How To Start A Physical Therapy Private Practice

How To Start A Physical Therapy Private Practice

How To Start A Physical Therapy Private Practice – You may have heard from others who started their own practice, only to have to close less than a year later, returning to a corporate healthcare job they hated.

Or maybe you’ve talked to others who have come a long way to profitability, who have struggled to find patients, and who have been barely hanging on in their practice for several years.

How To Start A Physical Therapy Private Practice

How To Start A Physical Therapy Private Practice

Today we Dr. Talking to Subha Nagasubramanian, an orthopedic physical therapist and owner of Capitol Physical Therapy in Washington, DC, and how he grew his practice by 300% in the first two years after starting his private practice.

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Subha, you are the first partner practice to work with us here at Symbiosis. Why do you want to join?

I’ve been practicing for about seventeen years, and when you get to a point where you’re well established and confident in yourself and the community, you want to be able to grow.

For me, one option for growth was to get into a clinic admin position, which was not appealing to me because it involved a lot of management and not a lot of hands on time with patients.

Another option was to open my own practice, but I talked to some of my other colleagues, and saw the ridiculous hours they put into their practices, and realized that I wouldn’t be able to establish a proper work life balance, especially with a two-year-old child after me.

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I spoke to my husband Arun, explaining to him that I wanted to start my own clinic, but I didn’t want to worry about the admin part, exhausting working hours, etc.

So we talked to other healthcare providers, and it turns out I wasn’t alone in feeling this way.

It didn’t take long, as Symbiosis helped me connect with insurance companies early on, which made a huge difference to growth.

How To Start A Physical Therapy Private Practice

I was personally at capacity the first year—as in, I couldn’t squeeze in more appointments, and at that point I was ready to hire.

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And you’ve also grown through COVID-19, which is amazing. How do you feel about the partnership with Symbiosis?

But because Symbiosis had already set us up on a HIPPA compliant telehealth platform, that was easier said than done.

Being able to take advantage of Symbiosis Systems helped me keep my medical private practice startup costs down, which made a huge difference.

I don’t think I could have survived as a solo practitioner, paying the front desk staff, dealing with rent in my private practice office space and dealing with all the hidden costs of building a clinic by myself.

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That’s just not what we’re taught in school, so a big problem is not even knowing where to start.

Things like how to choose your clinic location, finding a good partner, good location, making sure it is accessible etc.

Not only do you pay the rent, but you need at least one other person to do the front desk, billing, reception, etc.

How To Start A Physical Therapy Private Practice

And then there’s marketing, every area is different in what’s effective, so it’s hard to know the best way to market your private practice online.

Outlook: Physical Therapy Clinics & Centers

Are you thinking of starting your own private practice, as a physical therapist or other type of healthcare provider?

Did Subha’s story resonate with you as you think about how and when you might start your own practice?

Contact us today to book a free consultation and find out how you can take your first step towards leaving your corporate healthcare job behind.

Our Practice in a Box solutions take all the headaches out of opening and scaling your own private practice. We provide in-clinic medical coworking space, operations, management and more. Do what you do best – practice medicine – and leave the rest to us. From start to finish, we make sure your business is ready and thriving. This is what makes Symbiosis a smarter choice. Carolyn Young is a business writer who focuses on entrepreneurial concepts and business structure. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

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David has been writing and teaching about business, finance and globalization for a quarter-century, starting at a small consulting firm in New York in the 1990s.

Unfortunately, more and more people are facing mental health challenges, some stemming from the stress of the pandemic. Thus the demand for therapists is high, which has increased the size of the behavioral therapist industry by more than 8% annually for the past five years.

If you are a licensed therapist or clinical social worker, and you want to become a private practitioner, now may be a good time to start your own therapy private practice. You will be providing a valuable service to your community.

How To Start A Physical Therapy Private Practice

But private practice is also a business, so you’ll need some business know-how. Fortunately, this step-by-step guide details all the information you need to start a successful therapy private practice.

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Looking to register your business? A limited liability company (LLC) is the best legal structure for new businesses because it is quick and easy.

Startup costs for a therapy private practice range from $8,000 to $17,000. Costs include office space rent, furnishings and medical billing software.

When you’re just starting out, you should be able to charge around $100 per hour. After your office expenses your profit margin should be around 40%.

In your first year or two, you could have 25 customers per week, bringing in $130,000 in revenue. This would mean a profit of $52,000, assuming a 40% margin.

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As you gain traction, you will have 40 clients per week. With an annual income of $208,000, you would make a tidy profit of $83,200.

If you’re still not sure if this business idea is the right choice for you, here are some relevant business opportunities to help you on your path to entrepreneurial success.

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How To Start A Physical Therapy Private Practice

Now that you know what’s involved in starting a therapy private practice, it’s a good idea to flesh out your concept in preparation for entering a competitive market.

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Even if you have a perfect product, market research can give you the upper hand. Conducting solid market research is important, as it will help you better understand your customers, your competitors, and the broader business landscape.

This should identify areas where you can strengthen your business and gain a competitive edge to make better business decisions.

You’re looking for a market gap to fill. For example, perhaps the local market is missing a private therapy practice that caters to children or adolescents, or a counseling practice for the elderly.

Your services should be based on your education and experience. You may decide to specialize in a specialty or you may offer a variety of therapies.

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Once you know your costs, use this step-by-step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.

Your target market will depend on what you choose. If you specialize in children, you will target parents. You can market them on Facebook.

You have to rent office space. You can find commercial space for rent in your area on sites like Craigslist, Crexi, and Instant Offices. Here are some tips for setting up a counseling private practice office:

How To Start A Physical Therapy Private Practice

Your business name is your business identity, so choose one that sums up your objectives, services and mission in a few words. You probably want a name that is short and easy to remember, since most of your business, and especially your initial business, will come from word-of-mouth referrals.

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Once you have a list of potential names, visit the US Patent and Trademark Office website to make sure they are available for registration and check the availability of related domain names using our domain name search tool. Using “.com” or “.org” increases credibility quickly, so it’s best to focus on these.

Finally, take your pick from the names that pass this screening and go ahead and reserve your business name with your state, start the trademark registration process, and complete your domain registration and social media account creation.

Your business name is one of the key differentiators that sets your business apart. Once you’ve chosen a name, reserved it, and started with branding, switching to a new name is difficult. So be sure to consider your choice carefully before proceeding.

Every business needs a plan. This will act as a guide to guide your startup through the launch process and focus on your core goals. A business plan enables potential partners and investors to better understand your company and its vision:

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If you’ve never created a business plan, it can be a daunting task. You can consider hiring a business plan expert to create the best business plan for you.

Registering your business is a very crucial step – it’s a prerequisite

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