Physical therapy is a rewarding profession that allows practitioners to assist individuals in managing their physical ailments. It also happens to be a business that can generate significant income.
Starting your own physical therapy clinic may seem like it’s not worth the effort. But if you break down the process into manageable steps, it becomes a much more achievable goal.
We’re about to outline the simple steps needed to start your physical therapy clinic, providing you with the roadmap to create a successful and thriving practice as an entrepreneur.
To become a physical therapist, you must first obtain the necessary credentials and experience. This typically includes earning an undergraduate degree in a relevant field. Kinesiology or exercise science are great options. You should complete a Doctor of Physical Therapy (DPT) program as well.
After obtaining your DPT, you must pass the National Physical Therapy Examination (NPTE) to obtain your license to practice.
In addition to educational requirements, you’ll need to gain experience in the field of physical therapy. Therapists usually achieve this goal through internships or working as physical therapist assistants before starting their own clinic.
By gaining hands-on experience, you will enhance your skills and develop an understanding of the business side of physical therapy clinics.
A business plan is a crucial document that outlines the details of your physical therapy clinic, including its objectives, target market, services offered, and financial projections. This comprehensive plan is a roadmap for your business and aid in securing funding from investors or lenders.
When developing your business plan, research the market and identify potential competitors. Analyzing their strengths and weaknesses will help you shape your business plan and differentiate your clinic from existing ones. Defining your target market will inform your marketing strategies.
Starting a physical therapy clinic can require a significant initial investment. Securing funds is a top priority. Without enough money to get your clinic off the ground, and also keeping the lights on while you’re still acquiring patients, your business won’t last long.
But how do you get this startup cash?
It can come from personal savings, financial institution loans, or partner/stakeholder investments. If you want to go the investor or the loan route, you’ll need financial details and projections in your business plan. Explaining regular overhead is easy. But be prepared to answer tough questions.
What is EHR for physical therapy software? Why do you need it? Why do you need 2 assistants? How much do you plan to pay yourself?
Answering these questions without hesitation will help you appear ready for anything. And that’s something investors and underwriters like to see.
Choosing the right location for your physical therapy clinic can greatly impact its success. Ideally, you want to select an office that is accessible to your target market and has ample parking space. The location should also be in a well-populated area with high visibility to attract potential clients.
You’ll need to obtain the necessary permits and licenses from local governing bodies. On top of that, you’ll have to secure liability insurance to protect your business in case of any legal claims.
Make sure to check the governing bodies in your state. Both for healthcare and at the government level, to see what’s required for you to open a clinic.
You will need to purchase various equipment and supplies:
And these items are the bare minimum. Budget for these expenses in your financial plan and research the best deals to get the most cost-effective options.
Establishing your own physical therapy clinic is a demanding yet potentially rewarding endeavor. You can effectively navigate this complex process by carving out a thorough roadmap, including all the above steps.
Your primary goal is to provide exemplary physical therapy services to those in need, and creating a sustainable, successful clinic is an integral part of achieving that mission.
