Lift the pot and see if there are roots coming out of the drainage holes. This is an indication that the hibiscus is root-bound and needs a larger pot, in addition to new soil. You can also check the roots by lifting the plant up out of the pot and seeing if the roots are spiraling or in a tangled mass.
Snip off any damaged roots, along with 1/3 of the root ball mass if the plant is root-bound. Empty the pot of the old potting soil.
Fill the pot with new potting soil until it is 1/2 full. Lower the root ball back into the pot and fill the pot the rest of the way with the soil. Prune back 1/3 of the stems of the hibiscus so you do not stress the roots. Water until the soil settles.
Scrape off the top 2 inches of soil with a hand spade. Discard the soil in the trash or a compost pile.
Pour in 2 inches of new potting soil. Firm the soil with your hands and water until the soil settles.
Repeat the removal of old top soil and replacement with new soil every spring as long as the plant is not root-bound.