How to Start a Physical Therapy Business

As an entrepreneur and physical therapist, perhaps you've considered starting a physical therapy business. Most physical therapy businesses administer treatment and training to those who are suffering from physical injuries or debilitation. There are some key ingredients to getting off to a good start, though. The hard work you put into the research can pay off over time as your business grows into a success. Follow these steps to find out more.

Instructions

Difficulty: Easy

Things You’ll Need:

• Computer with Internet access

Evaluate Your Motivation for Starting a Business

1. Know that giving up a boss in the traditional sense only gets replaced by your new pool of bosses should you go out on your own. Employees and customers, in a sense, determine your hours and schedule.
2. Prepare to work long hours until your business is prosperous. When the time comes to add an additional therapist, only then will you have the benefit of shared responsibility.
3. Consult the "American Physical Therapy Association" Web site to learn more about physical therapy businesses and their practitioners (see Resources below).

Plan to Make Your Physical Therapy Business a Success by Developing a Team

4. Develop a strong business plan and have another successful entrepreneur look it over.
5. Retain legal counsel, perhaps on a limited contractual basis, to look over important business paperwork. Double-check the language written on all patient care forms to ensure compliance with regulations and care standards.
6. Hire a billing coordinator from the start. Having a trained person in this role will help eliminate improper billing for insurance claims and allow you to focus on other necessary tasks.
7. Choose a location. If your business will based out of your home, be sure to look into additional homeowner's insurance coverage.
8. Choose a name for your business and incorporate it. By becoming a corporation or an LLC, you can shield your personal assets from liability.
9. Begin a marketing campaign. Whether you want to take out television ads or simply a yellow pages listing, your marketing will be a key aspect of your eventual success.

Tips & Warnings

• Trust that you can make your business a success and stick with it. Many businesses don't become profitable for 18 to 24 months.
• Have a solid financial plan in the event some unexpected costs surface. Starting a business is typically an expensive prospect. You may want to seek out third-party financing.
• Physical therapy isn't meant to treat emergency situations. If you experience severe vomiting or blurred vision, call your doctor or go to your local hospital.