Buying A Physical Therapy Practice
The "How-To Manual" is a concise easy-to- use guide that offers practical, step-by-step advice to physical therapists who are considering opening a private practice, looking to own an existing practice or interested in gaining business knowledge. This manual provides the reader the opportunity to assess and review the unique strengths and weaknesses of their business acumen
buying a physical therapy practice
You have decided you want to open a physical therapy practice and you know you have options for getting started, how do you know what makes the most sense for you as a prospective business owner? Deciding which route to take can feel overwhelming, this article will detail the pros and cons of franchising vs. starting a physical therapy practice from scratch to help you make a more informed decision.
Many franchisors work closely with vendors to ensure their franchisees have access to reputable, high-quality products and services that are proven to drive results. This relationship saves you time and money when you start building out your physical therapy practice. This benefit can help you to free up funds that could be invested elsewhere in your business, like marketing campaigns, new technology, or educational collateral for patients and staff.
When you choose to leverage a franchise model for your physical therapy clinic you will be part of a larger community of business owners and physical therapists who achieve their goals and face challenges every day. This community is a resource to any franchisee looking for additional guidance with a complex case or navigating a business challenge. Knowing that you can pick up the phone or send an email and find immediate support from others using the same practice model is a huge benefit when you face unexpected challenges or looking for a specific asset you need. Who would you turn to as a solo practice owner when you support? In addition, being surrounded by other successful business owners can be very motivating and helpful, especially when you are just getting started. It can pay big dividends to leverage the experience of those who came before you!
In our latest episode of the BHG Field Report, CMO Chris Panebianco speaks with Dr. Alex Stavrianoudakis, a physical therapist who from a young age aspired to become a practice owner, and partnered with BHG to achieve his professional goals.
As such, setting up a website for your physical therapy clinic, creating relevant social media accounts, and entering your physical therapy clinic into directories can help you to successfully start your physical therapy clinic.
While this may lead to additional expenses, an experienced website developer will help you to save a lot of time and effort by developing a professional website to represent your physical therapy clinic.
The Physical Therapy Compact is an interstate agreement between member states to provide a state-developed collaborative structure to protect the public by increasing consumer access to physicaltherapy services by reducing regulatory barriers to interstate mobility and cross-state practice.
While some of these details are speculative, so is the fact that the practice is worth anything. Remember that you are considering buying an existing practice instead of starting a new one because of the patients, providers, goodwill, vendor relationships, real estate, and reputation that the practice has accrued. If any of those categories of value are seriously deficient, it can impact the overall value of the practice and may negate the benefits of purchase.
We have been assisting several owners of pediatric therapy companies (including ABA practices) to sale their companies. In this article we talk about several aspects that potential sellers should take into consideration before they start the sale process.
Wachler & Associates has extensive expertise representing physical therapists and our attorneys have a keen understanding of the unique legal and regulatory issues impacting physical therapy practices. Wachler & Associates attorneys regularly counsel physical therapy clients regarding:
Long Established (30) years Physical Therapy practicelocated in upper middle-class Queens neighborhood. 85% private pay, all insurances and Medicare. Only 15% no fault and Medicaid. Regular referrals from doctors, orthopedics, and attorneys, plus walk ins, etc.Open 6.5 days. Staffed by 2 physical therapists plusowners 2 days per week semi absentee PT practice.Also 2 PT aides and 2 employees at reception. 7private treatment rooms with space for acupuncturist, massage therapist or for other personal services for rent or percentage of patient billings. Proprietary MW Software for Physical Therapy practices, fully integratedw/interface with Abilify for billing. Pre -Covid saw 35-40patients a day- now seeing over 65 % of that volume.Open gym area with state of the art Cybex and other stations. Total square footage is 2,500 sq. ft. 100s of Doctor referrals. Important contract with NYC Fire Department. Perfect opportunity for full time owner operator physical therapist to grow practice and add patient services. Contact broker Joseph Stansky for more information on this practice. Attention Business Owners:We are always in search of quality businesses to list, so if you are thinking of selling your business or would like to acquire another business, please email us at email@example.com or call us at 1-877-735-5224 to discover the difference that is Vested Business Brokers.
This recent slew of enforcement actions against physical therapy practices serves to remind providers of physical therapy services to accurately document and submit claims, particularly when billing Medicare, Medicaid or TRICARE. Based on a review of these recent enforcement actions, service providers and investors should be mindful of the following key takeaways:
Although most enforcement actions will not involve enormous settlements or lengthy prison sentences, providers should adopt compliance plans to safeguard their practices from auditors and regulators. Investors in physical therapy practices should likewise verify historic compliance by target practices through billing audits and other diligence. Even innocent mistakes can have large penalties, making proactive compliance efforts to ensure appropriate training and claim submission critical to mitigating risk to physical therapy practices.
Therefore, private owned practices will need to look for different ways to obtain referral sources. And will have to rely on new innovations in physical therapy. Direct access, social media marketing and digital patient engagement tools all represent technology changes in PT. That can help maintain or increase their patient caseload.
Are you interested in this industry? Do you want to discover more and learn what analysts specialists anticipate for the following years? Then we, at Vetted Biz, recommend you order the exclusive 20-page physical therapy industry report (Report OV60) by Marketdata. You can purchase it by clicking here.
Ryan Buckley is a Partner with Livingstone, one of the most active M&A advisors to the physical therapy industry. Livingstone has advised on over a dozen sale or refinancing transactions with private practices, strategic buyers, and private equity investors.
Do you want to start a physical therapy practice on your own, go in together with other physical therapists, open a franchise, or purchase an existing private practice? Another option is partnering with a gym or a large corporation that wants to offer PT onsite. Research the options and their tax implications. You could set up your PT business as a sole proprietorship, a PLLC (an LLC for licensed professionals), or an S corp.
Will your physical therapy practice be cash-based or insurance-based? If the latter, be sure to research the terms of the insurance contract with each provider. Also, will your office manager handle billing, or will you use a third-party service? There are pros and cons to each option, so do your homework.
Spread the word to your former classmates and current colleagues who are good physical therapists. Gauge their interest in joining your practice and ask them for referrals. Of course, even if you know them personally, be sure to properly vet candidates through an extensive interview process, background checks, etc. Hire an office manager who is competent, kind, and friendly and who can be the face of your practice. Consider hiring therapists and staff from different cultures and racial/ethnic backgrounds as a way to promote diversity in healthcare and increase relatability with diverse patients.
A professional architect and designer will help you maximize your square footage while capturing your vision of your clinic. Plan the floor layout for a positive environment and an efficient patient flow. Consider your color scheme and whether images on the walls will relate to physical therapy or be more abstract.
Make a list of the physical therapy equipment you will need, such as hi-lo treatment tables, ultrasound units, TENS units, laser therapy units, exercise balls, resistance bands, weights, and more. Also purchase new computers for staff and comfortable furniture for patients and staff.
If you are opening a physical therapy practice, and have finished all your filings and preliminary steps, it is time to purchase physical therapy equipment. In this article, we examine how to choose and purchase equipment in a way that most supports your profitability.
Make your equipment purchases in support of your anticipated patient types. So, consider your anticipated patient volume, quality of care, types of diagnoses, and the revenue each equipment type can generate. Each of the numerous physical therapy specialties dictates equipment you must purchase in order to maximize revenue, including:
By purchasing high-quality physical therapy equipment, you enhance your ability to create revenue while providing a service to your patient. You will find that the importance of making the right choice of all of the above is the basis of a profitable and high-quality physical therapy clinic. 041b061a72