Will Humphreys lays out three moves for healthcare companies in a COVID slowdown: collect what you're owed to free up cash, squeeze more visits into each hour, and reach out to past patients and referral sources with simple gifts and check-ins.
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What can a company do to survive this COVID pandemic? Companies in this environment are shutting down left and right. In this video, I'm going to be going over the top three focuses that you should have to not only overcome the current situation we're in, but to thrive as you grow. Guys, welcome to the profitable pt. My name is Will Humphries. I'm here helping you increase your income, impact and freedom. And man, our freedom is being challenged today as as we're all being influenced by this pandemic. The good news is that even in times like this, there is a lot that we can influence. Even when these things are happening to us, we can choose to take action and make our company succeed. So what do we have to focus on in healthcare? We have to first look at our accounts receivable. Accounts receivable is one of the most challenging parts of owning a healthcare company. Unlike most companies where their accounts receivable is 15 or 30 days, we sometimes go 60, 90, 120 and beyond. But the good news is that when there is time to focus on collecting every dollar owed to us, we can not only get additional cash to keep the lifeblood of our company growing, but we can find those potholes that are in our current systems and our company will be better for it. So if we ever need help in that area, there are experts out there and I'll put a link to a company below that does free profitability audits to help you know, if you're collecting every dollar you should and if there's other ways you can collect your money. Number two Visits per hour. This is physical therapy specific, but for any business, what we want to look at is how we are scheduling our team. Obviously we don't want to just let people go, but we also want to be in the mindset during these slowdown periods of balancing our production and our teams oftentimes in payroll. Because those discussions are hard to have, we don't confront them and we don't realize that there is a third solution to besides paying people for not producing or letting them go. Oftentimes, by working and collaborating with our teams, we can find that third solution to help us balance out what we're bringing in for business and how much we're paying in terms of team. This is a great metric for anyone in physical therapy because it helps us determine how many visits per hour we're currently seeing and measuring that collectively can make all the difference in surviving. And number one, promoting to past patients as well as our referral sources in these slowdowns Sometimes we think that we shouldn't promote, but now more than ever, we should be investing our time, our money and our energy. Especially when we have extra time that we weren't planning on having on promoting. In physical therapy, a couple of powerful things to do is to call your past patients, check in with them, see how their conditions are doing, check in to see if their health is doing well. When the global pandemic is affecting everybody, that type of message will not only bring in some individuals who are in fact looking for care in that moment, but it will leave a mark in a positive way. They will always remember you as the company that took the time during the pandemic to check on the well being of their past patients. And when it comes to doctors as well, they are being affected. So our messaging and promotion isn't, hey, we're a physical therapy company, send us your patients. It's more about, how are you guys doing, what can we do to support you in this? One client of mine who I was really impressed with, took the opportunity to go buy hand sanitizer, put little messages on there and drop it off at the front offices. That kind of gift, that kind of marketing sends a message that we are concerned about our patients, that we share as well as you as a referral source and a human being. So remember that no matter what we're going through in our businesses, if we can focus on the money that's coming in, if we can manage the team in the, in the business that we currently have, as well as promote to grow, there's very little we can't survive. And when this is over, I promise you, the lessons that we've learned during this pandemic will effectively grow our businesses as we take those into account. Guys, thank you for watching the video. If you got value out of this, please click like and subscribe. And by the way, if there's anything I missed, please put that in the comments below. I would love to hear how you personally have taken on this pandemic and grown. Until next time.
