Most private practitioners dream of opening their own practice one day, as that’s often the natural progression of the line of work. If you’re a physician or practitioner who is looking to launch a physical therapy practice, please give this article a read through. In this concise guide, you’ll learn about the process of what you need to do to open a successful private PT office.
Like any other business, a private PT needs to have a business model for it to be successful. You need to have a clear direction and a scope of how you want to run your own PT practice. At the point in your career where you’re thinking about opening a private practice, you should have already worked at a medical office for long enough to understand how a clinic is run. This understanding is imperative to establishing a successful PT.
Listed below are some business elements that you need to include in your initial business plan before you launch your new private PT office:
– Executive summary
– Description of your business
– Services offered
– Marketing plan
– Plan of action
– Management system
– Estimate budget
– Financial plan
These are the most crucial elements that a business needs to have, and having a thorough and inclusive business plan can help you to stay ahead of the competition. We understand that it’s not easy to come up with a concise and effective plan in the beginning, but that’s something that you can learn. The essential things you need to remember is how you’re going to secure your funding and how to deal with the legal issues. These are the two aspects that you have to keep up with to stay afloat, as the rest of your business plans should focus on growth and stability. As a side note, once the practice is licensed, you should look to secure your business tax identification number (TID) as quickly as possible. You can’t file taxes without the TID, and it can be obtained as quickly and easily as your social security card. Give your local IRS office a call and fill in the forms, and you will receive your TID number within days.
Once you have your plan set in place, you can start to look for a clinic space to run your business. Here are some key considerations to keep in mind when searching for a clinical office for your private PT:
– The proximity to your potential competitors
– The proximity to a referral source (general physician office, chiropractic care, hospital, etc.)
– Your budget level
– The availability and space for growth
– Patients’ convenience
– The lease term or the property price in case you’re looking to buy instead of rent
If you can find a clinical space that fits perfectly with your business plan and key considerations, it’s most likely that you have found a clinical space for your PT business.
Once you have a clear business plan and you have chosen a location for your clinical space, you can start setting up your PT business according to the medical standards. Everything has to be put in order, from the flooring structure and sanitization standards to the operating chambers. You need to learn these standards before you launch a private health care business because if not, it can put your patients’ at risk, which is the last thing you want to do.
Now that your clinic is in order, the next thing to do is to execute your business plan. The marketing is often the most challenging part of a PT business for most practitioners, as medical professionals usually don’t have that much experience running a business. You have to know your niche and focus your marketing efforts on that. You shouldn’t look to compete with other business on the general ground, as local hospitals often dominate those general domains. You want to be the one providing answers to a specific question. For example, you can look to become a PT office that specializes in athletic injury treatment and conditioning. This way, you will minimize your competition, which makes it much easier to secure the entire local market share. Once you have established yourself in a certain niche, you can look to expand your business horizons into other markets.
If you’re looking for medical office space in NYC for your practice, get in touch with us today to see how we can help.