Entrepreneurship in Physical Therapy Practice Management

EMR Monthly Learn. Simplify. Grow. Entrepreneurship in PhysicalTherapy Practice Management

Michael Manheimer• Digital Media Specialist at WebPTHeidi Jannenga PT, MPT, ATC/L• COO and Co-Founder of WebPT

en·tre·pre·neur(Webster): a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.(Wikipedia): a term applied to a person who is willing to help launch a new venture or enterprise and accept full responsibility for the outcome

Benefits of Being an Entrepreneur• Autonomy – Freedom to run a practice the way that you think it should be run.

Benefits of Being an Entrepreneur• Control – Entrepreneurship not only puts you in control of the day to day operations of running a business, but also allows you to control your own success.

Benefits of Being an Entrepreneur• Financial Opportunity – While entrepreneurs take on large risks there is also the possibility of financial reward

There are many ways to be an entrepreneur in Physical Therapy

Becoming a Leader at your place of Work• Survey your current environment for alternative revenue streams and efficiency opportunities – Develop a plan to decrease no shows – Champion a new piece of technology

Implementing a New Niche within the Existing Clinic• Identify a Need in Your Community• Develop a Plan – Marketing – Set Up – Physician Relationships• Pitch, Negotiate, and Take Ownership

Starting your own Clinic• Decide why you want to • Buy or lease equipment start a clinic • Create employee• Choose a name procedures• Choose a location • Gain contracts with• File the business insurance• Get marketing materials • Promote your business• Build Physician • Get insurance relationship • Set up tax structure• Hire and staff • Define a mission• Build a website statement

SamEsterson, PT, MA, MBA, DScPT •Owner of Esterson and Associates Physical Therapy in Baltimore, MD •Author of Starting & Managing Your Own Physical Therapy Practice: A Guide for the Rookie Entrepreneur •WebPT Member

Should I really open up my own practice? Being your own boss is more aboutsatisfying others and being available to them than being an independent businessperson.

Do you have what it takes?• Work Style• Motivation• Planner and Doer• Risk Taker and Self Initiator• Interpersonal Skills• Leader and Motivator• Insightful• Problem Solver• Hard Working, Goal Directed• Persistent and Dynamic

Who do you need to satisfy?Four Different Customer Groups:• Your Patients• Your Referral Sources• Your Staff• Your PayersThese are your four bosses

SWOT it outPut on paper what you have been thinking• Strengths• Weaknesses• Opportunities• Threats

So you are telling me that you are ready to:• Give up the security of your regular job• Work harder and much longer hours• Compromise home life to some extent• Learn the language of “Business”?

What Do I Need To Consider?• Legal Structure• Tax Ramifications• Responsibilities• Cash I need to open a business• Size of office suite• Geographic location of office• Marketing needs• Management needs• Formal documents needed before opening doors• Compliance with Federal, State, and Local regulations

Destiny is not a matter of Chance It is a matter of CHOICE

Tips and Tricks For Success EMR• Remove Costs of Paper• Remove Costs of Faxing• Make your new startup look professional• Align your business with cutting edgetechnology

Tips and Tricks For Success Location• Look for another therapist to share space with• Look for a business with similar client base torent space• If in a Direct Access States, make sure yourlocation is visible• Try to start in a location where competition issomewhat limited if possible

Tips and Tricks For Success Billing• Outsourced billing can cut down on staffing andstress• Integration with your EMR will make this processseamless• If you don’t outsource, using a robust physicaltherapy billing software will help streamline theprocess.

Tips and Tricks For Success HR and Payroll• Outsourced Human ResourcesDepartment - Policy and Procedures• Outsourced Payroll Services• Quickbooks/Freshbooks

Tips and Tricks for Success Misc• Outsourced Credentialing• Phone System Set up• Organizational Set up• Legal CounselAPTA Private Practice Section has great resources for starting a new practice

Starting & Managing Your Own Physical Therapy Practice

Interested In Finding Out What Else WebPT has to offer?Contact one of our knowledgeable member representatives today. (866) 221-1870 ext. 1

Follow us on Twitter • www.twitter.com/WebPTFollow our LinkedIn Company Page • www.linkedin.com/company/web-ptRead our Blog • www.webpt.com/resources/blog

Thank You For Attending

Entrepreneurship in Physical Therapy Practice Management

by WebPT

Accessibility

Categories

Upload Details

Usage Rights

Statistics