Physical therapy practice businesses are part of an evolving health care industry. Physical therapy has become one of the main ways for doctors to treat patients who need to overcome an injury, regain mobility and learn proper body mechanics. If you are planning to open a Physical Therapy Practice, this business plan is for you. It will help you understand the business and evaluate the motivation, financial health and your competition, which are important elements to start a successful physical therapy business.
Physical Therapy Practice Business Plan
A Physical Therapy Practice is a place that provides injury diagnosis, rehabilitation and prevention treatments, using evidence-based practices when evaluating and treating patients. The treatments include manual therapy, techniques for low back and neck pain, strengthten, conditioning, wellness & prevention opportunities, along with work place ergonomic evaluations and pre-season physical evaluations for athletes. The business focuses in working with patients that are either referred by a doctor or that reach the practice by themselves.
One way to position your Physical Therapy Practice is to develop professional relationships with a number of large-sized companies within the area, by establishing agreements to provide physical therapy services to staff that have suffered work-related injuries. It is also important to create professional relationships with patients, leaders in the community, colleagues, physicians and other medical professionals who can refer patients, by developing trust and credibility among the medical community.
The operations plan include all the steps and guidance to run the business in terms of staffing, schedules, patient’s appointments, training, equipment acquisition and many other important aspects to consider in order to operate the practice, maintaining a high-quality customer service and providing an outstanding experience for the patient.
The role of physical therapy in the health care community is expanding at a fast rate. Therefore, the market for physical therapists is growing. It creates the perfect opportunity to increase the presence of your physical therapy practice in the area by offering a service designed to fit the needs of industrial workers, athletes and regular individuals. The marketing plan for the business will outline the key strategies to create meaningful relationships with potential referrers along with other means to gain credibility and attract customers.
The Physical Therapy practice market includes big industrial companies with the necessity of rehabilitation for injured workers and injury prevention training. Other potential clientele, defined in this section of the plan, are people with a variety of health care needs including patients requiring physical therapy following bone or joint surgery, athletes and students, post-surgery patients, and the geriatric community.
This section outlines strategies to promote the physical therapy practice such as networking, which includes membership applications at renowned industry-related associations participation in medical events and conferences, along with strong social media presence and the creation of a website where expert advices and tips can be communicated to the public through articles and blogs.
The financial section of the Physical Therapy Practice business plan includes aspects such as sales forecast, expense budgets, cash-flow statements and income projections for the business. It identifies the main revenue sources and expenses of the business to help you keep a profitable and sustainable practice.
This section of the physical therapy practice business plan will help you understand how to generate income from every legal means possible within the scope of the industry. These revenue assumptions describe the services offered in order to generate revenues for the physical therapy business plan. A large portion of the revenues will usually come from referred patients, along with training and private sessions offered to companies.
This section offers a complete description of all the major expenses for the physical therapy practice business such as materials needed, purchase of new equipment, training for employees, rent and marketing expenses. It also advises you on how to keep these expenses properly controlled to reach your profitability goals.