Physical therapy business can be rewarding but it does pose its own challenges even if the private practitioners have been in business for a long time.
Four key challenges of physical therapy business owners are as follows:
Hiring competent and reliable physical therapists. For a growing physical therapy business, recruitment can be a challenge because of employee attrition and the cost of training new clinicians. A competitive compensation and benefits package may address this issue but overall, a good working environment where the staff feels empowered and valued can boost employee retention.
Time management. As the owner, you have to an expert in balancing caring for your patients while working on growing your physical therapy business. Physical therapy management is multi-faceted and can be difficult if you lack focus and clarity. You can be pulled in different directions without major accomplishments.
One way to have focus is to block out a certain period to work on tasks needed to grow your physical therapy business. These tasks usually involve planning or coming up with marketing strategies to promote your business. It’s similar to setting an appointment with yourself to dedicate time to focus on the growth of your private practice.
Decide on the important things that your physical therapy business needs to have for its growth. This gives you clarity and can focus on these things until you have accomplished them.
Patients are the lifeblood of your physical therapy business so you have to devote time for them while at the same making sure that you have time for other aspects of the business. Block certain days or times of days for seeing patients with no distraction so you can give them the best possible care.
Lack of business skills. There is no doubt that physical therapists who go into private practice are seasoned and highly-trained clinicians but this is not the only qualification as the owner of a physical therapy business. As an entrepreneur, you have to be have good business acumen to make sure your physical therapy business not only survives but to be successful and grow into significance. Business skills can be developed by attending business courses, seminars and workshops.
Lack of marketing skills. Marketing is necessary for your physical therapy business to grow and be profitable. Your marketing strategies boost patient retention and get new patients. There are a lot of marketing resources you can avail and make use of. The important thing is to have the determination and the tenacity to learn these skills.
Recognizing the challenges you face as the owner of a physical therapy business is the first step in overcoming them. Once you have face and acquired the necessary skills to address these challenges, you can have a profitable clinic with the freedom and lifestyle you want.