How to Start a Physical Therapy Business

Physical therapy practices are part of an ever-changing health sciences industry. Physical therapy has become 1 of the main ways that doctors help patients to overcome injury, regain mobility and learn proper body mechanics. After years of working as a physical therapist, you may decide you want to own your own practice. You should evaluate your motivation, financial health and competition to determine if you can feasibly start a successful physical therapy business. It is important to be slow and deliberate with your plans, because, like any small business, it will face many challenges on the road to profitability. Learn how to start a physical therapy business.
1) Research the market before deciding to start a physical therapy business.

There is a lot of competition in physical therapy practices. Consider it a feasible idea if 1 of the following are true:

• You offer specialty services that are under represented in your town. This may include pediatric, geriatric, pool therapy, joint, sport or other physical therapy specializations. If you research your competition and find it is small or caters to a different niche market, then you will have an advantage.
• You plan to hire other specialty physical therapists or provide other underrepresented services, such as pool therapy or massage.
• You want to start a franchise of an established Physical Therapy clinic. If you currently work for a bustling physical therapy practice, or you know of 1 that is open to expansion, schedule a meeting to discuss starting a franchise in another location. You can use the reputation and network that is already created, while still running your own business.

2) Create a business plan.

Within the plan, you should explain the business objective, plans to raise financial support, competition, management, marketing, a calendar and the time period in which the business should become profitable. If you are struggling with this step, get help from a chapter 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 contentious because you are likely to be competition for your current employers. Explain the reasons you feel it is necessary to start your practice and your desire to remain on good terms.


4) Create an account on the American Physical Therapy Association website.

Visit their section on starting a practice at apta.org/PracticeOwnership. You can find excellent advice for choosing a structure, leasing space and more.


5) Choose a location for your physical therapy practice.

As soon as you have secured funding, or while you are in the process, you should look for a location with the nearby demographic you often treat. Consider being away from your competition but close to a medical facility.


6) Begin filling out and filing all the necessary paperwork for your physical therapy practice.
There are a number of things that are required by the state or country to ensure you are doing business within the legal framework. This includes articles of incorporation, partnerships and tax documents.

• Choose a name that is easy to remember. If you plan to have a solo practice, you may just want to use your full name. If you plan to hire more physical therapists, you may choose a general name that states the purpose of your clinic. Fill out and file a "Doing Business As" form with the county or state.
• Make sure your personal physical therapy license is up to date with the state. Then, apply for a business license in your county and state.
• File your incorporation documents with the state. Also, apply for an Employment Identification Number (EIN) with the Internal Revenue Service (IRS). This will allow you to hire employees and withhold income tax.
• Apply for insurance. This may include practice liability insurance, malpractice insurance, property insurance and health insurance for employees. You may hire a small business consultant to help research your options.
• Join physical therapy networks, such as PTPN, if you want to accept insurance. It is a good idea for many practices. You can receive insurance contracts through these networks. This usually means receiving a listing on their website and payment, in exchange for some substantial discounts when you receive payment from the insurance company.

7) Hire competent and trustworthy staff for your business.

After you secure a location and file paperwork, you will begin forming the structure of your office. Identify and fill the places according to the space, number of physical therapists you want, assistants and other staff.


8) Begin marketing your business as soon as you are able to.
As well as doing television, radio and print advertising, you should begin marketing your specialty services to local doctors, clinics and hospitals. Referrals from friends, family and medical practices are likely to provide the majority of your patients.

• Set your rates according to their going rate in your state. You may decide to give discounts for new clients in the first 6 months, to help your practice get started.
• Create a Website and put all your products and services on it. Visit freemarketmediagroup
• Hire SEO so they could help you market your business and gain more clients faster. Contact freemarketmediagroup for a SEO support.

10) Be persistent.
It will take a few years of networking, marketing, overtime and strong management to make a new physical therapy business a success. If you are determined to see the business to a successful stage, then you are more likely to be able to handle the obstacles that you face.
Resources : wikihow

How much do physical therapy earn?

Physical therapists are responsible for assisting patients with injuries or chronic medical conditions, rehabilitating their physical movement, and treat their pain.
Physical therapists provide individual care to patients of all ages who have arthritis, sprains, back injuries, fractures, birth injuries, amputations, and many other conditions. Physical therapists diagnose the patients, set up a treatment plan, use therapy to increase their ability, and evaluate patient progress.

Salary
How much do physical therapists make? According to May 2012 records from the Bureau of Labor Statistics,

the mean annual physical therapist salary is $81,110. In other words, the 191,460 physical therapists employed nationwide received a mean hourly wage of $38.99. The lowest ten percent of the field earned an annual salary of $55,620, while the top ten percent of physical therapists earned a sizeable annual salary of $112,020.

However, the salary of a physical therapist varies greatly depending on experience level, location, industry, and specialty. The highest paying industries for physical therapists are in home health care services at $90,440, as well as scientific consulting services at $87,170 annually. Physical therapists specialized in pediatrics can earn up to $77,737 each year, while those trained in neurology can make up to $116,350. Newly licensed physical therapists with less than one year of experience may only earn around $69,858, but those with 20 plus years of experience tend to gross up to $98,281.

Furthermore, the top-paying states within the physical therapy occupation are Nevada at $110,670, Alaska at $89,950, and New Jersey at $89,830. On the flip side, the states with the lowest annual salary for physical therapists are Hawaii at $67,000, Louisiana at $71,000, and Nebraska at $74,000. While all states compensate physical therapists quite well, physical therapists can earn a very lucrative six-figure salary within certain industries and states.

Work Environment 

Physical therapists typically find employment in private health offices or clinics, hospitals, home health care services, and residential nursing home facilities. In addition, around 7 percent of all physical therapists are self-employed within their own practice or partnership. The work day for a physical therapist can be quite demanding, requiring the individual to spend most of the time on their feet and active. The vast majority of physical therapists work full-time schedules, although an estimated 29 percent work part-time. With advances in medical technology and an aging population, it is expected that the work environment for physical therapists will continue to prosper at a faster than average rate of 39 percent from 2010 to 2020.

For Detailed info about wages of a physical therapy check this link bls.gov

Reference Site: access2knowledge

How to become a Physical Therapist Assistant

A physical therapist assistant (PTA) provides therapeutic care to patients under the supervision of physical therapists. They help patients who have been injured in accidents, have had surgery or who are ill regain mobility or manage their pain. They also supervise physical therapist aides.

Employment Facts:
Physical therapist assistants held over 67,000 jobs in 2010. More than half were in outpatient facilities and over a quarter were in hospitals. A small number of PT assistants work in nursing and residential care facilities.

Typically, PTAs work full time. There are some, but not many, part time jobs. PT offices must be staffed on weekends and evenings to accommodate clients' schedules.

Educational Requirements:
One needs to earn an associate degree from a physical therapy assistant program that combines academic coursework with clinical training. Students take courses in algebra, English, psychology and anatomy and physiology.

Other Requirements:
Most states require physical therapist assistants to be a licensed. Use the Licensed Occupation Tool from careeronestop to find out if the state in which you plan to work is one of them. To get a license, you will need to earn your degree from an accredited program. PTAs are also required to have certification in CPR (cardiopulmonary resuscitation) and other first aid procedures.

A degree and license allows one to be a physical therapist but it does not make one good at this job. For that you need certain characteristics. You must be compassionate. Your patients, many of whom are struggling to recover from illnesses and injuries, are relying on you to help them and you should enjoy doing so. For treatment to be successful, health care providers must keep accurate records and follow instructions to the letter. Therefore attention to detail is imperative. Good interpresonal skills will help with your interactions with clients and colleagues. Spending hours on your feet and moving around a lot can be exhausting but as a physical therapist assistant, that is what you will be doing. If you don't have physical stamina, you will be unable to withstand this. You need manual dexterity to provide therapy and help patients with their exercises.

Job Outlook:
The job outlook for physical therapist assistants is excellent with projections of much faster than average job growth, as compared to other occupations, through 2020. In addition, it is predicted to be, by the US Bureau of Labor Statistics, one of the fastest growing occupations that requires post-secondary training or an associate degree.
Earnings:
Physical therapist assistants earned a median annual salary of $51,040 and median hourly wages of $24.54 in 2011.

Use the Salary Calculator at Salary.com to find out how much physical therapist assistants and physical therapist aides currently earn in your city.

A Day in a Physical Therapist Assistant's Life:

On a typical day a physical therapist assistant will:

• receive instructions from a physical therapist
• treat patients using massage and stretching
• assist patients with exercises prescribed by a physical therapist
• instruct patients and their caregivers in doing exercises at home
• observe patients during treatment
• instruct and supervise physical therapist aides

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