How to Start a Physical Therapy Private Practice

Presenter: Kristen Wilson PT, DPT, GCS

Kristen Wilson PT, DPT, GCS, NDT Trained is a practicing physical therapist with a love for teaching. She earned her Master’s degree from Ithaca College in New York, followed by her t-DPT from Temple University in Philadelphia, PA. Kristen completed Neurodevelopmental Technique Training in 2006 as well as earned American Physical Therapy Association Geriatric Certified Specialist in 2009. Kristen has treated as a physical therapist in several areas of care including inpatient rehabilitation, skilled nursing facility, home care, and outpatient therapy expanding her therapy repertoire across the entire continuum. In addition to treating in the clinic, she serves as an adjunct faculty member at Neumann University as well as lectures within the community and APTA. Kristen is assistant editor for Impact Magazine, the monthly publication of the Private Practice Section of the APTA. Currently, Kristen is the co-owner of Action Potential, a one-to-one outpatient clinic located in Glen Mills, PA.

Description:
This course will discuss the initial steps of starting a physical therapy private practice including writing a business plan, seeking funding, and evaluating whether private practice ownership is right for you.

Objectives:
After completing this course you will have a better understanding of the following:
1. How to write a business plan
2. Clinic design recommendations
3. Funding sources
4. Challenges that affect the private practice owner

Course Outline:
1. Outline initial information necessary to start a business
1. Name
2. Logo
3. URL
4. Team
5. Mission, Vision, Values
6. Incorporation
7. Revenue sources
2. Review the outline for a business plan
1. Cover sheet
2. Executive Summary
3. Company Summary
4. Market Analysis Summary
5. Financial Summary
6. Conclusion
7. Appendices
3. Discuss clinic design recommendations
1. Types of office space
2. Design recommendations
4. Propose sources of Start-up Funding

5. Highlight personal considerations that affect owning a private practice
6. Share resources
7. Conclusion

Understanding the Finances and Metrics of Private Practice

Description:
This course will review the basics of finance and clinical performance metrics for private practice physical therapy.

Objectives:
After completing this course you will have a better understanding of the following:
1. Why it is necessary to monitor financial and clinical performance data
2. How to design a budget
3. The purpose of a profit/loss statement, balance sheet, and cash flow statement
4. Key clinic performance metrics and their associated benchmarks
5. Resources available to help further financial and metric knowledge

Course Outline:
1. Define the roles associated with financial monitoring
-Bookkeeper
-Accounting Specialist
-Accountant/CPA
2. Differentiate between accrual vs cash accounting
3. Review the 4 most important financial statements
-Budget
-Profit/Loss Statement
-Balance Sheet
-Cash Flow Statement
4. Highlight Key Performance Indicators for physical therapy
-Visits
-New Cases
-Arrival Rate
-Percent Capacity
-Revenue/Visit
-Cost/Visit
-Units/visit
-Days in Accounts Receivable
-Profit margin % (Net Income%)
-% Labor cost
-Revenue per square foot
-% Payer mix
-Marketing Sources
5. Share resources
6. Conclusion

Marketing Your PT Private Practice

Description:
This course will highlight how to design an effective marketing program for your physical therapy private practice. Attention will be given to developing a plan, creating a budget, and monitoring the plan’s success.

Objectives:
After completing this course you will have a better understanding of the following:
1. How to design a marketing plan
2. The purpose of a marketing budget
3. Effective monitoring of your marketing program
4. Whether a marketing coordinator is right for you

Course Outline:
1. Discuss the purpose for marketing your business
2. Identify the components of a Marketing Program
1. Marketing Plan
A. Create a business identity
B. Identify your Target Market
C. Create a strategy
D. Determine how to reach your market
2. Marketing Budget
3. Marketing Spreadsheets/Metrics
A. Return on Investment
B. Marketing Tracking
C. Other Marketing Metrics
3. Decide if a marketing coordinator is right for you
4. Share resources
5. Conclusion


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