Running A Physical Therapy Practice February 1, 2017My BusinessOff

Starting up any business is a challenge, starting a private practice as a physical therapist is as big a challenge, if not a bigger one. The difference between working for yourself and working under an already established practice is a big one. The first major difference being that you will have to take on the vast majority of the challenges yourself, such as employment, providing payment, and balancing the books, rather than have your employer do it. While there are so many reasons for you not to go into business for yourself, there are so many reasons to do it. Running your own business will give you a greater sense of achievement than if you were an employee of another organization. Here’s the rundown on what you can expect as part of your journey into business.

Deciding On What Type Of Practice
Are you planning on running it solo, or are you going to set up a practice with a partner? There are benefits to both sides of the coin, but if you are new to the whole setup of running a business, or you lack in the financial aspect, there are many things that a partnership can bring to the table. The skills a partner can bring to a company may be ones that you need schooling in yourself, and vice versa. While any form of partnership is an investment of sorts, you will have someone to share the burden with as well as the risks.

Deciding On The Type Of Compensation
There are two types of common compensation, cash based, or insurance-based compensation. Physical therapists enter into contracts with big insurance companies in order to provide services at an agreed reimbursement rate. With reimbursement rates decreasing while the cost of staying in business is increasing, a lot of physical therapists with their own practices are now going into cash based practice. However, you may find that after the rigmarole of documentation and billing, not all patients may be so willing to continue treatment.  

Choosing Where To Locate Your Business
Picking the right location for your business can be the defining feature of your success or failure, so do some research. There are different services for each state, so what direct access services can you acquire depending on where you are? Are there different tax implications, or additional fees for your location? Look at the population of the area you are interested in, if there is a small community, what is the likelihood of them seeking out your specialist type of care, and how many people will come? In the area, are there going to be many referral providers and do they prescribe physical therapy? These are questions which are merely the tip of the iceberg when it comes to finding the right location.

Choosing The Type Of Therapy To Practice
In business, setting yourself apart from your competitors is a way to get noticed. So, what type of therapy would you like to specialize in? Look at your current experience; is it what you can confidently market as a unique business proposal? Whether it is sports therapy, rehabilitation, or anything else? The best way to decide would be to make a very specific list of your experiences and join the dots to see if there are any specific links that make themselves apparent.

Purchasing The Equipment
Depending on your mode of care, what equipment will you need? This can be an overwhelming part of the process because the equipment could break the bank. However, thanks to the internet, you can compare prices online very quickly and spot the best bargain. And depending on the space you are practicing in, it may not be feasible to have mountains of equipment. A lot of patients will not care about the fancy nature of the equipment; they are with you to get better so you can get equipment that mimics what they have at home. Ballet bars, resistance bands or sports cords. As well as the equipment for the practice, you will also need to consider what software you need. EMR has now become a requirement for physicians, and as emr software solutions are equipped to present documents in a superior way to the paper documentation it makes it easier to trawl through documents that are clearly legible instead of indecipherable handwriting!

Once the basics are done, it is time to implement your business. Creating a business plan is a very common practice, and it is recommended that you create one. This will be your bible for how you get the business up and running. With the basic approaches laid out here, this is how to get your physical therapy business started.

Share this Article

Recommended

See all
CLICK TO SUBSCRIBE to Your PINK eNewsletter.

What’s Hot
See all

Little Pink Book