Starting and running your own physical therapy business is a wonderful way to make money and help others at the same time. If you have invested in your education and spent time working for other clinics or facilities, you may feel it’s time to move forward with your own company. This, of course, can be done in several ways, including opening a clinic, private in-home practice, or providing other informational products. Here are a few steps to help start a physical therapy business.
Choose Your Niche
The clearer you are about what type of therapy you want to do, the more chance you have for success. After all, this could be what sets you apart from other therapists and clinics in your area. If you have developed a specialty treatment plan or technique, this will go a long way toward building your business.
If you don’t feel as though you have enough experience as a physical therapist to start your own business, consider enrolling in more training courses. USAHS has an array of classes available for those who want to further their education.
Research the Market in Your Area
Because physical therapy has so many varying specialties, decide for sure what group of people or type of therapy you want to specialize in. For example, if you want to work with youth who have sports injuries, look for areas where there are schools and populations of young couples with children. You might also do well with areas that have ample medical facilities like hospitals, doctor’s offices, and other clinics. Also, be mindful of who your competition is and where they practice from.
Cash-Based or Insurance Based?
It’s important to know how you want to run your business as far as receiving payment. Will you be cash-based, take insurance, or do both? Research the pros and cons of varying models before making any decisions. Do also understand completely what insurance companies require as far as contracts and procedures.
Historically speaking, insurance contracts do have a tendency to make things better for the patients but can mean more work for the business. More practitioners are now opting for a cash-based practice because of the changing policies of insurance companies.
When it comes to legalities, you want to know every detail before you open your doors or take on clients. If you can afford to hire or consult with an attorney, ask all the necessary questions so you can secure the appropriate insurance and license in your area. There are also many responsibilities for businesses and practitioners that have people entering a location. Unexpected legal responsibilities could cripple a new business as people are much more likely to sue or blame practitioners for problems (warranted or unwarranted).