Physical Therapy Private Practice Business Plan – When a lot of cash-based physical therapists go through a mentoring program… they see their clinics grow… And so I’m always asked…
Running your own private physical therapy practice isn’t easy… But your business plan should make it a lot easier.
Contents
- 1 Physical Therapy Private Practice Business Plan
- 2 How To Start A Private Physical Therapy Practice
Physical Therapy Private Practice Business Plan
Your business plan is your map to success…. It is a summary of what you will do and how you will do it.
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If youare a cash-based physical therapy practice and cannot recover insurance, that is the key to growing your clinic and attracting patients.
Would the patient not sign up for ten treatment sessions without giving him a treatment plan? So why are you running your physical therapy clinic without a business plan?
Just like your treatment plan is the road map to a pain free life… your business plan is the road map to a successful clinic…
It doesn’t matter where you are in your career… Whether you already have a physical therapy practice or are just starting out, a complete business plan will help bring your private practice to the top.
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Your mission statement is a picture of your end goal…but you should also do this as a summary.
Yes…set your goals…but try to explain how you will achieve those goals…
How do you achieve your training? This should be an overview, but it is also an opportunity to go into finer details.
If you arelooking for funding or to bring investors on board, this information should be your elevator pitch…
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If you can show them in detail how great your physical therapy business is going to be, that will set you apart.
Tip – If this seems difficult, check out some case studies. Case studies of your competitors or physical therapists you admire will help you visualize the future.
This section is the ideal place to tell you and your story. Even if you don’t present this to people, it can reinforce your vision in your mind…
Here are some basic questions to ask yourself… They will help you figure out how to sell your business…
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Tip – If youare struggling with this…make a detailed list of why you and your treatment are the best choice for a potential patient. How can you help them in a way that no one else can?
It gives you clarity about your finances…but also lets you share this information with others…
Baby boomers remember how easy it used to be to get investors on board… Not anymore… You need a watertight financial section to secure funding…
For a small business approaching lenders, this section can make or break their decision if they will take steps to help your clinic grow.
How To Start A Physical Therapy Clinic
Forecast – This is an estimate of your future financial results on a monthly and yearly basis. Including pricing information.
Financing – How will you finance the project? Are there investors? When approaching lenders, you must have a strong business and financial plan.
Forecast – Gather all the above information and estimate your profit and loss. Investor compensation rate factor.
Tip – Statistics are your friend here. Take current figures from your practice and use statistics to make effective assessments.
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Remember you are in the rehab market, most doctors forget that. You provide rehabilitation solutions to get people fit and healthy… How does this work in everyday life?
Go into real detail here… Even to the point of having your own custom email address?
Your business is growing and your clinic is busy… But not everyone has the luxury of an office manager…
Whether it’s answering emails or recording patients in a diary, there are plenty of systems available for any start-up or small business…
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There is no point in spending time writing a great business plan only to have it in the draw and gather dust.
It can become a problem in physical therapy practices if someone does not understand their role… Make sure your employees and partners know your business plan…
When they know their goals and roles, you can create an effective work environment and a true community.
Whether you’re a startup or one of the larger physical therapy practices, writing a business plan can be overwhelming…
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If youare spending hours on the computer away from your clinic, and your patients are getting older… You are in the rehab market, right? Do you need to treat patients? Well, just think…
For more help turning your practice into a Go-To clinic, click the button below and we’ll give you the exact blueprint we use to build a profitable and sustainable clinic.
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Hey! I’m Dave from The ‘Go-To’ Physio, helping you get started! Let’s start with a few simple questions.
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Check out this 3-step system tested by MM Physio to earn a patient fee, prevent relapses and keep your patients moving forward with every workout!
Hey! I’m Dave from The ‘Go-To’ Physio, helping you get started! Please answer the questions below: Carolyn Young is a business writer who focuses on entrepreneurial concepts and starting a business. He has over 25 years of experience in corporate roles and has written several entrepreneurship textbooks.
David has been writing and teaching about business, finance and globalization for a quarter of a century, starting with a small consulting firm in New York in the 1990s.
As baby boomers enter their golden years, the need for physical therapy has grown, which is why the market has expanded by a third in the past decade. If youare a physical therapist, you can start your own clinic to improve the quality of life for patients, win a share of a $40 billion market, and make a great living while following your passion.
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But they don’t teach a lot of business skills in physical therapy school, so you have to learn how to cut red tape and become an entrepreneur. Fortunately, this step-by-step guide has everything you need to know to start and run a successful physical therapy clinic.
Do you want to register your company? A limited liability company (LLC) is the best legal structure for new businesses because it is quick and simple.
Starting a physical therapy business has pros and cons to consider before deciding if it’s right for you.
Start-up costs for a physical therapy clinic range from $12,000 to $30,000. The biggest costs are renting and furnishing the clinic space. If you have more limited funding, you can cut costs by starting as a mobile and virtual physiotherapist, visiting your clients and offering online therapy to build a reputation. This would save you $5,000 to $10,000 in startup costs, but you could only take a limited number of devices into your patients’ homes.
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Either way, you should get malpractice insurance. If you are not a physical therapist, you can find information about becoming one through the American Physical Therapy Association.
To practice as a physical therapist in the United States, you must earn a doctorate in physical therapy from a Commission on Accreditation of Physical Therapy Education accredited physical therapist training program and pass a state licensing exam. Programs usually last three years, and most require a bachelor’s degree.
The average price for a one-hour physiotherapy session is $100. If youarestartingwithasmallclinic have a small clinic that works alone, your profit margin after rent and overhead will be around 50%.
In the first year or two, you can have 25 sessions a week, bringing in $130,000 in annual revenue. This would mean a profit of $65,000 assuming a 50% margin. If your business grows, your clinic can have 80 treatments per week. At this point, you hire staff, including other physical therapists, which reduces your profit margin to about 20 percent. With an annual income of $416,000, you will make a healthy profit of almost $84,000.
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If youare still not sure if this business idea is right for you, here are some related business opportunities to help you on your journey to entrepreneurship.
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Now that you know what is involved in starting a physical therapy clinic, it is a good idea to refine your concept to prepare for the competitive market.
Market research gives you an edge, even if you’re already sure you have the perfect product or service. Doing market research is important because it can help you better understand your customers, who your competitors are, and your business environment.
How To Start A Private Physical Therapy Practice
Research physical therapy clinics in your area to research their services, price points and customer reviews. Are you looking to fill a market gap? For example, perhaps your local market lacks a sports medicine clinic, a clinic that also offers sports training, or a clinic that offers electrical stimulation therapy.
You may consider targeting a niche by specializing in a specific area of your industry, such as treating shoulder or knee pain,
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