When it comes to climbing the ladder of success, Louie Anderson once told Eddie Murphy, “I started out mopping the floor just like you guys. But now…now I’m washing lettuce. Soon I’ll be on fries; then the grill. And pretty soon, I’ll make assistant manager, and that’s when the big bucks start rolling in.” (Well, to clarify: Louie Anderson’s character said this to Eddie Murphy’s character in the 1988 classic Coming to America.)
Many physical therapists dream of owning their own practice one day. While some clinicians wait until they’ve been working for years before they take the plunge, more and more new graduates are opting for clinic ownership right out of school. Regardless of when the timing feels right, one of the biggest decisions facing an aspiring clinic owner is whether to buy an existing PT practice or start one from scratch. Many folks wind up purchasing existing practices so they don’t have to build a patient load from the ground up or worry about forging relationships with referral sources.
How one PT business owner grew her practice to multiple locations in under three years—and what she learned in the process.
Surely: Contrary to popular belief, you don’t have to spend tens of thousands of dollars to open a private practice
In the world of tasks and to-dos, there’s nothing quite as satisfying as completing a checklist (amirite?). I certainly believe this is true—which means, I can check “being right” off of my list of to-dos for today. Cha-ching! But, enough about me. If you’re starting a physical therapy clinic, you’ve probably got enough tasks floating around in your mind to make a list a mile long—and that list has to cover all of your bases.
So—you’re a PT, PTA, or therapy tech, and you’ve got a nice gig at a hospital, an outpatient clinic, or an inpatient facility. You’re happy, but you can’t help but wonder what else is out there over the rainbow. In other words, you’re not sure where your career is going—or what path you should take.
Bottom line not where it should be? You could be suffering from one of these sneaky budget sucks.
As reimbursements from third-party payers continue to decline, more and more rehabilitation therapists are opting to incorporate cash-based services—everything from aquatic therapy and golf fitness programs to gait analysis and deep tissue massage—into their practice offerings. As Brooke Andrus writes in this post, “…adding cash-pay options to your practice’s current menu of services isn’t only smart—it might just be necessary to secure your survival.”