Join us for the #1 Rated Physical Therapy Business Conference in the Country
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April 15, 16, 17 in Orlando, FL. Get up to 32 CEUs.
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Can you start a private physical therapy practice? What does it take? This is what you need to know immediately you think of setting up your own project. Physical therapy involves treatment of pain, healing and restoring movement to the body.
The first question you need to ask before going into a private practice is the question “why” Why do you want to go into it, at the end what do you want to accomplish? How will it help you at the end are you going to achieve your professional, personal and spiritual goals?
Most practices, in the first few months, represent a labor of love. You don’t do it for the money in the early days, you do it because you want to help people get better and function more efficiently.
When opportunity and preparation meet we get success. With the rising population we know that there are numerous opportunities for physical therapists.
Look before you leap into a physical therapy private practice. Prepare a financial statement, find out how much you can put to raise funds for the private project. Have a good business plan, identify the place where your business will be situated it has to be accessible to the clients.
You also need to identify your competitors. You need to have good skills to stand on your own and be aware that there are always risks involved in opening a private practice. Know how to deal with such situations when they arise so as to avoid embarrassments from fellow colleagues.
The pride you take in helping other people is wonderful. The decision making process is very critical, plan wisely but remember you cannot please every one, be prepared for criticism from people around you.
Every start up has its own challenges and you need to know how to go about it. In the early days, the outflow of money may exceed influx. Your determination to succeed will be tested. It must shine through.
At some point you might need professional help from business consultants, but these options can be expensive. Get free business support from the local chapter of the small business bureau.The American Physical Therapy Association has an excellent section on practice management.
Leverage your connections with family members, friends and colleagues to improve physical therapy referrals and drive more patients your way.
A staff can either make or break your private practice, make sure you get to know your employees very well by monitoring their work. Do you have confidence in your staff’s skills, ability and performance? Assess your staff to know who is performing and who is not. Encourage dialogue with your staff to manage them, and nip problems in the bud. Weekly review meetings are a great way to achieve this. Reward your employees, it will motivate and encourage them to even work better and put the client’s priorities first. With the staff training they will be able to determine your position in the market.
Encourage feedback from your clients, you will know your place of weakness and be able to work on it. Remember the way you treat your clients is very important for you to succeed. Utilize a variety of marketing methods and learn how to make that great first impression with your clients.
If you think about starting a private practice, now is the great time to take the leap and gain independence as a physical therapist.