Home Health Contract Show: How Do You Know If You Have a TRUE Business?

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Home Health Contract Show: How Do You Know If You Have a TRUE Business?

Are you a PT/PTA, OT/OTA, or an SLP and you have an existing business? Or you are on the fence of starting your own business?

Then this episode is curated for you. 

Bert will discuss on how you would know if you have a true business.

And Bert’s challenge is how do you cross from being self-employed to being a business owner and then to being an investor.

In this episode:
02:55 – Do you have a true business?
07:10 – The Rehab Professional Cashflow Quadrant (Employee)
07:50 – The Rehab Professional Cashflow Quadrant (Self Employed)
09:35 – The Rehab Professional Cashflow Quadrant (Business Owner)
10:45 – The Rehab Professional Cashflow Quadrant (Investor)
11:10 – What is the common thing about Business Owner and Investor?
11:50 – I have an LLC… do I have a business?
13:25 – True business test – Who does the work in your business?
15:15 – True business test – Can you delegate the treatment?
18:05 – True business test – How fast can you execute a business model/plan?
20:10 – True business test – How fast can you SCALE?
20:35 – Form your team before you approach a Home Health Agency.
21:20 – True business test – How fast can you take yourself OUT of the EQUATION?
23:30 – True business test – Are you making a PROFIT?
27:15 – Anthony, PT, on his Home Health Contract business.
29:00 – Elsa, OTR, on her growing Home Health Contract business.
29:55 – Tina, SLP, from being a school employee to having her own Home Health Contract business.
30:50 – Check out Home Health Contracting business here – https://www/rehabpreneur.com/mikechua
35:10 – Question: So, a true business is when you have passive income?
35:45 – Question: Did you treat on your own and build your team over time or did you have a team set up before staring your business?
36:45 – Question: How many people do you like to have in your team before getting a contract?
42:35 – Question: How do you find HHA to contract with?
42:55 – Finding HHA to work with is the easy part. The hard part is knowing which agency to work with.
44:00 – What is the 80-20 rule (Pareto principle)?
44:45 – Question: Do you need to have a member of each discipline listed in your LLC as a partner to run a multidisciplinary practice?
48:55 – Question: Do you need separate business entities to do home health contracting and mobile part B and wellness?
54:01 – TRUE business means you make a profit, you have more than one person in your team bringing in revenue, you can delegate tasks, you can scale your business.
54:30 – Do not be deceived by cash-based practice. Why?
56:05 – Bert’s challenge is how do you cross from being employed to being a business owner. 

Call or text Bert directly at #972-649-9909

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About the author 

Dr Michael Chua PT, DPT

Dr Michael Chua is a physical therapist practising in Home Health, Skilled Nursing Facilities and Acute Care Hospital. His clinical interest involves pain management, geriatrics and dementia management. He enjoys treating patients and bringing out the best in them using positive treatment approaches, his dynamic work setting in a rural area provides an opportunity to treat a wide range from geriatrics to orthopaedics.

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