Physical Therapy Business Poised For Growth In The Next Five Years
According to Erin Wendel, a spokesperson for the American Physical Therapy Association, the role of the physical therapists will grow as the life span of Americans increases and more handicapped Americans live longer.
This is good news for physical therapists who would like to go into private practice but is discouraged with the present state of the economy. Physical therapy business depends largely on the population needing physical therapy. A large percentage of these physical therapy patients are the elderly and based on statistics, by 2016 there is a growth of 4.3 percent of Americans who will hit retirement age thus the demand for physical therapy services will increase. It is a fact that the elderly have the usual aches and pains that prevent them from making the most of their retirement and your physical therapy business can help them live relatively pain-free lives.
Admittedly, there are many physical therapy private practices in the country but there is plenty of physical therapy business to go around. Competition necessitates that a private practice need to level up to gain advantage over other private practices. Patients or prospects needing to have physical therapy are able to shop around for the best package they can have. This should not encourage you.
A physical therapy business can be successful even with a competitor nearby.
Running a physical therapy business can be daunting at first. Managing a business can be challenging physically, mentally and emotionally. This is way off the mark from your expertise as a physical therapist and as the physical therapy business owner, you have to learn to do the following:
- Have the owner mentality.
- Highlight the uniqueness of your physical therapy business compared to others.
- Take charge of the available resources of your physical therapy business.
- Market your physical therapy business so it will grow into significance in the community and in the industry.
- Time management. You should make sure you control your physical therapy business and not the other way around. This means you still have the time to enjoy your personal life and not to be drowned by the tasks needed to run your physical therapy business.
- Make sure you are on top of all aspects of your physical therapy business. You might be good in taking care of your patients but might be neglecting your staff. You need to have a balance because all areas of your business are crucial to its success.