A lot of physical therapists are opting to go into private practice as opposed to their traditional roles in hospitals and clinics in patient care. Going into the physical therapy business of their own, they enjoy more autonomy and freedom while at the same time, face challenges inherent to running a business. They bear the burden of the day-to-day responsibilities of management while providing health care services to their patients.
Notwithstanding these challenges, having your own physical therapy business will mean a potential greater income more than the salaried physical therapists in the hospital settings. Actually, both rewards and risks are higher when you decide to go into private practice.
Few physical therapy business owners have previous experience as entrepreneurs and may have difficulty when it comes to business management. The private practitioners will need to have assistance from experts in financial management, medical billing and coding, human resources and tax and accounting. This requires substantial capital and this must be seriously taken into consideration because availability of funds will spell the success and failure of the physical therapy business.
Before opening a physical therapy business, a business plan must be in place which took into account third-party insurance reimbursement and state licensure. Enrollment to Medicaid and Medicare is also crucial for the cash flow.
Thanks to the physical therapy practice act, direct access in most states is now available to physical therapy business owners. Before the act, physical therapy services are contingent to a referral from a physician. This means that now patients can directly go to a physical therapy clinic without being seen by a physician.
A physical therapy business needs to have the right systems for smooth day-to-day operations. A measure of the effectiveness of these systems is that when somebody leaves or resign, there will be no major interruption of the flow of procedures in the business. Somebody can easily take over the vacant position.
Another key element of a successful physical therapy business is having the right staff. Human resource is very crucial in this industry since patients require human interaction. Once they found the right staff, physical therapy business owners must nurture this resource since employee attrition can also damage the business in the same way patient attrition does.
Having an attainable mission statement and vision for the physical therapy business will give it the direction it would need to have.
All efforts will then be expended towards that singular vision. The operative word here is attainable. Often times, the vision is out of reach that it leads to frustration but if it can be attained, then the physical therapy business owner and his/her staff will be motivated to reach that vision.