At Perform Practice, we are always looking for ways to improve your practice revenue. CMS has finally done something right and is reimbursing for RTM codes. Below you will find a guide on what CMS’s new final rule is and how to apply it to your practice.
This can add up to $100 extra per case for each of your Medicare patients. This compounded on a weekly, monthly, and yearly basis will increase your bottom line by possible leaps and bounds.
Whether you are currently offering these services and not billing, OR want to figure out how to enhance your practice with these services AND build your bottom line — we can help. Just book a free consultation with Kevin Rausch and he will get all your questions answered — www.calendly.com/kevinrausch.
What is Remote Therapeutic Monitoring
1. CMS approved the final rule starting in January 2022. It is the use of patient-engagement technologies to remotely monitor and communicate with patients outside the walls of the clinic between the PT visits
2. These are designed to be billed separately from clinic visits however currently insurance is accepting these in addition to normal codes
What is Being Monitored
3. A Patient’s Musculoskeletal System (MSK) Status.
How are Data Points Tracked?
4. An app. This is data that is self-reported by patients and analyzed by the PT to improve care. Medbridge is a common app you can use.
Benefits for the PT
5. It is a way to monitor:
a) HEP Compliance
b) Patient’s response to PT
c) Patient pain levels
d) PTs can modify the POC before seeing the patient again
Patients should log in daily to the app to track their progress
This will help progress the patient faster and get them better results
This will develop the best possible POC
This goes above and beyond regular PT office visits
Supports the patient outside the clinic
98975 RTM – Setup/ Education $26.99 Billed ONLY Once per Episode of Care
Initial set-up includes downloading the app on the patient’s phone
Educating patients on the process and what is expected of them
Reviewing the prescribed exercises on their HEP
Having the patient demonstrate and confirm the understanding of expectations
Requires 16 days of monitoring within a 30-day period
98977 RTM – Device Supply $68.51 Billed Once each 30-day Period
Billed once every 30 days
The cost of the app for patients
Requires 16 days of monitoring in a 30-day period
98980 RTM – Management-1 st 20 minutes/month $59.77 Billed Once per Calendar Month
Management of data and communication with the patient
First 20 minutes of monitoring and managing each calendar month
Must contain at least 1 minute of interactive communication with the patient
98981 RTM – Management-2nd 20 minute/month $49.08 Billed Multiple Times per Calendar Month
PT analysis of the data
You don’t need to do everything on your own. From billing to marketing, including credentialing and patient eligibility verification, Perform Practice Solutions can help. Give us a call today at (833) 764-0178, book your free consultation with Kevin Rausch — www.calendly.com/kevinrausch — and join our Facebook community for more physical therapy billing solutions and ideas.
Many businesses are adopting growth marketing as a strategy. For that, it’s key to define what it takes to be successful with this approach. Here are four ways to meet your growth marketing goals — and remember, we offer free consultations to see how marketing your practice will benefit you and get all your questions answered.
Whether you’ve been implementing growth marketing for a while or are new to the practice, you want to succeed. No one likes to miss a goal post. In business, the stakes are high. Not meeting your targets could lead to disappointed stakeholders, future resignations and financial losses. But to achieve success with growth marketing, you must be willing to learn from failure.
Unlike traditional marketing, there’s some experimentation involved. Growth marketers approach their strategies and tactics like scientists. Data and observation fuel a hypothesis, which gets tested to determine what holds water and what doesn’t. Nevertheless, growth marketing does offer tried-and-true tactics to help businesses thrive. Here are four ways to meet—and even crush—your growth marketing goals.
1. Use More Than One Channel
The marketing landscape is more dynamic than ever. TV, radio, and print are still around, but companies also reach consumers through social media and guerilla marketing tactics. Novel approaches such as native advertising are emerging to target audiences in unexpected ways. To exceed growth expectations, marketers should expand the number of channels or media types they use.
Attempting to reach leads and customers through various forms of media is known as cross-channel marketing. While most businesses do this to some degree, growth marketing strategies hyperfocus on finding the right combination. Even more so, marketers aim to discover which channels work best at each stage of the buyer’s journey or marketing funnel.
Maybe blog posts, podcasts and online events are highly effective for generating awareness and qualifying leads. However, personalized emails, direct mail and targeted online ads convert more leads into sales. Leveraging cross-channel marketing opportunities helps your business get its message across in ways that prospects and clients can appreciate. Using multiple media types also ensures you’re exercising the most appropriate tool for your audience at the right time.
2. Learn From A/B Testing Results
Remember that bit about testing hypotheses? A/B or split testing is where you get to do that. You start with an educated guess about your audience and run a test to determine whether it’s true. For example, you might conclude your clients respond better to promotions emphasizing limited-time savings. You reached this conclusion based on customer survey data.
So you test this hypothesis by sending two versions of an email. Both highlight your latest product sale, but only one includes language that encourages readers to act quickly. The test results show more conversions came from the email that stressed urgency. In this case, the results confirm the original hypothesis. Now you know to continue using this language to drive more sales with that audience.
Successful growth marketers also use A/B testing to discover who their consumers are. They may not have enough reliable data yet or want to see whether various customer segments respond differently. For instance, distinct landing page versions might reveal that certain age groups engage more with specific design features. Growth marketers can then use those test results to refine the page so it will resonate with their targeted demographic.
3. Concentrate on the Entire Buyer’s Journey
Traditional advertising usually focuses on the early stages of the buyer’s journey. The goal of a TV spot is to make consumers aware that a product, service or brand exists. Often, the hope is people will remember the business’s or product’s name when they’re ready to buy. But conventional marketing doesn’t typically address other stages of the buyer’s journey or funnel.
A complete marketing funnel consists of six different stages. Awareness represents the top of the funnel. However, the remaining stages are acquisition, activation, retention, revenue and referral. Many people might be aware your product exists. A smaller percentage will visit your website or store for more information. From there, some will fill out a form, subscribe to your email list or make a purchase.
Once leads become customers, you want them to stay. Ideally, you want them to make repeat purchases or add more services. Hopefully, those clients are so satisfied and enthusiastic about your brand that they refer others. Growth marketers who meet or exceed their goals realize that generating awareness is only the beginning. Revenue opportunities exist throughout the entire funnel, and customer relationships require nurturing to drive sales.
4. Rely on Real-Time Data
Effective growth marketers realize data from a few months ago may not be reliable. Consumer behaviors and lifestyles can sometimes change drastically. A looming economic recession and supply chain disruptions might lead to behavior changes that impact your business. If consumer confidence is low, your customers might be less willing to add on new services.
Alternatively, real-time data from website analytics and surveys may reveal a growing interest in replacing aging products or equipment. Perhaps current feedback indicates more of your customer base is responsive to promotions. They’re willing to act and recommit when they can get a deal. At the same time, customers want reassurance they can get the savings on the product they want.
Growth marketers see all of this data as an opportunity to personalize the customer experience. Current inventory and client data could help craft marketing messages targeting customers with aged equipment. Those communications would likely highlight current promos on newer models from the same brand or manufacturer. Personalized emails could also show online and local inventory numbers to motivate clients.
Conquering Growth Marketing Objectives
It takes grit and a willingness to learn and adapt to become successful at growth marketing. Strategies and tactics that drive results with one customer segment may not move the needle with another. Implementing diverse initiatives and juggling simultaneous experiments are par for the course. That said, a commitment to cross-channel marketing, A/B testing, relationship building, and real-time data can help you realize the outcomes you want to see.
You don’t need to do everything on your own. Perform Practice Solutions is your Physical Therapy Digital Marketing company. We can help you with marketing strategies to help you achieve your clients. Contact us today at (833) 764-0178 and join our Facebook community for more perform physical therapy solutions and ideas.
You should always look for ways to improve your practice, but there is such a thing as pushing in too many directions or growing too quickly. There’s no formula for instant success, but we’d like to help you boost your practice’s growth with some tips. Here’s how to take it to the next level. For customized solutions for your PT practice, we are here — with decades of experience in billing, credentialing, marketing, consulting, sales — and more. Let’s talk!
Growing a small business isn’t easy. It is one of the toughest challenges many face when they are looking to get out of the 9 – 5 daily grind.
The success of your small business depends on your efforts to grow profits using various methods. From employee training to marketing, every aspect of your business deserves attention.
Rapid growth doesn’t happen overnight, but there are several steps you must take to keep your business moving forward. It takes time and effort. However, when you start reaping the benefits, you will see that your effort is worth it. Here are some tips to consider if you wish to see your business grow.
How to Grow Your Small Business
Understand Your Customers
You can only develop products and services that will be a huge hit if you are attentive to the needs of your customers and prospects. One way to understand exactly what your customers want is through research and surveys.
You should be constantly inviting them to provide honest, even brutal feedback. Reviews and surveys are the best ways to get inside the minds of your customers. This makes it easier for you to develop products and services that are suitable to the current demands of the market. Moreover, it helps you understand the areas in which your company needs to improve.
Improve Customer Service
If you don’t provide quality customer service, it will be difficult to satisfy your customers even if you have a superior product or service. This aspect of the business is about taking the extra step to make them feel special.
Let your customers know that they are valued. If they have problems, make sure you address them right away. If they have questions, take time to answer them. They should not feel like things are difficult for them if they raise certain issues. Social media is a great way to understand your customers by listening to them. If they find the customer service satisfactory, they might even recommend others to also buy from your business.
It takes time to encourage customers to come and buy what you have to offer. But it’s not enough to just get them to buy. You need to encourage loyalty. Considering that there are other competitors who could offer them better, you want them to remain loyal to you. Don’t feel complacent just because you already have a lot of loyal customers. They can be easily attracted to other options and they might leave you.
Provide loyalty rewards. If there are discounts and promotions, let these most loyal customers be the first ones to know. You must sure your customers know they are appreciated.
Maximize Social Media
Without a doubt, social media is a very powerful tool. It reaches out to hundreds upon thousands of people at once. Make sure your business is engaged in social media. This helps you stay relevant. Listening to people and reading their comments will give you an idea on how to make them feel more satisfied. You will also understand their behaviors and find ways to meet their demands. The best part is that you won’t have to spend a lot of money just to attract new customers. You don’t need to engage in comment wars though. Just keep it positive and make everyone feel that they are heard.
Focus on Professional Development
The success of your business also depends on the quality of employees that you hire. Building an effective team is the key to ensuring that your business prospers.
One of the best ways to have motivated employees who work hard is to give them a sense of purpose. They should not just feel like they have to work for the sake of working.
They want to belong to something bigger than themselves. They must understand the bigger goals. This is where branding comes in. Many mistakenly believe that branding is something you do to attract customers. However, a powerful brand will also help you draw quality workers to your business.
Your employees should also feel that they are heard. There are team-building activities that could help them perform well as individual employees and through collaborative tasks. You should also send them to training sessions and seminars so that they can improve on the current bank of knowledge that they already have.
Spend Time Attending Networking Events
If given the chance to join these events, take it. This is the opportunity to extend your networks. This is highly important – but it is something many entrepreneurs neglect. You must build relationships with other people.
Networking is a great way to connect with people who can help you build your business. You can find employees, more customers, and even investors.
Focus on Corporate Social Responsibility
Your business must have something it is passionate about. This helps in improving the image of your business. People will patronize you because they know that the money they are spending goes to the right causes.
It is important that you ensure your business exists for more than just making money. Nowadays, people want to feel emotionally connected to the companies with whom they do business. This is why it’s important to craft a unique brand perspective for your company. Is there are cause you wish to support? Is there something in the world you want to change? Let that be one of your company’s missions.
Don’t Hesitate to Get Loans
If you are starting out as an entrepreneur, you need money to help fund it. The same thing is true for those who have been around for some time and have decided to take things to another level. If you need small business loans to make your plans happen, get them.
Make sure you partner with the right banks or lending firms. You need to fill out the application forms and provide all the requirements. It is also important to ensure that your credit is in good standing so your application is easily approved.
There are other ways to get loans if you are denied. One of them is to look for another party to serve as your guarantor. This is how SBA loan program works. The SBA will guarantee the loan you take from a bank. If you default, the SBA will reduce the risk of the lender. Of course, they won’t just do it without anything in return. You need to understand their requirements. You should also read the terms and conditions before getting started.
Find Out What Works
Ultimately, you will know which of the approaches you’ve used worked well. Take note of these tactics and use them again. Those strategies that failed must be eliminated to help your business move forward. The goal is to remain relevant. Refine the approach and focus more on those that bring satisfactory results.
In the end, you will see your business improve. You just have to be patient. You also need to work really hard and not let obstacles prevent you from doing better. Soon, you will see the positive results you have always hoped for.
There are few things more important than your physical therapist’s credentials. We can help keep the money flowing to you and ensure that your therapists stay in-network. We take care of every detail. This is one of the many areas of expertise we can offer your own PT practice. Contact us today at (833) 764-0178 and join our Facebook community for more perform physical therapy solutions and ideas.
To build a solid foundation for your business, you must first identify your typical customer and tailor your marketing pitch accordingly. However, it’s not an easy task, harder than you might think. If you’re wondering how to get started, here are some tips on how to define the target market for your business. Questions? We are here!
A target market is a specific group of people with shared characteristics that a business markets its products or services to. Companies use target markets to thoroughly understand their potential customers and craft marketing strategies that help them meet their business and marketing objectives.
Identifying a target market is an integral part of any new business undertaking, whether at a Fortune 500 company or a soon-to-be-launched small business. Knowing your target market sets you up for success.
This article will cover why target markets matter, examples of them in action, how they are defined through segmentation, and the range of marketing strategies used to reach them. You will also find next steps and suggested courses to help you on your next marketing endeavor.
Target markets: Why they matter and examples
When you identify a target market, you can improve your overall marketing outcomes. In this section, you will learn why it matters and find examples of it in action to help you better understand how it works.
Why target markets matter
The purpose of identifying a target market is simple: to have a clear understanding of the possible customers that might purchase a product or service in order to direct marketing efforts.
Knowing their target market helps businesses craft marketing campaigns that reach and appeal to their customer base. There are many ways to define a target market, including demographics, psychographics, firmographics, and customer behavior.
Research suggests that thoroughly preparing a market strategy, which includes identifying a target market, could lead to marketing success. For example, one study conducted by CoSchedule found that marketers who documented their strategy were 414 percent more likely to report success than those who didn’t. A comprehensive understanding of a target market could help businesses meet their overall marketing objectives.
Target market examples
Businesses define their target market to know who they are selling to and how to reach those customers through their marketing efforts. In effect, every product or service on the market today can be said to be directed toward a specific target market.
A target market can be defined by various factors, such as shared demographic characteristics or traits. Some examples of target markets—and products that might be marketed within them—include the following:
An action figure targeted to boys aged 9-14
A pair of vegan running shoes created from recycled materials targeted at eco-conscious athletes aged 24-45
A high-end, direct-to-door meal kit company that targets busy professionals with disposable income ages 30-45
Occasionally, people interchangeably use “target market” and “target audience.” But, despite their similarities, the terms refer to different groups of people.
A target market is the overall group of people a business is trying to reach through its marketing efforts. Meanwhile, a target audience is a specific subset of the target market that a company attempts to reach through targeted marketing efforts.
For example, imagine a tech company has developed a smartwatch capable of taking phone calls, answering text messages, opening apps, and keeping track of the wearer’s blood pressure and step count.
Although the watch likely appeals to many people (the target market), the company might craft a specific advertising campaign emphasizing the watch’s health features to attract an older audience of health-conscious consumers. This group of older health-conscious people is an example of a target audience.
Target market segmentation: Defining a target market
Market segmentation is the process of dividing a market into smaller groups of people, or segments, to identify areas for possible market growth. Through segmentation, marketers can identify the key characteristics that define their target market and direct marketing efforts to their unique needs, interests, and personalities.
To help you define your target audience, the section below contains descriptions of four of the most common types of market segmentation. Though each segmentation is distinct and offers its own view of a target market, it is also common for marketers to use many of them together to paint a more complex and telling portrait of their potential customers.
Demographic segmentation classifies consumers based on specific attributes, such as age or income level. Demographic segmentation offers a glimpse of consumers as actual people in the real world using common data collection methods. Typically, this segmentation is best used for business-to-customer (B2C) marketing efforts.
Typical attributes to consider during demographic segmentation include:
Psychographic segmentation classifies consumers based on their psychological and personal traits, such as values and attitudes. Unlike demographic segmentation, which describes who consumers are, psychographic segmentation offers a glimpse into the motives behind why they buy something. Typically, this segmentation is as helpful for B2C and business-to-business (B2B) marketing efforts.
Common psychological characteristics and traits to consider during demographic segmentation include:
Firmographic segmentation classifies companies and businesses into a set of shared attributes, such as their industry and number of employees. In effect, firmographics is akin to demographics, except that it focuses on the characteristics of businesses rather than people. As a result, it is used exclusively for B2B marketing.
Common attributes to consider for firmographic segmentation include:
Status or Structure
Behavioral segmentation classifies consumers based on their behaviors surrounding products or services, such as when they decide to purchase them and how they use them. By focusing on consumer behavior, behavioral segmentation provides a look into how consumers interact with businesses, which allows marketers to improve the effectiveness of their efforts. Typically, this segmentation is as useful for B2C as B2B marketing efforts.
Common areas of consideration for behavioral segmentation include:
Target market strategies
A range of strategies allows you to market your product or service to your target market. Typically, these strategies are broken down from the broadest target market to the most narrow and specific. The exact method you use will largely depend on the target market you have identified.
Read on to learn more about four of the most major target marketing strategies.
Mass marketing is a marketing strategy that forgoes segmenting a market and instead advertises to the broadest possible number of people. Unlike other marketing efforts, mass marketing doesn’t create different campaigns for different market segments but instead runs a single campaign for the entire market.
Mass marketing is particularly attractive to companies selling products or services with broad appeal. For example, gas companies, telecommunications companies, and manufacturers of salt and sugar typically only conduct mass marketing campaigns because nearly the entire market uses their products.
Differentiated marketing is a marketing strategy in which a business creates different marketing campaigns to appeal to different target audiences. By differentiating their marketing campaigns, businesses are able to more effectively articulate their value proposition to various market segments and, ideally, increase the success of their marketing strategy.
In order to reach diverse segments, differentiated marketing requires businesses to dedicate more of their budget to the creation of different marketing campaigns. As a result, differentiated marketing is a strategy well-suited to businesses selling goods and services to a target market composed of distinct target audiences.
Niche marketing is a marketing strategy in which a business focuses all its marketing efforts on a highly specific and unique target market. As a result, niche marketing often targets gaps in the marketplace, where the needs of specific customers are not currently being met.
In targeting a niche, businesses can craft highly targeted advertising campaigns that appeal to their specific market. In turn, these efforts are well-suited to smaller businesses looking to enter an already crowded marketplace that nonetheless includes several, specific gaps that are currently not being serviced.
Micromarketing is a marketing strategy that specifically targets a narrow segment of a niche market. Typically, the target audience of a micromarketing campaign is defined by specific characteristics such as age, job title, geographic location, or gender.
As a marketing effort that targets a highly specific group, micromarketing can also be more costly than other marketing strategies, such as mass marketing. In effect, micromarketing is best suited for target audiences where the rewards outweigh the potentially costly effort to reach them.
Get market ready
To help you hit a bullseye on your next business undertaking, you might consider obtaining a professional certificate in Social Media Marketing offered by Meta. The University of Illinois, meanwhile, offers a specialization in Digital Marketing that provides insight into the data collection and analysis methods used by marketing professionals.
Whatever you decide, though, just remember that thoroughly identifying your target market can help you hit your marketing targets.
You don’t need to do everything on your own. Perform Practice Solutions can help you with marketing strategies to help you achieve your clients. Give us a call today at (833) 764-0178 and join our Facebook community for more Perform Physical Therapy solutions and ideas.
Does your small business give employees bonuses? If it doesn’t, here’s a thing to consider. As a small-business owner, you know employees are your greatest asset. Showing your appreciation helps keep your best and brightest on the payroll. Employee bonuses serve the dual purpose of motivating employees to do their best while rewarding them for their contributions. Learn how you can start doing it below.
Does your small business give employees bonuses? Almost three-fourths of companies do, according to PayScale’s 2018 Compensation Best Practices Report. Giving bonuses (also called “variable pay”) allows companies to reward top performers without increasing their fixed costs for salaries. Top-performing businesses are more likely to offer bonuses than the average business (79% vs. 70%), PayScale reports. According to a 2018 WorldAtWork survey, bonuses are becoming more popular, especially among small and midsized companies.
Employee Bonus Programs
Here’s a closer look at the most popular types of employee bonus plans and how to make them work for your business.
Annual Individual or Team Incentive Bonuses
Annual incentive bonuses are given to individuals or teams that achieve goals set at the beginning of a performance cycle. More than two-thirds of companies in PayScale’s report use individual incentive bonuses and 23% use team incentive bonuses. Team incentive programs are best used when group effort is required to lead to a measurable result and individual efforts are difficult to quantify.
To Create a Motivating Annual Incentive Bonus Program:
Set clear, consistent and measurable goals that are tied to the individual or team’s roles.
Employees should understand how their actions relate to the overall goals. Team incentives can cause problems when “moocher” employees who don’t work as hard as their teammates benefit from the group effort. To avoid this, make sure that achieving the goal you set requires the efforts of the entire team.
PayScale says 39% of companies use spot bonuses, which, as the name suggests, are given on the spot to reward desirable behavior. For example, you might give a spot bonus for going above and beyond, or for providing exceptional customer service.
At big companies, spot bonuses can be several thousand dollars. But for small businesses, you’ll want to keep them reasonable — $25 and up will work.
To Create a Motivating Spot Bonus Program:
Create different levels of spot bonuses. You might give out very small rewards, like a $25 gift card, for being the most energetic person in the company trade show booth, on up to $500 or more for a truly above-and-beyond action.
Set a budget.Giving out spot bonuses could quickly eat up capital if you don’t set a limit. Create an annual budget for spot bonuses and don’t feel like you have to use it all if you don’t see deserving employees.
Make it count. Give spot bonuses for truly exceptional behavior, not just for doing the job.
Make it a surprise. If spot bonuses become rote — employees know every week two employees get one — they lose their power to motivate. Keep employees guessing and give spot bonuses irregularly.
Publicize it. Part of the reward of a spot bonus is getting singled out in front of your teammates for your work, so make sure you award spot bonuses in front of the rest of the staff. You can also publicize it by sending out a company-wide email or making an announcement.
Referral bonuses are used by 39% of companies, PayScale says. They’re offered to employees who refer job candidates who get hired and complete a probationary period with your company. The theory is that birds of a feather flock together and, if someone is referred by a good employee, there’s a strong chance they’re likely to be a good worker themselves.
To Create a Motivating Referral Bonus Program:
Develop a policy. Do you want to offer referral bonuses for every job, or only for certain positions? Do you want to have an ongoing referral program, or just alert employees at specific times you’re looking to hire and ask for referrals then?
Determine how you’ll handle payouts.Some companies pay out part of the referral when the employee is hired and the rest after they complete a probationary period of three months or six months. Others give the entire bonus at the completion of the probationary period. Either way, make sure your policy is in writing.
Consider offering higher referral bonuses for:
Referring candidates who increase staff diversity.
Referring candidates who turn out to be high performers.
And referring candidates for hard-to-fill jobs or with unique skills.
Depending on the difficulty you’re having finding candidates, you could even offer a very small referral bonus (like $25) for referring people who are worth calling in to interview, but don’t get the job in the end.
Signing or Hiring Bonuses
Signing or hiring bonuses (given upon hiring) can attract and motivate new hires — 34% of companies in PayScale’s survey use them. Although they’re less likely to be used by small businesses, signing bonuses might be a good idea if:
They are standard in your industry. For instance, signing bonuses are common with IT employees.
You need to attract a candidate with hard-to-find skills.
You need to motivate a desirable candidate to move from another state.
For small businesses on a budget, a signing bonus can enable you to land desirable employees at lower starting salaries. Of course, signing bonuses can also backfire if candidates use them to job-hop.
To prevent this, it’s a good idea to stagger your signing bonus. You might pay half of the bonus at signing, then one-quarter after the employee has worked for six months and the rest at the end of the year. Some companies also institute “clawback” provisions where employees who quit a job before a year is up must return a percentage of the signing bonus.
However, don’t expect to rely on signing bonuses as your sole attraction and retention tactic. You need a comprehensive plan of employee development to keep these desirable workers motivated and loyal beyond the first year.
Profit-sharing is more popular among small and midsized businesses than their larger counterparts — 22% of small companies in PayScale’s 2018 Variable Pay Playbook use it. These plans give employees a percentage of the company’s quarterly or annual profits. If you have a better-than-usual year, employees benefit. Profit-sharing plans can be tied into your company 401(k) plan, with the profits distributed as contributions to the retirement plan or can be on a cash basis.
To Create a Motivating Profit-Sharing Plan:
Profit-sharing plans tend to be very motivating because they give employees a sense of ownership in the business. Make sure employees understand how the profit-sharing plan works.
Set parameters for who can participate. Typically employees must have been with a business at least one year before taking part.
Profit-sharing plans, especially if tied to 401(k) plans, have specific regulatory requirements, such as keeping certain records, meeting reporting requirements and setting up a trust for the funds. Talk to your accountant or a third-party financial advisor to get assistance. Read the Department of Labor’s Guide to Profit Sharing Plans for Small Businesses for more information.
Bonus Structure Tips
Know how much money you have available for the bonus plan. In the case of spot or discretionary bonuses, this might be a dollar figure (you set aside $5,000 a year). In the case of longer-term bonuses, such as incentives or profit-sharing, this could be a percentage of profits or earnings.
Base the plan on quantifiable, measurable results. Specify what the goals are, how progress toward goals will be measured, and how often.
Consider setting “tiered” goals so that employees can reach different bonus levels by achieving more difficult goals. For example, a worker might get $X amount for reaching the minimum goal, but $XX for reaching the maximum.
Put your bonus plan in writing.
Make sure employees understand what they have to do to get the bonus. Review the plan with the entire staff as well as with individuals (in the case of team or individual incentive bonuses).
For long-term bonuses, setting milestones along the way and reviewing progress toward the end goal quarterly can help keep employees focused. You might even want to give small bonuses at these checkpoints.
You don’t need to do everything on your own. From billing to marketing, including credentialing and patient eligibility verification, Perform Practice Solutions can help. Give us a call today at (833) 764-0178 and join our Facebook community for more physical therapy billing solutions and ideas.
It’s essential for every PT practice to provide clarity around the company’s vision and mission to inspire their teams. The point of working as a team is to share ideas and boost productivity. Encourage a peaceful work environment by following the tips below.
Effective communication in the workplace is imperative in a leadership role. An age-old aphorism goes, “It’s not what you say, but how you say it.” Good communication is what separates a poor leader from an exceptional one. Having effective communication skills is the key to good leadership.
When you communicate well with your team, it helps eliminate misunderstandings and can encourage a healthy and peaceful work environment. Efficient and open communication with your team will also let you get work done quickly and professionally.
The moment you get the lines of communication open with your team, the process of carrying out tasks and projects will most likely go by smoothly. Plus you will be surprised how meeting targets will become a whole lot easier.
Ways to Create Effective Communication in the Workplace
1. Open Meeting
It is easier to communicate your passion and how you feel to your team via open meetings. In this kind of forum, they will not only hear what you are saying, they will also see and feel it. This approach still remains one of the best approaches to communicate effectively with a team.
In official settings, communication via email remains potent. It will enable you to pass messages to members of your team without pulling them out of their workstations.
3. One on One
Experts have been able to prove that some people understand better when you take them aside and talk to them on a one-on-one basis. Ensure that you maintain eye contact with them to enable the message to sink in.
4. Create a Receptive Atmosphere
To effectively communicate with your team, you must create a receptive atmosphere. Avoid a tense environment at all costs because when you communicate in an overly intense manner, the message you are trying to share might not be well understood or retained.
5. Communication via Training
Your training should be tailored towards communicating certain information to your team members. Most employees take training serious, especially when it’s part of their appraisal.
6. Display Confidence and Seriousness
Ensure that you display confidence and seriousness to ensure that you will not be taken for granted. When your team members notice any uncertainty and lack of seriousness when you’re communicating with them, they are likely to treat the information with disdain or disregard.
7. Use Simple Words
The truth is that everybody cannot be on same page when it comes to vocabulary. Therefore, to be effective in your communications with your team members, use words that can be easily understood. When ambiguous words are used, you can be misunderstood and/or waste precious time having to explain yourself.
8. Use Visuals
Place visuals at strategic positionsaround the workstations of your team. They should not just hear the message, they should also see it. This gives room for better comprehension.
9. Listen to Your Team Members
Communication is intended to be a two way street. Don’t just talk because you are the leader without listening to anyone else. Encourage them to open up so you can be well guided when communicating in the future with them. You have two ears and one mouth –so you must listen more than you speak.
10. Use Body Language
Your body language will pass your message faster and better. Master the art of using body language when communicating with your team. Stand/sit up straight, use smiles, handshakes and eye contact.
11. Act Out Your Message
Someone once said, “Tell me what you want me to do and I might forget it, but do it in front of me and I will never forget it.” Acting out your message is a very potent way of communicating with your team. Let them see you do what you want them to do, and watch their excuses disappear.
12. Use The Appropriate Tone of Voice
One word can mean a different thing when said in a different tone of voice. Make sure you use the appropriate tone of voice to communicate your message to your team so that you won’t be misunderstood and discourage or demotivate members or cause them to shut down completely out of fear.
13. Avoid Unnecessary Repetition
If you want your team members to take you serious, never sound like a broken record and don’t beat a dead horse. Tell your team members what you want them to know or do and ask them if they are clear about it. If they are not, only then do you repeat what you have said.
14. Use Presentations
Some people grasp messages easily when pictures and sounds are involved. Using presentations like Microsoft PowerPoint to communicate with your team will give them the opportunity to refer back to it if they aren’t clear about certain things.
15. Be Humorous
Using friendly jokes when communicating with your team members will help pass your message along in a more relaxed way. This method of communication has been proven to be a highly effective way of dousing tension. When the atmosphere is unfriendly and intense, being humorous does the trick. If you must use jokes, please don’t overdo it. Remember, you are not a stand-up comedian.
16. Be Articulate
Communication is indeed a skill that must be learned by all, especially if you want to lead any group of people. Being articulate when you communicate to your team members makes it easier for them to understand your message.
17. Avoid Mumbling
Your team members should be able to hear you clearly. When communicating with them, try as much as possible to speak clearly and not mumble words. When you mumble words or speak too quickly, you may assume that they are clear on the subject. But the truth is, they might not be. It also shows a lack of confidence on your part.
18. Encourage Feedback
Don’t just talk and walk away. Give room for feedback so that you can measure the effectiveness of your style of communication. It will also afford you the privilege of knowing if your message was well understood.
Use your hands to demonstrate your message. Make hand motions and signals to establish the seriousness of your subject matter when communicating with your team members. This shows that you understand what you are trying to relay to them. Just don’t let your body movement become too exaggerated and intense.
20. Be Appreciative
After every communication session, via whatever means you have decided, always remember to thank your listeners for their time. It will cost you nothing and it’s a simple courtesy.
Remember that the point of working as a team is to share ideas and boost productivity. When effective communication in the workplace is hampered, it can sidetrack the entire effort.
You must work hard at these communication tactics and create ground rules to keep everyone up to date, which helps avoid confusion and ensure the completion of the project with ease.
You don’t need to do everything on your own. From billing to marketing, including credentialing and patient eligibility verification, Perform Practice Solutions can help. Give us a call today at (833) 764-0178 and join our Facebook community for more physical therapy billing solutions and ideas.
Take the first step to getting started with our many services by filling out the form below.
Let's talk about physical therapy billing, eligibility, physical therapy marketing, practice sales, and credentialing - or other questions you might have about PT ownership.
Perform Practice Solutions helps physical therapy clinic owners nationwide adjust to the changing and challenging reality of PT ownership. With its innovative coaching platform, transparent physical therapy, and physical therapy marketing services, Perform Practice Solutions provides frustrated and hard-working owners an alternative way forward. It's not easy, but it is possible.