The number of physical therapist choosing to go into private practice is increasing. However, there are certain steps that must be taken before one will take that final leap. Physical therapy management is not easy and without the necessary training and skills, a physical therapist might not survive.
Before going into physical therapy management on your own, make sure you have the necessary clinical skills, leadership skills and the emotional stability. You should know the challenges as well as the rewards of private practice. Private practice is not easier than hospital or agency work. It’s just different.
Physical therapy management involves the business aspects such as human resources administration, accounting and legalities. You need to hire your staff delineating the duties and responsibilities of each. Set up your accounting department which is very important because after all, you are in the business to earn money. There is also the legal aspect of your physical therapy management. Laws govern us and as law-abiding citizens, we would like to do work within the tenets of said laws. This business aspect of physical therapy management might be way off the track for you but you are in business and good business practices will get you to the top.
Physical therapy management also involves marketing. You might have already gone into private practice but then the dream of your ideal practice is not living up to reality. You do not have enough patients. The dream is fading away. But the dream can turn into reality by using marketing tactics that will get you new patients, retain the ones and tap referral sources. A great part of your physical therapy management will be spent on building and maintaining relationships with them. After all, patients are the lifeblood of your private practice.
Another thing to keep in mind in your physical therapy management is keeping accurate physical therapy documentation. In our society, a lot of issues are resolved through litigation which can be expensive and will cause irreparable damage to your reputation. There is also the HIPAA to consider. It is sound physical therapy management to know your state’s regulations.
It is also good physical therapy management practice to have some business training. You learned the intricacies of physical therapy treatment and how to be a good clinician in school but few schools offer business courses. A good physical therapist does not necessarily mean a good physical therapy business owner.
To have an edge on the business side of your physical therapy management, you should know the industry trends. You can accomplish by attending business seminars and reading up on business practices.