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I want to start my own practice - any advice?
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I want to start my own practice - any advice? - March 22, 2005 4:38:00 PM
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ptdan23
Posts: 224
Joined: November 6, 2003
From: Orlando, FL
Status: offline
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Okay forum members...this post is both inspired by my own thoughts as well as the PT salaries post. I have been thinking about starting my own practice for a while and was wondering if any other members had any advice. Pros, cons, do's, don't, etc. What resources do you think are helpful in both the process of deciding as well as actually doing it?
Thanks, Dan, PT.
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Re: I want to start my own practice - any advice? - March 23, 2005 4:15:00 AM
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FLAOrthoPT
Posts: 1011
Joined: May 8, 2004
From: West Palm Beach
Status: offline
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totally depends on a lot of factors...
1)is there a LOT of competition in the area
2)what are the demographics like in your area...age, wealth, activity level, etc
3)are there any niche markets to corner
4)are there a lot of POPS around
5)are there MDs who like you enough to give solid referrals
6)how much do you want to work, how big do you want to be, etc..what are your motives?
Now, in my area, the docs will NOT refer to anyone but their own clinics or people who make it worth their while to refer to t them (give them salaries as med directors, etc..) So...I did not want to be involved in that. My next thing I'd say is plan on being BIg like 4 PTs or plan on doing a solo job, because the amount of money you'll pay a biller/front desk, and time and money spent on recooping expenses, that is getting insurance companies to pay you will be roughly 50% of your charges. So if you have like a 2 person job it is not worth it. So, I say go solo, open aVERY small practice, market to the public and some VIP type docs in your area if they exist. Explain how your treatments differ..you are a PT, manual skills, etc...one on one, no waiting in lines, no wait time (direct access here) getting a prescription waiting for appt. etc...Same person treating each visit...etc...etc...
I actually abandoned that idea, and started being "on call" for patients/clients....I go to people's homes with my table, and my hands...some deep prep and the occasional muscle stim unit...I give them what they ask for basically...if someone ONLY wants a hot pack and stim...so be it, if someone allowes me to do what is necessary my treatments are about an hour, I start with manual mobs, dtm, stretches, etc work into some functional exercises if need be, meet them at the gym, or at the field etc...and I keep a solid core base of about 4-5 clients a day, which is about 6 hours a day because I market in a real small area of very exclusive wealthy country club homes.
Word of mouth, and viola, you are treating golfer's and horseback riders, charging 150 an hour cash, and they are happy, you are happy, and the world is a better place!
That is the gist of my business model, any more uestions I'd be happy to talk, I did once begin to start a busness with a PA from a physiatry office as a silent partner, and had a "guaranteed" steady referral source, but I just didn't want to be married to my clinic...get out of the rat race work for yourself, much more rewarding...I only miss the comraderie amongst PTs...nothing else..
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Re: I want to start my own practice - any advice? - April 16, 2005 6:13:00 PM
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ptdan23
Posts: 224
Joined: November 6, 2003
From: Orlando, FL
Status: offline
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FLAOrthoPT, thank you very much for your post. Anyone else? Anyone have any info or experience with US Physical Therapy?
Thanks, Dan, PT.
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