was a leading indicator for how

00:51:08.324 --> 00:51:10.346
many new patients and how many visits I

00:51:10.365 --> 00:51:12.527
was likely to see next month is the

00:51:12.568 --> 00:51:13.088
lead number.

00:51:14.161 --> 00:51:15.902
because if I can predict,

00:51:16.282 --> 00:51:17.422
if I get a hundred leads and my

00:51:17.463 --> 00:51:19.023
conversion rate's at three percent on

00:51:19.103 --> 00:51:19.485
average,

00:51:19.844 --> 00:51:21.226
I'm gonna have eighty-three new patients.

00:51:21.686 --> 00:51:22.947
If I have eighty-three new patients at

00:51:22.967 --> 00:51:23.927
thirteen visits a case,

00:51:23.947 --> 00:51:24.947
I'm gonna have whatever that is,

00:51:25.047 --> 00:51:26.369
a thousand visits or eleven hundred

00:51:26.389 --> 00:51:28.510
visits, right, in the next month.

00:51:28.570 --> 00:51:30.771
If I can do that and my AR

00:51:31.152 --> 00:51:32.432
is twenty-eight days down the road,

00:51:32.512 --> 00:51:34.295
I'm gonna get that much money four weeks

00:51:34.335 --> 00:51:35.675
later.

00:51:35.715 --> 00:51:37.737
So I can start being predictive earlier

00:51:37.876 --> 00:51:39.137
based on, you know,

00:51:39.157 --> 00:51:40.219
the farther back I can go,

00:51:41.567 --> 00:51:43.088
with like my lead generation,

00:51:43.248 --> 00:51:45.108
I can then know roughly how many new

00:51:45.148 --> 00:51:45.989
patients I'm gonna have,

00:51:46.329 --> 00:51:47.331
how many visits I'm gonna have,

00:51:47.351 --> 00:51:49.371
what my cashflow is gonna look like in

00:51:49.411 --> 00:51:51.873
thirty to sixty days.

00:51:51.952 --> 00:51:52.914
Okay, so yes,

00:51:52.974 --> 00:51:55.956
that's critically important and very few

00:51:55.976 --> 00:51:57.476
people are looking at it or tracking it.

00:51:57.577 --> 00:51:59.177
It's not too hard to track.

00:51:59.557 --> 00:52:00.858
You just gotta get your team on board

00:52:00.898 --> 00:52:01.679
with doing it.

00:52:01.898 --> 00:52:04.141
And to do that again,

00:52:04.221 --> 00:52:05.601
that connecting the dots idea,

00:52:06.061 --> 00:52:07.262
you can't just tell them we have to

00:52:07.282 --> 00:52:08.682
collect leads now.

00:52:08.702 --> 00:52:10.123
They need to understand why,

00:52:10.184 --> 00:52:11.065
why it's important.

00:52:12.434 --> 00:52:14.016
they don't understand how it contributes

00:52:14.036 --> 00:52:15.858
and how it makes your life easier or

00:52:16.338 --> 00:52:17.679
lets you know whether to spend more money

00:52:17.699 --> 00:52:21.583
on marketing or predicts you know are we

00:52:21.623 --> 00:52:23.123
do we need to hire somebody else or

00:52:23.143 --> 00:52:25.547
whatever right why are they going to do

00:52:25.586 --> 00:52:25.666
it

00:52:26.686 --> 00:52:28.027
You gotta paint the picture for them.

00:52:28.168 --> 00:52:29.288
The pictures in your heads,

00:52:29.867 --> 00:52:31.628
in your head as the founder or as

00:52:31.668 --> 00:52:32.588
the person running it,

00:52:33.648 --> 00:52:34.989
those pictures are not anybody else's

00:52:35.030 --> 00:52:35.210
head.

00:52:35.230 --> 00:52:36.570
That's part of your job is to get

00:52:36.590 --> 00:52:37.871
those pictures out of your head into their

00:52:37.911 --> 00:52:38.851
heads, right?

00:52:38.871 --> 00:52:40.851
So that's the one that I think is

00:52:40.891 --> 00:52:41.731
really important.

00:52:42.592 --> 00:52:43.713
I have it as one of my seven.

00:52:43.932 --> 00:52:45.693
I don't see very many people looking at

00:52:45.753 --> 00:52:45.833
it.

00:52:46.233 --> 00:52:47.793
I definitely don't see the marketers,

00:52:48.295 --> 00:52:48.695
you know,

00:52:48.755 --> 00:52:50.594
they're telling you about awareness and

00:52:50.675 --> 00:52:52.496
clicks and what, Jimmy,

00:52:52.516 --> 00:52:53.956
if it ain't turning into paying customers,

00:52:53.976 --> 00:52:54.496
I don't care.

00:52:55.077 --> 00:52:56.777
right right i don't care how many

00:52:56.818 --> 00:52:58.719
followers i have on instagram if if i

00:52:58.739 --> 00:53:00.559
don't have enough new patients or clients

00:53:00.739 --> 00:53:03.440
right right so anyway that's that's the

00:53:03.581 --> 00:53:04.880
one the other one this is the one

00:53:04.900 --> 00:53:07.742
that's going to piss people off cancels

00:53:07.782 --> 00:53:12.384
and no shows because if my visits per

00:53:12.403 --> 00:53:15.164
case number is cool and i don't have

00:53:15.184 --> 00:53:16.286
a bunch you know of gaps in the

00:53:16.326 --> 00:53:17.806
schedule because like a bunch of late

00:53:17.847 --> 00:53:20.168
cancels no shows but like the cancellation

00:53:20.208 --> 00:53:21.947
rate everybody's obsessed with that but if

00:53:22.007 --> 00:53:23.389
i'm moving thursday to friday

00:53:24.471 --> 00:53:26.132
or Tuesday to Thursday and I'm still

00:53:26.152 --> 00:53:26.992
getting that visit in,

00:53:27.032 --> 00:53:28.494
the patient's still getting what they need

00:53:28.534 --> 00:53:29.894
and I don't care.

00:53:31.876 --> 00:53:33.137
And if I've got the demand and I've

00:53:33.197 --> 00:53:34.197
managed my waitlist stuff,

00:53:34.637 --> 00:53:36.338
I can fill that Tuesday spot that they

00:53:36.378 --> 00:53:38.840
moved as long as they give me twenty

00:53:38.860 --> 00:53:40.501
four hours or whatever more notice.

00:53:42.003 --> 00:53:43.943
And then now there are, you know,

00:53:43.963 --> 00:53:45.144
I was working with a company that

00:53:46.391 --> 00:53:48.213
automate that automate that waitlist

00:53:48.253 --> 00:53:48.534
thing.

00:53:49.094 --> 00:53:50.894
So if somebody canceled it immediately

00:53:50.954 --> 00:53:51.775
went out, you know,

00:53:51.815 --> 00:53:53.237
via text to a bunch of other people,

00:53:53.717 --> 00:53:55.217
anybody on the waitlist and they pick it

00:53:55.297 --> 00:53:57.039
up, I mean, cancellations,

00:53:57.079 --> 00:53:58.059
things like that get filled in.

00:53:58.161 --> 00:54:00.681
I mean, it's going to happen.

00:54:00.702 --> 00:54:01.463
I just,

00:54:01.643 --> 00:54:03.143
I'm worried about how many of them are

00:54:03.164 --> 00:54:04.905
showing up, how many people are on,

00:54:05.505 --> 00:54:05.706
you know,

00:54:05.726 --> 00:54:07.067
on the schedule and are they finishing

00:54:07.086 --> 00:54:07.726
their plan of care?

00:54:07.766 --> 00:54:09.128
Cause then if they achieve their goals,

00:54:09.568 --> 00:54:10.389
what are they going to say to other

00:54:10.409 --> 00:54:11.190
people about PT?

00:54:11.210 --> 00:54:13.050
Right.

00:54:14.329 --> 00:54:15.630
How many people have you run into like,

00:54:15.710 --> 00:54:17.050
oh yeah, P two didn't work for me.

00:54:19.231 --> 00:54:21.911
If you drill down just a little bit,

00:54:21.972 --> 00:54:22.253
right?

00:54:22.793 --> 00:54:24.634
They didn't show up.

00:54:24.713 --> 00:54:25.594
They didn't come.

00:54:25.634 --> 00:54:27.735
They didn't understand why that, you know,

00:54:28.054 --> 00:54:29.135
there's all this stuff, but they,

00:54:29.155 --> 00:54:30.496
did they finish their plan of care and

00:54:30.516 --> 00:54:31.117
it didn't work?

00:54:31.876 --> 00:54:32.856
Not very many.

00:54:32.936 --> 00:54:34.737
Right.

00:54:34.757 --> 00:54:35.998
So here's a question for you.

00:54:36.018 --> 00:54:37.798
This is more a management or translation

00:54:37.840 --> 00:54:38.239
question.

00:54:39.000 --> 00:54:42.260
You discover there's a KPI that you're

00:54:42.280 --> 00:54:42.702
monitoring.

00:54:43.637 --> 00:54:44.679
a change needs to be made.

00:54:44.818 --> 00:54:48.161
How do you translate numbers into action

00:54:48.581 --> 00:54:49.322
for a team?

00:54:49.382 --> 00:54:50.963
They're not in a spreadsheet, right?

00:54:50.983 --> 00:54:52.224
And you don't want them in a spreadsheet.

00:54:52.264 --> 00:54:54.465
These are, you know,

00:54:54.664 --> 00:54:55.706
or the front desk staff,

00:54:56.666 --> 00:54:58.788
like help me understand how you approach

00:54:58.847 --> 00:55:00.429
translating the thing that, you know,

00:55:00.768 --> 00:55:01.630
it's kind of like when you're in the

00:55:01.650 --> 00:55:02.349
movie, the matrix,

00:55:02.369 --> 00:55:03.871
you're looking at all the ones and zeros

00:55:03.891 --> 00:55:04.271
scanning by.

00:55:04.291 --> 00:55:04.452
Okay.

00:55:04.652 --> 00:55:06.052
Now you understand that you've got to

00:55:06.092 --> 00:55:07.432
translate it to someone who isn't reading

00:55:07.452 --> 00:55:07.893
the matrix.

00:55:08.597 --> 00:55:09.257
Well, I mean,

00:55:09.478 --> 00:55:10.858
it's so it's the same thing as like

00:55:10.878 --> 00:55:12.940
a little league coach realizing that,

00:55:13.081 --> 00:55:14.882
you know, little Jimmy's not hitting.

00:55:15.942 --> 00:55:16.242
Right.

00:55:17.023 --> 00:55:19.003
His batting average is a ninety two.

00:55:19.364 --> 00:55:20.103
Right.

00:55:20.144 --> 00:55:24.186
Well, you don't go and tell.

00:55:24.246 --> 00:55:25.447
So we all in some way.

00:55:25.547 --> 00:55:25.748
Right.

00:55:26.847 --> 00:55:27.329
But yeah,

00:55:27.369 --> 00:55:28.869
but you don't you don't go to that

00:55:29.190 --> 00:55:30.771
kid, that player and say, hey,

00:55:30.791 --> 00:55:34.211
I need you to be hitting to eighty.

00:55:34.231 --> 00:55:34.992
What does he do with that?

00:55:36.655 --> 00:55:39.657
You know, so, so yeah, they don't know.

00:55:40.177 --> 00:55:41.298
And, but, but again,

00:55:41.639 --> 00:55:43.199
the beautiful thing about therapists,

00:55:43.260 --> 00:55:44.541
about PTs in particular,

00:55:44.601 --> 00:55:46.422
but it's a strip OT speech,

00:55:46.442 --> 00:55:46.961
you name it.

00:55:48.722 --> 00:55:51.885
When you're looking at a movement, right.

00:55:51.905 --> 00:55:53.405
Or an ADL or whatever,

00:55:53.865 --> 00:55:55.806
you're breaking down the component parts

00:55:55.847 --> 00:55:57.288
and figuring out which one's not

00:55:57.327 --> 00:55:57.788
happening.

00:55:57.827 --> 00:55:59.369
And then you're focusing on that and

00:55:59.389 --> 00:55:59.969
fixing it.

00:56:00.030 --> 00:56:00.269
And you're,

00:56:00.630 --> 00:56:01.811
you're coaching and you're repeating and

00:56:01.831 --> 00:56:02.431
you're practicing.

00:56:02.771 --> 00:56:04.251
You do the same thing with your staff.

00:56:05.646 --> 00:56:07.467
So if you don't have a process to

00:56:07.547 --> 00:56:08.449
do something,

00:56:09.610 --> 00:56:11.052
like get a buy-in to the plan of

00:56:11.092 --> 00:56:11.393
care,

00:56:11.733 --> 00:56:12.934
then how do you know if anybody's doing

00:56:12.974 --> 00:56:13.074
it?

00:56:13.976 --> 00:56:15.559
And if you're trusting everybody else to

00:56:15.599 --> 00:56:17.862
do what you do after fifteen years of

00:56:17.902 --> 00:56:18.902
practice or whatever,

00:56:19.623 --> 00:56:21.326
you probably have learned a few things

00:56:21.346 --> 00:56:22.447
that the person who's two years out of

00:56:22.467 --> 00:56:23.148
school doesn't know.

00:56:23.998 --> 00:56:26.721
So write that stuff down, go over it,

00:56:26.860 --> 00:56:28.221
train it, practice it,

00:56:28.240 --> 00:56:29.981
have it be part of the onboarding

00:56:30.021 --> 00:56:32.523
induction process, go back and review it,

00:56:32.563 --> 00:56:33.063
repeat.

00:56:33.443 --> 00:56:34.505
But this is the other thing,

00:56:34.545 --> 00:56:36.286
like you said, translate to your staff.

00:56:36.766 --> 00:56:38.007
A lot of times you don't.

00:56:38.766 --> 00:56:39.827
And what I mean by that is you

00:56:39.867 --> 00:56:41.588
don't go into the staff meeting at a

00:56:41.628 --> 00:56:42.429
client doing this.

00:56:43.570 --> 00:56:44.851
I keep telling them all what to do

00:56:44.891 --> 00:56:45.510
and they won't do it.

00:56:46.208 --> 00:56:48.550
like okay how are you telling them we'll

00:56:48.570 --> 00:56:50.130
go in a staff meeting with forty five

00:56:50.170 --> 00:56:53.431
people right and i tell them dude if

00:56:53.632 --> 00:56:55.512
i've got three like what we did was

00:56:55.532 --> 00:56:56.612
we broke it down we looked and there

00:56:56.632 --> 00:56:58.213
were like three people that were below

00:56:58.273 --> 00:57:00.653
standard on their visits per case right

00:57:00.934 --> 00:57:02.875
there were and of the forty five people

00:57:02.894 --> 00:57:05.054
like almost twenty were therapists right

00:57:05.476 --> 00:57:07.536
but then there's like a group of twelve

00:57:07.576 --> 00:57:09.056
or so that are right in there right

00:57:09.077 --> 00:57:10.117
in the zone and there are a few

00:57:10.137 --> 00:57:11.818
that are over ironically jimmy

00:57:12.518 --> 00:57:14.219
maybe it's not ironic maybe this will be

00:57:14.300 --> 00:57:15.902
self-evident to a lot of people to me

00:57:15.942 --> 00:57:18.724
it surprised me every time i see somebody

00:57:18.764 --> 00:57:21.507
seeing the more than the visits target

00:57:21.527 --> 00:57:23.750
business per case target they're a veteran

00:57:23.789 --> 00:57:28.594
therapist who communicates well who really

00:57:28.635 --> 00:57:30.177
works and their patients achieve their

00:57:30.197 --> 00:57:31.637
goals the patients will bend over

00:57:31.677 --> 00:57:33.000
backwards for them because they do the

00:57:33.019 --> 00:57:33.840
same for their patients

00:57:34.539 --> 00:57:35.900
And if I've got a target of twelve

00:57:35.920 --> 00:57:37.121
visits or eleven visits,

00:57:37.501 --> 00:57:39.123
in our practice our target was eleven

00:57:39.143 --> 00:57:39.824
visits a case,

00:57:40.784 --> 00:57:42.646
my best therapists with the most

00:57:42.726 --> 00:57:44.407
experience were consistently seeing

00:57:44.447 --> 00:57:45.248
thirteen to fourteen.

00:57:47.090 --> 00:57:48.451
And it wasn't because they were less

00:57:48.490 --> 00:57:48.972
efficient.

00:57:50.306 --> 00:57:52.128
right it's because they were actually

00:57:52.168 --> 00:57:54.010
connecting with patients and helping them

00:57:54.070 --> 00:57:57.472
get fully across the finish line and uh

00:57:57.592 --> 00:58:00.454
in that case what's that person thinking

00:58:00.514 --> 00:58:02.317
if i'm bringing that up in staff meeting

00:58:03.117 --> 00:58:04.838
about hey we're not hitting our visits

00:58:04.978 --> 00:58:06.880
target not hitting our business number

00:58:07.280 --> 00:58:08.902
everybody needs to do better they're

00:58:08.922 --> 00:58:10.603
sitting there going i'm i'm killing it

00:58:11.615 --> 00:58:12.856
Why are we spending time on this?

00:58:13.516 --> 00:58:14.757
So a lot of that goes into the

00:58:14.878 --> 00:58:17.300
one-on-one meetings, the coaching,

00:58:17.320 --> 00:58:18.601
the talking, the bringing it up,

00:58:18.641 --> 00:58:21.422
and then the blocking and tackling are,

00:58:21.543 --> 00:58:22.844
you know, is there a process?

00:58:22.884 --> 00:58:24.125
Are you following the process?

00:58:24.465 --> 00:58:25.945
Let's go through, let's role play it,

00:58:25.985 --> 00:58:26.485
let's see.

00:58:26.847 --> 00:58:28.648
Because again, that kid who's batting,

00:58:30.289 --> 00:58:31.291
I need you to go into the cages

00:58:31.331 --> 00:58:33.831
and work on your swing this week, okay?

00:58:34.452 --> 00:58:35.253
Yeah, I'll do that.

00:58:35.632 --> 00:58:36.914
What happens when they come back,

00:58:37.094 --> 00:58:38.155
you know, next practice?

00:58:38.675 --> 00:58:40.056
Hey, Jimmy, you been to the cages?

00:58:40.255 --> 00:58:40.777
Yeah, coach.

00:58:41.317 --> 00:58:43.579
Is that the end of the conversation?

00:58:43.619 --> 00:58:43.998
Shouldn't be.

00:58:44.679 --> 00:58:45.460
No.

00:58:45.559 --> 00:58:45.800
Okay,

00:58:45.840 --> 00:58:47.181
get in there and let's take some hacks,

00:58:47.280 --> 00:58:47.521
right?

00:58:48.282 --> 00:58:48.822
I want to see it.

00:58:50.255 --> 00:58:51.836
So you show me, and by the way,

00:58:51.896 --> 00:58:52.936
people do this, we do this,

00:58:52.976 --> 00:58:54.157
therapists do this with their patients

00:58:54.637 --> 00:58:55.097
every day.

00:58:55.918 --> 00:58:57.157
You don't watch them do their home

00:58:57.197 --> 00:58:58.099
exercise programs.

00:58:58.418 --> 00:58:59.599
You don't need to sit there and monitor

00:58:59.619 --> 00:59:01.199
your people at the front desk or whatever,

00:59:01.800 --> 00:59:02.920
or sit in on the vows.

00:59:04.081 --> 00:59:04.420
Show me.

00:59:05.860 --> 00:59:07.402
You know within the first five to ten

00:59:07.461 --> 00:59:11.963
seconds whether or not they're doing what

00:59:11.983 --> 00:59:12.724
they told you they're doing.

00:59:14.831 --> 00:59:15.871
It's literally that simple.

00:59:16.112 --> 00:59:16.432
Show me.

00:59:17.034 --> 00:59:17.833
Take me through that.

00:59:18.394 --> 00:59:19.615
Walk me through your process.

00:59:22.157 --> 00:59:23.300
Can you find the process?

00:59:24.541 --> 00:59:24.860
I don't know.

00:59:24.900 --> 00:59:26.181
It's in the playbook.

00:59:26.963 --> 00:59:27.884
That means they ain't looking at the

00:59:27.903 --> 00:59:29.405
process.

00:59:29.485 --> 00:59:30.385
Right?

00:59:30.405 --> 00:59:31.788
So, I mean, it's...

00:59:34.405 --> 00:59:35.965
Once again, this is, as a founder,

00:59:36.005 --> 00:59:36.985
what you signed up for,

00:59:37.425 --> 00:59:39.266
is being able to translate this stuff.

00:59:39.626 --> 00:59:40.927
Whether you can do it well or not

00:59:41.708 --> 00:59:42.768
is not relevant at the moment,

00:59:43.208 --> 00:59:45.150
but it is part of your job description,

00:59:45.269 --> 00:59:47.271
and that is one area where you will

00:59:47.311 --> 00:59:47.891
need to get good.

00:59:51.708 --> 00:59:52.849
parting shot for this.

00:59:53.469 --> 00:59:55.309
What I'll also do is I'll include a

00:59:55.349 --> 00:59:57.130
glossary because I think what happens is

00:59:58.090 --> 01:00:00.010
people get lost in the jargon sometimes.

01:00:00.030 --> 01:00:01.291
So I'm going to include a glossary.

01:00:01.532 --> 01:00:02.713
I'll include that in the show notes as

01:00:02.773 --> 01:00:03.032
well.

01:00:03.072 --> 01:00:04.152
Just a lot of the terms that we

01:00:04.172 --> 01:00:05.833
either use today or other KPI terms.

01:00:05.873 --> 01:00:08.114
But what would your parting shot be for

01:00:08.775 --> 01:00:12.817
this KPI episode of the DPT MBA?

01:00:13.436 --> 01:00:15.998
You gain additional insights and you

01:00:16.538 --> 01:00:18.398
translate them into ways to inspire your

01:00:18.418 --> 01:00:18.659
staff.

01:00:20.474 --> 01:00:22.916
Because and then and then that leads to

01:00:22.936 --> 01:00:23.856
happier patients.

01:00:23.876 --> 01:00:25.639
So happier patients, happier staff,

01:00:26.219 --> 01:00:27.099
healthier business.

01:00:28.481 --> 01:00:30.161
It really is about connecting the dots.

01:00:30.362 --> 01:00:32.103
I know we went into some depth on

01:00:32.123 --> 01:00:33.403
the numbers in the dashboard.

01:00:33.824 --> 01:00:35.005
But if to your point,

01:00:35.065 --> 01:00:37.706
if we don't bring those back to what

01:00:37.726 --> 01:00:38.286
do we do with them?

01:00:38.867 --> 01:00:41.329
How do we make change from them?

01:00:42.309 --> 01:00:42.791
Then I mean,

01:00:42.811 --> 01:00:43.990
you look at numbers all day long,

01:00:44.030 --> 01:00:44.751
it doesn't matter.

01:00:47.106 --> 01:00:48.427
We'll have more from you on this course

01:00:48.467 --> 01:00:48.766
as well.

01:00:48.786 --> 01:00:49.688
But if you want to get in touch,

01:00:49.708 --> 01:00:51.670
you can find them at SturdyCoaching.com.

01:00:52.190 --> 01:00:53.291
Sturdy McKee, entrepreneur,

01:00:53.331 --> 01:00:55.231
business coach, and, well,

01:00:55.672 --> 01:00:57.474
in charge of the six-hour CEO.

01:00:57.494 --> 01:00:58.795
Thanks for scratching the surface.

01:00:58.815 --> 01:01:00.295
Like, you're giving the surface scratch.

01:01:01.177 --> 01:01:02.157
If you want to know more,

01:01:02.858 --> 01:01:04.039
hire someone like Sturdy,

01:01:04.358 --> 01:01:05.780
and they walk you through these things so

01:01:05.800 --> 01:01:06.780
you feel, I'm guessing,

01:01:06.820 --> 01:01:07.981
confident and competent.

01:01:08.786 --> 01:01:09.126
Totally.

01:01:09.365 --> 01:01:09.545
Yeah.

01:01:09.927 --> 01:01:10.507
And yeah,

01:01:10.527 --> 01:01:13.748
just more secure in your decisions that

01:01:13.768 --> 01:01:14.608
you're doing the right thing.

01:01:14.628 --> 01:01:15.269
And then, you know,

01:01:15.289 --> 01:01:16.750
when people see results, Jimmy,

01:01:17.931 --> 01:01:20.032
that's when it's like, oh, it's working.

01:01:20.052 --> 01:01:22.172
I mean, again, it's the same thing.

01:01:22.213 --> 01:01:23.554
It's just like what your patients say.

01:01:24.014 --> 01:01:25.434
Oh, those exercises you gave me,

01:01:25.454 --> 01:01:26.074
they really work.

01:01:26.315 --> 01:01:27.396
It's like, yes, if you do them,

01:01:27.416 --> 01:01:28.056
they do.

01:01:28.096 --> 01:01:28.516
Who knew?

01:01:28.976 --> 01:01:29.396
We knew.

01:01:29.416 --> 01:01:30.818
That's why you came to us.

01:01:31.197 --> 01:01:31.438
Sturdy,

01:01:31.458 --> 01:01:33.559
appreciate you taking a shot at this KPIs

01:01:33.579 --> 01:01:33.838
for us.

01:01:34.340 --> 01:01:34.659
All right.

01:01:34.679 --> 01:01:35.239
Take it easy.

01:01:35.280 --> 01:01:35.780
Thanks, Jimmy.

01:01:35.840 --> 01:01:36.380
Thanks, everybody.

01:01:36.521 --> 01:01:36.621
Bye.