Attention: Webinar is only available to Canadian physiotherapists
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“How to Design a Winning Private Practice Physical Therapy Business Model”
A business model is the story that explains how an enterprise works and defines how a practice delivers value to its customers at an appropriate cost. Two key components of a business model are the operating environment and the strategic choices that owners make. Strategic choices such as the level of participation in insurance networks, purchase of utilitarian vs. spa-like facilities or utilization of extenders such as assistants and aides generate very different business models even within similar operating environments. Successful business models are aligned with the practice’s goals, can withstand environmental threats and are self-reinforcing. The most successful business models generate ‘virtuous cycles’ that reinforce the business model. Strategic planning is a key process in proactively creating a business model that is better suited to responding to external forces and creating sustained competitive advantage.
- At the end of this session participants will be able to define what a business model is and how strategic decisions and environmental factors define the way a practice delivers value to its customers.
- At the end of this session participants will be able to describe the characteristics of successful business models.
- At the end of this session participants will be familiar with examples of contrasting physical therapy private practice business models and the logic behind how these practices operate.
- At the end of this session participants will have a better understanding of how their own strategic decisions and operating environment contribute to the business model that they are creating.
- At the end of this session participants will be familiar with why strategic planning is a key management activity for creating resiliency and sustained competitive advantage.