What do you do when your healthcare practice loses 80% of its business almost overnight?

Lisa Taglauer and her partners had spent years building their physical therapy practice. By 2019, they had grown to five locations, roughly 62 team members, and had just experienced their best financial year ever.

Then everything changed.

In March 2020, only days after the team met to plan their next phase of expansion, the business dropped 80%.

Roughly half the team was laid off. Two clinics eventually closed. Hiring didn't meaningfully resume until 2023.

But they didn't quit.

In this episode of the Financial Beast Podcast, Lisa explains how her team rebuilt the practice by confronting weaknesses that had been hidden during the good years.

You'll discover:

• How a thriving physical therapy practice lost 80% of its business almost overnight
• Why Lisa and her partners never seriously considered giving up
• How the crisis exposed weaknesses that growth had hidden
• Why financial reserves became a critical lesson
• How leadership changed after the collapse
• Why they started involving employees in strategy and execution
• How better communication helped rebuild the organization
• Why they completely redesigned their company core values
• How they use Net Promoter Score and Employee NPS
• Why employee engagement became a leading indicator for growth
• How the practice returned to roughly 25% year-over-year growth
• Why they're prioritizing culture before opening more locations
• How owner distributions changed Lisa's view of successful leadership
• Why they're already looking at the practice through the eyes of a future buyer
• What healthcare practice owners can learn from their comeback

This isn't simply a story about surviving a difficult period.

It's about what happens when a crisis exposes the weaknesses inside a successful business, and how better financial discipline, leadership, communication and culture can create the foundation for a comeback.

If you're a physical therapist, veterinarian, dentist, optometrist, chiropractor or other healthcare practice owner navigating growth, financial pressure or uncertainty, this conversation is for you.

🎙️ Subscribe to the Financial Beast Podcast for financial strategies, practice growth insights, exit planning and wealth-building strategies specifically designed for healthcare practice owners.

CHAPTERS:

00:00 The Art of a Healthcare Practice Comeback
01:49 Building a Physical Therapy Practice
04:14 Opening Days Before Hurricane Katrina
07:31 From Record Growth to an 80% Collapse
10:06 Laying Off Half the Team and Closing Clinics
14:16 The Financial Weakness the Crisis Exposed
16:54 Rebuilding Leadership, Communication & Culture
24:19 The Metrics That Proved the Comeback Was Working
29:48 Reaching 25% Year-Over-Year Growth
30:50 Growing a PT Practice Without Overexpanding
32:59 Owner Distributions and Financial Recovery
34:44 Preparing a Healthcare Practice for an Exit

_________________________________________________________________________________

Want to schedule a free consultation?
Visit www.econologics.com or call us at (727) 588-1540 or schedule directly at: https://econologicsfinancialadvisors.com/complimentary-consultation/ 

 Get Social With Us
Website: https://www.econologicsfinancialadvisors.com 
LinkedIn: https://www.linkedin.com/company/econologics 
Facebook: https://www.facebook.com/econologicsfinancial 
Instagram: https://www.instagram.com/econologicsfinancialadvisors 
X / Twitter: https://x.com/FinancialBeasts 
Vimeo: https://vimeo.com/econologics 

🔒 Disclaimer
Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors.

Full disclosure: https://econologicsfinancialadvisors.com/legal-disclosures/