Opening Your Own Practice

Injuries happen all of the time. Sometimes they are more than the occasional bump or scrape. Injuries to joints, bones and muscular systems often need the help of a physical therapist to heal. If you have gone to school to get your degree and are certified in physical therapy, you might consider opening your own practice. Here are some reasons why you might use your skills to help others in such a way.

Flying Solo

Entrepreneurs such as Harry Stylli and now you, have quite a bit to consider as you map out your venture. One of the first items you will need to consider is whether you want to open a practice on your own or with one or more partners. Opening a practice with others means you will have to invest less but you will also have to split the profits and decision making with them. If you like working with others you might consider a partnership.

Little Fish In a Big Pond

Before you get started, you need to take a look at the market around you to see what niche you should specialize in. If the area you live in already has five or six therapists specializing in orthopedics you might want to lean more towards sports medicine. You will also want to look at the demographics of the area to see if there are patients for you to help with. If you live in an older community, there might not be too many athletes for you to work with.

Cash Or Insurance

Another thing to consider as you open your practice is whether you will accept insurance payment or be strictly cash only. Insurance is an easier option since all you have to do is collect co-pays. It might also open up your business to other patients needing help with have insurance but not ready cash. However, insurers are cutting back their payouts for physical therapy reducing the funds to you. Some therapists are going to cash only for this reason. It might limit the clients who go to you but it does mean you get the full amount you charge.

Covering Yourself

One vital step you need to take is securing the necessary insurance policies. Not only do you need a malpractice policy on yourself, you will need to cover the building you have your business in plus insurance on the business. You also need to make certain you and any staff you may hire are clear on HIPAA laws and any other health care laws there are.

Place To Call Home

Once you have these plans in place, you need to find a location for your practice. Where you determine to locate your business depends on the clientele you hope to reach. You will want a building that is easy for others to enter if they are injured. If you hope to work with athletes, you might want to be near a gym or possibly work out a deal to be located in a room within it.

About Derek Eaton

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