How much money are you willing to lose so you can save money?

save money

Hey PT Business Builders group!

I hope everything's going well and all this craziness for everyone. I know everything's kind of getting a little bit crazy right now. 

Everybody's trying to get their PPP money, their EDL money and get everything up and going in the same boat as most of you with this issue right now. 

Today, what do I want to talk about? 

I want to talk about something, well to be perfectly honest, my father taught me a long time ago and it was about where we are right now and something that really took me a long time to get into.

First let me welcome everybody. 

Welcome to the PT Business Builders show -- where we believe EMRs suck; that systems and software should actually improve your life and your practice, not consume them; and here, the only measure of success are systems that give you the time to enjoy your life and the financial freedom to do that. 

Today, what we're talking about, how much money are you willing to lose so you can save money?

It sounds counter-intuitive, but it was one of the most important business lessons I've ever learned. 

My father told me this over and over again and it took years for it to sink in.

We make choices all the time. I only was looking at the saving side, like I would look at something Oh, I can save money by doing this. 

But if it's costing you something on the other end, you might be saving money but you're investing more time.

I remember a perfect example, when I got my first EMR, they sold me on the idea that, hey, you can get rid of your transcriptionist. And now, you don't have to pay her anymore. This will do it for you.

Well, the only problem is the new checkboxes, all the additional stuff turned into more work for me. 

And it also destroyed my patients' experience because now instead of me focusing on them, jotting down a couple of things quick and moving on, just to remind myself later of exactly what was going on with them. Now I had to do something totally different. 

Now I'm staring down on my keyboard the whole time. I’m at my computer half of the time. I flip this computer up between them and me. 

And that's going to increase your drop off rate, that's going to increase your cancellation, no show rate. 

So in a quest to save money, I lost money in the long run because I was trying to save money.

The question is, what are you trading? 

You're creating something. I mean, everything comes at a cost.

Sometimes we trade time for money. That's what we do when we have a job.

Then, as we get better at it, we start to trade our money for time. We start to spend money on things that are going to give us more time because we realize that is the only truly finite resource that we have -- is our time. 

It's the only thing you could never get back. It's the only thing that you can never change.

That's absolutely huge. That is such a turning point for you. And something that's really, really going to help you to improve your practice and improve the ways that you're doing thing.

Because there is a cost associated with your time.

With me, I always tell this story. Same story, my EMR.

I was spending a lot of time documenting like an hour and a half to two hours a day after work. And the cost was greater than any amount of money could have ever been -- I was losing time with my family.

I miss portions of my children growing up because as my wife always said, I was present, I was in the room. But I wasn't really there.

I was on my computer. I was typing. 

I was thinking about the next thing that I was going to say in my documentation, making sure my documentation was right, making sure that I completed everything and had all my Medicare stuff done. 

The final thing -- simplify. 

You've got to simplify things.

When you're looking at these problems you have to break them into chunks that you can see and you can actually think about.

You've got to write, do Ledger's like: 

What is this? 

What's the cost of this? 

What is the time cost of this? 

What is the time cost of my staff? 

Could they be doing something that's bringing in more money and now I'm dumping busy work on them when they could be doing revenue generating activities. 

Because we all know there's not enough time in the day to go around for you, for your staff there. 

There's just not enough time to get everything done in a day. We all try it. We all try to refine it and make it better and better and better.

But simplicity is kind of the key. 

Systems, simple checklist, simple systems. These things really will streamline your practice.

Checklists for the first phone call, checklists for on-boarding someone, checklists for what do we do with that information, checklists for the initial evaluation, checklists for follow up visits, checklists for the experience all throughout it.

Everyone has to understand what their role is. How it fits into everything else. And how that goes. 

The easiest way to do that is by creating checklists. 

There's a reason that pilots use them when they're flying, when they're taking off and landing and in flight. There's a reason they use checklists because you never miss a thing. 

When you check everything off on that checklist, you know that you've done it, you're verifying that it's been done. 

If you're not using that, you're going to have things that slipped through the cracks, you're going to have things that you lose. 

Simplify.

Make it as simple as you can for your people. It will allow them to thrive the best that they can and for your business to be as profitable as humanly possible. 

That’s it today, just a quick one, guys.

Thank you guys. 

Hope everybody have an awesome week ahead.

And thank you guys for coming into the PT Business Builders group, where we believe EMRs suck; systems and software should actually improve your practice and your life, not consume it; and here, our only measure of success are systems and software that gives you the time to enjoy your life and the financial freedom to do that. 

Thanks everyone for tuning in and have an awesome day.

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