Physical therapists such as yourself who want to engage in private practice need to know that there are both pros and cons to such. For one, you can be your own boss and can control who you want to work with by engaging in private practice. This kind of flexibility certainly cannot be enjoyed in an employer-employee environment such as in a hospital. You also have more freedom in making decisions and choices in running the clinic. You can choose your own work hours and dictate your income unlike when you are a salaried employee in a hospital.
Perhaps the strongest advantage of private practice is that you are given the ability to create your desired atmosphere, which can be as private and comfortable as possible. The atmosphere can also be intimate and relaxing, which is more reminiscent and closely resemble health spas than the generic and sterile environment provided by hospitals. Clients will greatly appreciate the comfortable and private atmosphere you provide them through your clinic.
The smaller administrative structure of a clinic in private practice allows you to communicate directly with the clients as well as the staff. This way, you can avoid misunderstanding by becoming a hands-on physical therapist in your own clinic. Consequently, your clinic can be more responsive to the needs of the clients compared to a busy hospital. The quality of service will also allow for more clients and referrals. Your clinic can also adapt more readily to changing economic and market demands because of the smaller administrative structure.
However, there are also cons of engaging in private practice. There are a lot of competition especially for new physical therapists because there are many old and new clinics alike. By engaging in private practice, you practically become a small business owner. Like all other kinds of businesses, there is a certain amount of costs involved for starting a business. There will be hefty costs for licensure fees, insurance, lease, office equipment, salaries of staff members, taxes, and sales and marketing.
You will also have to recruit and hire your own staff and make sure they can be trusted and great to work with. You will also have to keep up and study more on the latest health practices, laws, rules and regulations because you will have to fend for yourself in private practice There will be no mentors around since you are your own boss in the clinic. Getting outside help will also be a challenge especially if you are new and do not have many connections.
There is also no guarantee how much your clinic can earn. Ultimately, this will depend on the strength of the reputation you are able to build for your clinic, and the clients you are able to attract and bring in. If you are a fresh graduate, you will also have a hard time learning about billing practices since you might have very little knowledge about the coding system. Consequently, to overcome this difficulty, you may need to engage in a billing service or install a billing software.
With Jet PT Billing, you can be assured that you have peace of mind when it comes to billings and collections so that your PT business runs well. Contact us NOW for a free-risk assessment!Tags: Billing service, physical therapist, physical therapy, Private Practice