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Running a healthcare business isn’t easy.
There are challenges at every twist and obstacles at every turn.
But pivoting from a struggling five-figure business/self-employed venture to a booming seven-figure enterprise isn’t impossible…
…it just takes two things:
Leadership and Systems.
Leadership and Systems are the cornerstones of every successful PT practice.
They are the components that allow you to amplify your knowledge, your skills, and your reach—three things you’ll need to be able to do if you actually want to scale-up. The more you demonstrate leadership—and implement systems capable of imposing both your knowledge and leadership—the more your employees will be able to grow your business and their expertise.
Unfortunately, How to Demonstrate Leadership 101 and How to Implement Successful Systems 203 aren’t things they teach you in medical school.
And that’s why most healthcare businesses and practices are mediocre at-best.
But they won’t be for long, thanks to the efforts of people like today’s guest, Greg Todd who’s built nothing short of a physical therapy empire in the Tampa Bay Area, called Renewal Rehabilitation.
For nearly 20 years, Greg has been hustling to do something incredible, and where other people have struggled, he’s succeeded. Today his practice features more than 20 employees and nets over $1 million a year.
Greg’s success is tied directly to his ability to demonstrate leadership and implement systems to carry out his vision. Through leadership and systems, Greg has gotten every single one of his employees on the same page, and that has made his practice a game-changer in the physical therapy space.
But that’s not the only thing that’s helped Greg take his practice to the next level—he’s also employs fantastic marketing strategies and…
…well, you’ll just have to tune-in to find out.
Time Stamped Show Notes:
- 00:12 – Dr. Joe welcomes Greg Todd
- 00:49 – Greg has been a physical therapist for 16 years
- 00:54 – He worked in corporate outpatient settings for the first 4 years of his career before opening his own practice
- 01:10 – He bought into a small existing practice
- 01:25 – He currently has 24 employees
- 02:33 – LEADERSHIP and SYSTEMS are the two things that led Greg into his 7-figure business
- 02:41 – Having a 5-figure practice business is not really a business but self-employment
- 03:34 – You have to teach and train other people the things that made you successful
- 04:06 – Being a leader and creating and using systems aren’t taught in school
- 05:25 – “Healthcare is mediocre”
- 05:41 – “If I teach someone, I understand that he’s not going to do it as good as me”
- 05:53 – “85% of me is still better than all of the ‘competition’”
- 06:07 – Are your PTs on board with what you are trying to do?
- 06:15 – Getting all your people on the same page is a GAME CHANGER
- 07:08 – Let go of the people who are not congruent with your culture
- 07:36 – Greg does not believe in hiring for talent, but in hiring for character
- 09:57 – Let people know your expectations right from the start
- 11:11 – Greg’s thoughts on PT shortages, “It’s never about pay”
- 11:24 – Most PTs are looking for direction and a way to level up
- 12:23 – PTs are looking for mentorship
- 13:10 – The problem is – There is NO leveling up in PT
- 14:15 – Dr. Joe shares about PTs asking for mentorship
- 15:03 – Scarcity Mindset – when you don’t want to mentor your PTs because you are afraid they will be a competitor
- 15:36 – Your PTs are not your servants – let them grow!
- 16:49 – Don’t live on that scarcity mindset
- 17:05 – “Train them so they can leave but treat them so good that they wouldn’t want to leave”
- 18:27 – Greg believes that each person does one thing different
- 19:28 – He wants to create an environment where employees and patients are both comfortable
- 20:20 – Greg has created a lot of leverage pieces in his business
- 20:34 – Pushing people to take themselves to the next level yields a 100% job satisfaction level
- 22:26 – Greg believes the future is bright for him
- 22:47 – The biggest hindrance for most employers is their marketing
- 23:13 – Facebook Ads have been a gold mine for Greg’s business
- 24:49 – Dr. Joe shares his surprise with Facebook Leads
- 25:44 – Relying on doctors gives PTs a hard time because doctors are having a hard time finding patients as well
- 26:57 – Old-school PTs who have not embraced new marketing strategies will suffer the loss of patients thru doctor referrals
- 27:30 – The most important piece to any business is customer acquisition
- 29:10 – Talk directly to your patients and community
- 30:29 – Greg talks about leverage
- 31:17 – Email campaigns can duplicate you on your best day
- 31:31 – Start with customer service
- 33:03 – Spam is different from checking in with your customers
- 34:34 – Send emails that people want to open
- 34:52 – There’s a solution to every problem
- 36:22 – Greg allows his employees have side hustles within his clinics
- 36:41 – Earlier in the business, Greg and his partner talked about creating bonus schedules for their employees
- 37:04 – He made aggressive bonus schedules that drove money in
- 37:26 – Greg then asked his employees to create different programs for their patients and every time they did, he gave a percentage
- 38:59 – Greg shares one of his PTs who wanted to create a Rehab to 5K program
- 40:17 – The best thing for patients is to have an option to do more than just have physical therapy
- 41:28 – Greg has a few online courses available at Smart Success PT
- 41:36 – What Greg did in his courses was to teach people what it takes to take over his business when he’s not able to
- 41:52 – Greg’s in-depth 105 lessons on basically what is missing in PT school to make you successful in the real world
- 44:31 – His goal from the course is to make PTs more valuable to their employers or be able to open up a practice of their own
- 45:50 – Check out Smart Success PT
- 46:52 – Follow Greg on Instagram, Twitter, and Facebook
- 47:07 – Email him at firstname.lastname@example.org
- 47:45 – Greg and his wife decided that he will give 6 hours every week to people who need him
- 48:01 – Greg’s podcast: The Hunt for Greatness with Greg Todd
- 50:08 – Greg spends his 6 hours/week mostly on Youtube to inspire the younger generation taking the PT path
3 Key Points
- Take the lead and create systems for your business.
- Share your knowledge and skills to your employees.
- Let your employees grow not only for the business but for themselves.