Physical Therapy Business Plan – Planning for your Private Practice
A physical therapist that is planning to open his or her own private practice need change his or her mindset. From an employee or medical staff, the physical therapist must now take on the role of a business owner, a risk taker and an entrepreneur. He or she needs to come up with a physical therapy business plan that will serve as a guide on how to start a physical therapy business and how to make it successful and profitable.
There are important elements of a physical therapy business plan:
Positioning. Considering that there are several branches of physical therapy, it is important that a private practice owner choose a specialty. To cater to multiple branches, hiring other physical therapists with different specialties might be necessary. Location should also be taken into consideration when making a physical therapy business plan. Choosing a site with heavy traffic can bring allows for more walk in patients. Being near a large hospital or medical facility can also make increase accessibility of the clinic.
Operations. Choosing to specialize is a good decision for business owners on a tight budget. This will allow the private practice owner to buy equipment for their chosen field. An effective physical therapy business plan will cover capital expenditures like furniture and fixtures, exercise and office equipments, and initial salary and wages for staff and other employees.
Marketing. In a physical therapy business plan, marketing is the driving force of the business. Careful analysis of the target market needs to be done to allow for effective marketing. Too generalized marketing usually fails to attract the attention of the target market. Focus instead on a specific group, using a specific marketing method to attract and bring patients to your door. This is where the marketing strategy of the physical therapy business plan comes in.
Personnel. Hiring the right personnel for the clinic is crucial. High turnover can cause a lot of money and opportunity cost for a business owner. There are processes to follow to ensure hiring on the best personnel for the clinic and these needs to be laid out in the physical therapy business plan.
Finance. Financing the new venture can be a big obstacle. Coming up with the initial capital required for a new business can be a challenge especially for physical therapist just starting out. A physical therapy business plan can also be used to attract investors.
As a physical therapist embarking on a new business venture, a physical therapy business plan is something that should not be taken lightly. If needed, do not be afraid to consult people who are already well-established in their private practice. Learning for their mistakes can be a huge boost to a physical therapist turned business owner.