According to business experts, a physical therapy business is one of the best industry for entrepreneurs to start. The projected growth for this industry is related to the aging baby boomer generation. In addition to those potential patients, a physical therapy business is expected to play a more active role in health care.
A physical therapy business provides treatment for people who have disabilities or are recovering from illness or injury. The therapy is designed to improve the patient’s mobility and decrease pain. The treatments range from exercises designed to target a specific muscle group to the application of heat, cold, or pressure. In addition to treatments at the physical therapy business, the therapist may give the patient some advice and exercises to follow at home in order to maximize the treatment benefits.
Many people use physical therapy clinics. People who suffer from a stroke or have spent time in a coma may require intensive physical therapy in order to recover their muscle control, flexibility, and strength. Children and adults with disabilities may have ongoing physical therapy to improve their mobility. Athletes who become injured may use a physical therapy business to promote the healing of the injury so that they can return to sports.
Though the growth of a physical therapy business has been hampered by cuts in Medicare coverage in recent years, some believe the industry will see a dramatic increase over the next five years due to the demand for physical therapy services from baby boomers. Some experts believe that a healthcare reform in the United States could increase the ability for those who need physical therapy to be able to get the services that they need.
Each physical therapy business has at least one licensed physical therapist to administer the treatments. Physical therapy clinics may have several professionals treating patients. Not all clinics offer the same services. A physical therapy business may be a general practice that treats everyone or be focused on a specialty such as sports medicine. If the clinic has a specialty, that particular specialty can be marketed to the specific audience who need those services.
Many patients for a physical therapy business can be gained by referrals from doctors’ offices. Physical therapists may want to consider sending a well-designed brochure to local doctors. The brochure should highlight the services and benefits of the physical therapy practice. Advertising to the public can be an opportunity to let potential patients know about the physical therapy business.
With planning regarding the services to be offered and how to reach potential patients, a physical therapy business can be a rewarding endeavor, both emotionally and financially.
If you are a physical therapist who is planning to venture into private practice, the following points will help you get started with your physical therapy business.
Create A Mission Statement for Your Physical Therapy Business
The mission statement will serve as your guide that you need to follow and abide with in case you encounter certain types of legitimate and ethical concerns that involve your physical therapy business. With a mission and a vision, you will be able to achieve the different objectives of your business. Moreover, there is a need for you to stay vibrant and energetic all the time as these qualities are highly needed in this particular type of business where surprises are inevitable.
Follow A Simple Physical Therapy Business Plan
When you create your physical therapy business plan, you need to make sure that it is doable and not overwhelming. For you to attain your goals, you need to come up with the smaller and the bigger ones. This gives you the opportunity to target the ones which you need to prioritize first. Make sure that step by step strategies should all be provided to ensure success for your physical therapy business.
Be Diligent and Persevere
This is especially true to you since you are the sole owner of the physical therapy business. Focus is also a very important aspect which you need to apply in your physical therapy business. Without focus and concentration, everything you have started will end up to nothing and this is something you will not want to happen. So to be successful, you have to be diligent, focused, and concentrated.
Helm Your Physical Therapy Business
This is the best way know the direction where your physical therapy business is heading. With this, you will be able to distinguish the contributions of your business to the whole community. As you firmly help your practice, you need to make sure that you stick and abide with certain principles that your clinic can comply with.
These are just a few things that you need to consider first when you are planning to put up your own physical therapy business. The overall ruling is best expressed in the following manner: carefully write down all your plans, execute each of them thoroughly and concisely, and make all possibilities to make all your physical therapy business plans a tangible reality.
Physical therapy marketing is a learning process. No one will get it right the first time but with a lot of practice physical therapy marketing can be mastered and will become like second nature for a practice. Sending the right messages to surrounding businesses including and especially other local medical establishments can help a practice develop a relationship with the local medical community which can be beneficial to the practice. It is not even necessary to meet with the other medical establishments if the right messages are sent. The content of these messages should be cordial but professional stating the intentions of your physical therapy business as it relates to mutual marketing.
Sending a fax to different medical establishments is the best way to get their attention in physical therapy marketing. While an entrepreneur might check their mail three times a week or their email twice a week, they check their fax every time it goes off which is often. It is also important for physical therapy marketing to not over message a potential marketing partner. What is spam in email is generally spam in fax as well. Trying to strike up a balance between messages (one every couple of weeks) is the best idea.
Word of mouth will always be the best form of physical therapy marketing. This means if physical therapy patients can suggest your clinic to their friends and family who may be suffering the same maladies the new patients will be more likely to use the same services. This kind of reference is highly effective and will yield a better percentage of results than others. Having a patient bring in other patients is dependent upon how well they are treated by the staff of the business.
Physical therapy marketing is more effective when those who are being marketed to hear good things about a business from people they trust.
In the end it does not matter how good the actual treatments are from a physical therapy practice if the people giving these treatments have poor bedside manner. Physical therapy marketing heavily involves the polite and civil treatment of the patients. Physical therapy marketing also involves the necessity of treating other local businesses with the respect they deserve especially if a practice wants these other local businesses to recommend a practice to their customers.
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.
The outlook for the physical therapy business is encouraging but as a private practitioner, you need to have that competitive edge not only to survive but to be successful.
When it comes to the current crop of customers of physical therapy, they are always on the look out for healthcare providers who are not only able to help them with their needs, but can accommodate despite their busy schedules. Because of this simple fact, many physical therapy private practitioners are doing their best to develop efficient plans and system to ensure that their physical therapy business are able to serve their patients the best that they can.
Fortunately, there are plenty of great thoughts about how to develop plans and systems that a physical therapy business can implement to fulfill the needs of the modern consumers. A solid physical therapy business plan will take into consideration certain factors such as the variety of treatment choices, aging worries, the personal and family commitments of the patients, efficient working schedule, commuting times as well as the overall happiness and satisfaction of patients. You know you have a great physical therapy business is if your patients as well as your employees are happy.
One of the most common models of a physical therapy business out there is that the lead physical therapist is actually the owner of the physical therapy private practice. The owner of the physical therapy business hires employees to cover various positions to make the private practice a fully functioning one such as the office manager, billing staff and receptionist. He/She also hires other physical therapists to help with treating patients. One minor problem with this physical therapy business management set-up is that the lead physical therapists often find themselves trapped between their patients, their work and their managing duties. It is easily to get distracted and lose focus when there are so many different tasks at hand.
Another model of physical therapy business is where a private practice is run by equal partners of two, or sometimes three or more physical therapists. While it is easier to manage duties and patients this way, it could be difficult when it comes to business decisions and coming up with a consensus. Another model of the physical therapy business is the “inpatient” system, where the physical therapy private practice does it best to ensure that everyone work towards patient satisfaction.
Whatever model of physical therapy business you have, you have to make sure that the organization is flexible enough to help support the expansion and growth of your physical therapy private practice.