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What Does it Take to Start a Physical Therapy Practice?

StrataPT,

If you are reading this blog, there is a pretty good chance you are considering starting your own physical therapy clinic.  You are probably slightly apprehensive and uneasy as to where to even begin.  You have extensive clinical education under your belt and you can treat a patient that just suffered a devastating injury but starting a new business seems like a frightening process with so many moving parts.

You are correct.  Starting a business takes guts.  If it didn’t, everyone would be a business owner.  It takes grit.  It takes work ethic.  But it doesn’t have to be painful and it doesn’t have to be so paralyzingly scary to the point that it keeps you from achieving that ownership goal.

The single best advice we provide to individuals considering branching out on their own – align yourself with companies who have the same core-beliefs as you.  If you are a huge advocate of strong customer service, be sure that your vendors – whether it is an accountant, an attorney, a realtor, a banker, or your EMR/Billing Company – are on the same page and provide that same level of service that you believe you deserve.  Do not settle.

As you go through the process of starting your business, you will find that initially there are a set of simple steps that must be completed – obtaining your tax id, setting up a bank account, securing a physical location, obtaining malpractice insurance, etc. However, it starts to get tricky when you enter the health insurance world.  Ensuring that you are credentialed correctly with insurance payers is the tipping point that can propel you towards complete success or tragically sabotage your plans of being a profitable business owner.  It is imperative that you find a company that can competently handle your insurance credentialing through systematic and strong follow up.

Additionally, once you cross that bridge and become credentialed, your revenue will ultimately be dependent on the team you put in charge of your billing – whether it is in-house or to a third-party.  This is not a decision to take lightly and only you will know what is best for your situation and your practice.  However, there are many factors to take into consideration.  We always encourage our potential new practice start-ups to shop around.  Billing companies should be more interested in learning about your practice and your goals than telling you what they can do for you.  If they just want to sell you their services without knowing more about you, then they aren’t looking out for your best interest.

Choosing the means in which your insurance claims will process and who will be responsible for that is ultimately the single most important decision you will make as a new outpatient physical therapy practice owner.

At StrataPT, we have helped therapists around the country take a simple idea and turn it into an extremely profitable outpatient physical therapy practice.  We guide our therapists along every step of the process.

Schedule a Call Today!

If you are ready to take that step of independence and want a team that will ensure that you are set up correctly from the beginning and will have your back in a long-lasting business relationship, reach out to us today.  We would love to learn more about your practice, listen to your ideas, and discuss your goals.  Please fill out the form below and we will schedule a time to talk!

 
 

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Uniquely Personal

Your patients depend on your guidance, expertise and feedback to ensure their complete recovery.  They appreciate the personal interaction with you and know that they are receiving care from someone that truly understands their unique situation.  Shouldn’t you expect the same from your billing and EMR partner?  We think so.

You are thinking about starting your own practice.

You just started your own practice.

You treat Medicare Part B patients in the home.

You have a single location practice.

You have a multi-location practice.

No matter what category you fall into, StrataPT can help. We pride ourselves in being able to provide uniquely personalized software coupled with concierge level customer service.

Request Your Demo

The StrataPT Team is available to answer your complex physical therapy billing questions and looks forward to exceeding your expectations in delivering an outstanding software experience with unmatched customer service in the industry.  Click the button below to request a demo with one of our team members today!

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