How to start a physical therapy business

Video: How to Start A Physical Therapy Practice and Solutions For New Owners

Content

Steps
Tips
What do you need

Physical therapy methods are part of an ever-changing health industry. Physical therapy has become one of the main ways that doctors help patients overcome trauma, regain mobility, and learn correct body mechanics. After working as a physical therapist for several years, you may decide that you want to start your own practice. You must assess your motivation, financial situation, competitiveness to decide if you can really start a successful physical therapy business. It is important to proceed slowly and carefully, as in any other business, you will run into problems on the way to profit. Find out how to start your own physiotherapy business.

Steps

1 Research the market before starting a physical therapy business. There is a lot of competition among physiotherapists. Consider whether you can do this idea if at least one of the following conditions is present:
- You are offering a special service that is not well represented in your city. This can include pediatric, geriatric, aquatic, joint, athletic, or any other specialty of physiotherapy. If you consider your competitiveness and find that it is small or fits into any market niche, then you will have an edge.
- You are considering hiring physical therapists for other specialties, or you want to provide other under-represented services such as water therapy or massage.
- You want to franchise a specific therapeutic clinic. If you currently work in a busy therapeutic clinic, or know another one that is preparing to expand, then you should make an appointment where you can discuss the issue of opening a franchise elsewhere. You will be able to leverage the reputation and network that has already been established and at the same time start your own business.
2 Make a business plan. As part of the plan, you must formulate business goals, plans to attract financial support, competitiveness, management, marketing, schedule and time frame during which the business will pay off. If you have problems with this item, then you should seek help from the head of the small business bureau, or hire a business consultant.
3 Leave your previous position on a positive note. Starting your own practice can be controversial as you will most likely have to compete with your current employer. Explain the reasons why you consider it necessary to start your own practice, as well as your desire to remain in good relations with the employer.
4 Create an account on the American Physical Therapy Association website. Visit the section on the website for how to open your own practice by going to apta.org/PracticeOwnership. There you can find excellent advice on choosing a structure, leasing space and much more.
5 Find a place for physical therapy practice. Once you secure funding, or during the process, you should find a suitable location close to where you are used to working. You should choose a location away from competitors, but closer to the medical facility.
6 Start filling out and submitting all the necessary documents in order to open your physiotherapy practice. There are a number of things that a country's government requires to ensure that you are doing business within the legal framework. This includes the memorandum of association, partnership agreement, and tax documents.
- Choose a name that is easy to remember. If you plan to work alone, you can use your own name. If you are considering hiring physical therapists, then you can choose a generic name that expresses the purpose of your clinic. You will need to complete and submit business documents.
- Make sure your license to practice physical therapy meets state requirements. Then apply for a business license in your county.
- Coordinate your constituent documents with the state. Also, you must apply for an employment identification number with the tax office. This will allow you to hire employees and withhold income tax.
- Apply for insurance. This can include practice liability insurance, accident insurance, property insurance, and medical insurance for employees. You can hire a business consultant to help you consider all the options you need.
- Sign up with physical therapy sites like PTPN if you decide to go in for insurance. This is great for any kind of practice. You will be able to obtain an insurance contract through these sites. This usually means that you will receive a list of the website and payments in exchange for some substantial discounts when you receive payment from the insurance company.
7 Hire competent and reliable staff for your business. After you decide on the location, submit all the necessary documents, you will need to start forming the structure of the office. Allocate and fill places according to the space, the number of physiotherapists, assistants, and other staff you plan to hire.
8 Start advertising your business as soon as you succeed. In addition to advertisements on television, radio, and leaflets, you must educate local doctors, clinics and hospitals about your services. Messages from friends, family members, and other doctors will provide you with patients.
- Set prices in accordance with current prices in the state. Perhaps you should issue discount cards to new customers within the first six months.
9 Buy equipment and furnish your office. As stated in your business plan, starting your own physical therapy practice requires a decent investment of start-up capital, as you will need a place to work as well as a lot of equipment. Invest in reliable exercise equipment, massage equipment and other equipment.
10 Be persistent. To start a successful physiotherapy business, you will need several years of work with the Internet, marketing, and also management. If you are determined to bring your business to a successful stage, then most likely you will cope with all the difficulties and obstacles that you will have to face.

Tips

This represents a small fraction of the things that are required in order to start a small business. Call the Secretary of State for the steps required to start a small physical therapy business in your area.