How to Build a GREAT Allied Health Practice
#4: TRANSITIONING from Personal Delivery Service to a Practice Delivery Model
The key to success for self-employed allied health professionals is transitioning from ‘personal’ service delivery to a ‘practice’ delivery model. The benefits of creating a practice capable of continuing without your direct involvement are many.
For many this will remain a catch-cry and never become reality. It may become reality, however, for allied health professionals who decide to strike out on their own with the intention of building a standalone practice rather than buying a job. Owners of a standalone practice are more likely to achieve both professional satisfaction and personal reward for effort.
Your income as a sole operator will be forever capped. The number of clients you treat will be limited by the number of hours in your day, yet you’ll somehow squeeze in extra appointments to meet demand. This will create an exhausting and unsustainable schedule that will eventually impact on your health and relationships.
Transitioning away from personal delivery of services relies upon growth, and growth relies upon sound financial management – particularly reliable cash flow.
The transition to a practice model also rests heavily upon your commitment to the process of removing yourself from many of the day-to-day functions of the business and handing over loyal clients to another practitioner. At the same time, you will need good advice and support from experienced business advisors to help you stay in control of your business.
Over the years, I have worked with numerous allied health professionals to establish systems that deliver accurate, real-time financial information that accurately reflects the performance of the practice. Using that information, I’ve helped allied health professionals to interpret their financial data so that they may better understand their practice and feel financially confident.
The collaboration between business owners, managers and their team, accountant and business advisor is ongoing.
The rewards of a practice delivery model include the opportunity for high income leveraged from the efforts of a team rather than just those of a sole practitioner. Further, the ability to operate the practice under management provides the option for an owner to be absent for short or longer periods of time without impeding income, profit or growth opportunities.
If you would like to know more about how you can make your allied health practice GREAT, please accept my invitation to contact me for a no obligation discussion on 07 3171 4255 or email firstname.lastname@example.org
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A director of q4 financial, Grant Titman is a Certified Practicing Accountant and Business Advisor.
Grant specialises in helping established allied health business owners who typically employ 6 or more professional staff, and who seek to GROW, IMPROVE THEIR CASH FLOW and TRANSITION to a profitable Practice Delivery model.
The information contained in this article is general and is not intended to serve as advice. No warranty is given in relation to the accuracy or reliability of any information. Users should not act or fail to act on the basis of information contained herein. Users are encouraged to contact q4 financial professional advisers for advice concerning specific matters before making any decision.
A CPA and Director of q4 financial, Grant Titman brings leadership and the disciplined energy of an endurance runner to deliver ‘big picture’ outcomes for his firm and his clients.
Grant’s expertise includes and extends well beyond achieving profitability and growth for his clients’ businesses. His focus is squarely on helping his clients to achieve three key goals: extract wealth from their business; set and achieve long-term wealth objectives; and ultimately, enjoy financial freedom.