Key Components For Success in a Physical Therapy Business

Most physical therapy clinic owners are physical therapy professionals who are passionate about their practices. When they decided to set up their own physical therapy business, the practitioners mentally prepared for working long hours, juggling priorities, taking responsibility for successes and failures, placing hard earned finances at risk and keeping ahead of the competition.

Physical therapists very rarely think of their practice as a physical therapy business. They usually lack the background or training in business skills.

Although business success is related to personal and professional characteristics, experience and skills are just as important. All physical therapy clinic owners need to start with a focused purpose for running their physical therapy business.

We need to know the reasons for setting up our business. We need to know how our business makes a difference to the community. We must clearly specify our core values. We must know the direction in which their physical therapy business is heading. Most importantly, we must ascertain what we want out of our business.

We can only plan for the future effectively when we know exactly the purpose of our business.  A clear purpose will help to define the markets and marketing plans of physical therapy business owners. It will also set the scope of the business and allow the owners to stay focused on their goals. If you own a physical therapy business, start by trying to write down your statement of purpose. Define the purpose of your physical therapy business.

In fact, understand that the biggest asset of your physical therapy business is your patient list.

Write down the first thing that comes to mind about your business and then transform that into a statement. Remember, a business purpose needs to be succinct and clear. The manner in which you define yourself and your business is a key component in mastering the business of physical therapy.

3 Comments

  • [...] like any other business, your physical therapy business must be governed by its vision or mission statement which will steer it in the direction you want [...]

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  • Bud Ward says:

    Hey Nitin,

    Another great post, along with "The Business of Physical Therapy". There are so many things going on when you start a practice, that it's sometimes difficult to stay on course. I just wrote an article for Impact in the Feb 2010 issue, that highlights a process that I developed to help practice owners determine where to focus their efforts at any given time. The editors were kind enough to include a cut-out reference of the flowchart that I made with easy to follow decision trees. The chart helps determine the area(s) that are currently affecting your business – marketing, utilization, billing/collections, cxl/ns rates, etc.

    Thanks for your continued work and interesting content!
    Bud Ward, MPT, CSCS

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