Two Pieces of Wisdom To Take Away from PPS 2024
As the noise of PPS begins to fade, tune in to hear Paul offer two key insights that he identified from the event involving staffing and innovation.
Full transcript
Generated from the episode audio and lightly edited for readability.
Good morning everyone and welcome to another episode of the Martin Rehab M&A advisory. I hope all of you are doing very well. I am here in an airport here in Florida. I've been doing a lot of traveling since the private practice section last week and so I wanted to get back to you today. Just take a few minutes to follow up on some of the critical points that I really think stood out during the event specifically around staffing challenges as well as all the exciting innovations that we saw in the exhibit hall.
So let's dive in. First, staffing. I actually met with Eric Smith who we have interviewed before from Talentcare this week just again to talk to him more about what I heard at the conference and some thoughts that he would have on how we can work through this staffing conundrum that we have in the rehab industry. And more than a conundrum, it's a it's a major challenge. Look, look, it's no secret physical therapists are in incredibly high demand right now. And finding the right people is just getting harder every single day.
Now, Eric brought up a very interesting point and he emphasized this especially for some of the larger companies who have full platforms for recruiting. One way to improve the recruiting process is to consider outsourcing the recruiting for positions like front desk tech supports positions, possibly even physical therapy assistants. By doing that, the folks that you have on your let's call it your internal recruiting team can be absolutely laser focused on finding the professionals, finding physical therapists. And with that kind of approach, your team again can spend most of their time and energy on what really in the end for you and your patients matters most.
And that's recruiting those therapists that are going to drive the growth as well as the successful clinical outcomes for your business. You know, there's many other things that we can look at in staffing and we'll continue to touch on this. We're we're very our team is laser focused on trying to help you become a more efficient staffing company or company that can attract and retain staff. Now, another big topic of course at the private practice section was innovation. Look, there's no doubt that in the next few years, there's going to be some really exciting innovative developments that are in our industry.
We're already seeing comp companies that are focusing on AI, automation, many tech solutions that are really beginning to make our operations more efficient, scalable, and that's a very positive thing. But with all this innovation happening at one time, I just want to offer a word of caution. As business owners, it's so easy. I know this. It's so easy to get swept up in the latest trends and the techy shiny things, but you know, very similar to something else that I focus on a lot, which is health and nutrition, where there are so many new food products, supplements hitting our market every single day.
You need to really carefully assess what your business actually needs. It's so tempting to try just a little bit of everything, but if you don't know what is absolutely s essential for your specific situation, you could end up spreading yourself way too thin or just making poor investments. You know, our world mergers and acquisitions here at Martin Healthcare Advisors, we're constantly assessing how different tools and products can do two things for you. Drive your revenues and drive profitability for your business. That's how you can be best prepared for the market.
And so, that's a key point for you to keep in mind as you're looking at these new technologies. Any technology or innovation you bring into your clinic really should be something that in the end in on the long term will drive value for your business, not just something that's as you know I'm sure some of your staff likes to say that's really cool. The goal has to be driving value and that should be kind of filtered through how you assess all these new opportunities. Again, you know, countless supplements, powders, diets hitting the market every single day.
And if you start throwing all of them into the mix without truly understanding what your body needs, you're going to end up doing more harm than good. This is the same for your business. You need to know what is critical and for your success and to focus your efforts on those things. So, in closing, look, staffing, innovation, anything that is driving your business. If you'd like to have some conversations with me about those areas of your business or any other area that again drives that value, click below. Let's talk. Thanks for tuning in today and have a great weekend.
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