Owning Your Own Physical Therapy Practice Salary

Owning Your Own Physical Therapy Practice Salary – How Much Does a Newly Certified Physical Therapist Earn in the First Year of PT School? This depends on the type of physical therapy work you receive and other factors that we will discuss in this article.

The Bureau of Labor Statistics reports that the median salary for all physical therapists is $89,440 per year. (“Average” salary means 50% of therapists earn more than this amount, and 50% earn less.)

Owning Your Own Physical Therapy Practice Salary

However, like any career, the starting salary for a physical therapist is much lower. Data from PayScale, Inc. shows that entry-level physical therapists can expect to earn an average of $66,935 annually. This number can be higher or lower depending on several key factors, some of which are within your control.

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Real estate has taught us that location plays an important role in many decisions, not the least of which is the cost of living and expected salary. The average salary for physical therapists varies across the country, from $45,120 to $108,550, as seen in the chart below.

With such a wide range of average salaries, it’s safe to assume that starting salaries also depend on location. And we’re not just talking about the state; salaries vary depending on whether you are in a metropolitan area. Not only is the cost of living generally higher in metro areas, starting salaries for physical therapists are often lower in metro areas due to high PT occupancy and a widespread desire to live in cities.

You may be able to make more money if you want to move. The states that pay therapists the most are Alaska, California, Connecticut, New Jersey and Nevada. In every state, the average salary is well above the national average of $90,000.

However, before booking a truck to move west, make sure you know why wages are so much higher there. What is the cost of living? A salary of $100,000 won’t get you as much in Oakland, California as it will in Dayton, Ohio. Be sure to calculate whether the initial salary is worth the move before accepting the job.

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Your starting salary will also vary depending on the setting in which you practice. About one-third of all employed physical therapists practice in outpatient clinics, while 26% work in hospitals and 6% in nursing and inpatient facilities. Reimbursement varies greatly between clinics, but the lowest fees are private outpatient clinics. You can easily earn 18% more in annual salary working in a skilled nursing facility.

Believe it or not, providing physical therapy in patients’ homes yields the most lucrative starting salary. Home physical therapists earn more per hour than therapists in clinics or hospitals, and about 11% of all employed physical therapists provide home health care through an agency. Working as a home therapist can be a great option for you if you enjoy working independently and don’t mind driving. In this post, I have additional tips for therapists looking to start a home health practice.

Of course, it’s not just salary that needs to be taken into account when evaluating a job. If you are willing to work under certain conditions, there are ways to negotiate a higher salary. (More on that later.)

The factor you have the most control over when determining your annual starting salary is your flexibility. Willingness to work in a different environment, such as a medical facility or skilled nursing facility, will open up higher salary opportunities.

Future Of Work: Physical Therapy Industry

As a new graduate, you have no control over how many years of experience you offer, but you can find rewarding jobs for PTs regardless of their years of experience. For example, switching from outpatient to home can increase your salary by $20,000 to $30,000 per year.

Another way to get a high paying job as a new PT graduate is to become a traveling PT. Through agencies like MedTravelers, you can work on short-term contracts at clinics across the county and earn $50 an hour or more. However, to do this, you must have maximum flexibility, willing to travel for 13 weeks.

Many new graduates experience an expectation gap between PT school and the PT work world. Just because you spend less money to attend a highly ranked PT school does not mean you will earn a higher salary. Employers don’t care what school you go to, and frankly, school rankings are mostly meaningless (see my video below).

As a new PT graduate, you don’t need to obsess over your GPA; this number will not affect your starting salary. So is the score you get in the NPTE Boards exam. Your grades and test scores are accomplishments worth including on your resume, but don’t expect them to affect your base salary.

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What are the rates for entry-level physical therapists in your area? Do your research. Browse online job listings as well as reports with data from the Bureau of Labor Statistics. Having an idea of ​​what a good starting salary looks like in your area will give you a basis for evaluating whether a particular job is worth taking.

What can be served to the table? Just because you have limited experience as a fresh graduate doesn’t mean you have to sell yourself cheap. Think about the experience you gained outside of DPT that will add value to your future employer. These skills, experiences and assets will play to your advantage during the interview and help strengthen the dollar amount you invest in your self-esteem.

To expand your experience, you can pursue specialist certification, such as an orthopedist or a neurologist. Typically, certification requires passing a special exam after working grueling hours in a year-long residency program.

Specialist certificates will add letters after your name, but don’t do it for just the alphabet; specialization does not necessarily lead to significant salary increases. This can give you an advantage over other applicants for certain jobs, and it will definitely show that you are a dedicated student and hard worker, but don’t expect a raise.

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You don’t have to be a hostage negotiator for the FBI to be a good negotiator. But good negotiation skills can pay huge dividends throughout your career, especially in the early stages.

. With personal stories and illustrations, Voss shares excellent negotiation strategy tips that will shape your approach to your next interview.

If you are offered a job, there are ways to increase the offer – if not financially, then with benefits and other adjustments. Remember, it’s okay to ask, and even if your request is denied, you’ll show your future employer confidence and exemplary tenacity—important traits for a good PT.

Tim Fraticelli is a physical therapist, Certified Financial Planner™ and founder of . He enjoys teaching PTs and OTs how to save time and money in and out of the clinic, especially when it comes to documentation or continuing education. Follow him on YouTube for weekly videos on how to improve your financial health.

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Disclosure: This post may contain affiliate links, which means I may receive a commission if you choose to make a purchase through my link, at no cost to you. Please read my disclosure for more information.

Our content does not constitute medical, financial or legal advice. Seek advice from a qualified medical, financial or legal professional. See the privacy policy and disclosure page for details. Do you know the difference between investment and cost in private physical therapy? This is not always intuitive.

We recently worked with a client who was considering adding a PT to their team and saw the move as an expense rather than an investment. Hiring and retaining staff costs money, so many practice owners are quick to say that hiring is an expense. This can be the case for new practices that are struggling to get off the ground.

But experienced PT practice owners who have grown and expanded their practice will be the first to say that your staff is one of the four key investment categories that will help you steer your practice in the direction you need to go.

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The difference between spending and investing comes down to a simple question: Can you reasonably expect a return on what you pay for?

In private practice, investments are treated as assets and expenses as liabilities. If you’re a PT practice owner and wondering where best to allocate your budget, there are four main categories that should give you the most bang for your buck. They are:

When you put money into any of these four buckets, you have a reasonable expectation that you will get more in return. More space and more staff means more customers to serve. Information and marketing help increase your visibility and attract patients to your practice, which means more patients to serve. Each of these categories should be viewed as an important asset to help you get closer

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