I had a goal coming out of school to have a private practice in five years. I thought that I was going to get an MBA first and then I will have a practice because in my mind, well that’s what you needed right? You need to have a Masters in Business or you need some type of degree that is teaching you those things. That is as far from the truth as possible.
I did not get a Masters in Business. I learned a lot of things the hard way but there are many resources out there that can teach you a lot of the things that have been able to get my practice to where is now which is three consecutive years of generating over 1 million dollars in net revenue and at the time of this video we’re up 40% from last year.
These are the things that you need. I am a consultant and I do have online academies that help people go through all of these things step by step but I am going to give you guys the 7 to 8 steps that you truly need to understand in order for you to have a private practice. The quicker you understand the quicker you can do it. You can do it in less than two years or you can take it in ten. But now that I have gone through ups and downs and I know the steps.
Step 1) You have to have solid confidence of what you are doing; you have to have a massive belief that what you are doing can bring value to others. Enough belief to where your passion shows a bit more than your typical physical therapist. That’s not really hard to do because most work for others and just working in an environment that is not really too exciting for them so they really don’t show passion, so that’s not really hard for you to be able to do that but you need to invest in yourself. You are going to personal development, you are going to need to fill in all of the things that will build up your emotional intelligence. When I say that, your ability to be able to influence others, patients, other people in the community and really want them to be able to do business with you. That’s huge. That’s a really big deal.
2.) I would say is you have to have clear and specific goals to get to that level. If you want a private practice out of school, you can do it. I know people that have done private practice right out of school. If you want it 5 years out of school, you can do it but you have to have clear goals. You have to have someone that can sit down and help you with aligning – this is what I need to do, this is where I want to be, this is exactly the things that you are going to need to do to get to that point.
3), I would say, especially if you don’t have a cash-based clinic – you are going to do insurance like I have done, you need to understand the industry in and out with regard to insurance. You need to understand all of the things that go along with the insurance-based facility. You need to know insurances, you need to know ways to get on panels, you need to know what insurance is paying what in your area, you need to know the red tape that you are going to go through. You need to know that stuff in and out. You have to know that. That’s a huge thing.
Watch the video: How to Run Your Own Physical Therapy Practice in Less than 2 Years
I would say the next thing is marketing and I say it then but actually it should be the most important but you are going to have to know a couple of things, to know where people’s attention is at. If you want to be a physician-based clinic that gets referrals from physicians which I don’t recommend as your primary source. But you need to know where patients are at, you need to know how to get patients to do more than just formal physical therapy, and you need to know where the community’s attention at, and then you need to own that space. You need to learn how to totally dominate that space. There was a good amount of time with no physician referrals and I would have gone out of business if I didn’t have the blogging space. When I get so many patients from Google that’s the reason why I stayed in the business. And the cool thing is that today, I can just have that but I have other things that’s why we are at the level we are at now.
You are going to need to understand how to leverage your patients and integrating health and wellness. It’s not even an option anymore. If you are coming out, you are starting a practice today, if you can’t do that you are in trouble. You are going to be in a lot of trouble. It could be very difficult doing it strictly with insurance. You are going have to learn how to integrate health and wellness into your facility from day one because it is really more of a mindset for preparing your patients to go into that.
I would say after that you are going to have to understand finances. I have always been fairly financially savvy with my own personal finances and it really is not that different in business. I have seen people that have all those things in place but they are so financially reckless that they still go out of business so you are going to have some financial literacy in order to do well.
Clinically, you have to know what people are really looking for because if you could understand that clinically the patient evaluation is probably one of the most important things that is going to set you for everything else, then you are going to do well but you need to have your clinical down path not necessarily from a treatment standpoint but really explaining to people why they are in physical therapy, why you can help them, and where you are going to take them. If you can do that successfully, you are going to do well in patients mistake and then they won’t fall off.
Finally, you are going to have to learn how to manage what you measure. You are going to have to learn all of the aspects that it takes to run a private practice. You are going to learn not to be afraid of finances. You have to not be afraid of knowing measurements and different metrics. And these things honestly, they are not hard to learn. They are not hard stuffs to learn. The amount of time that many of you that are going into PT school or that have gone to PT school, if you took just 10% of that time and said, “hey I am going to dedicate to learning those things”, you will be fine.
I have created a course that just does that. It was a course that I created on a selfish level that if I ever left my practice, this is the manual that I’d give to the person that going to take over my practice, but anyways, there are so many things out there to teach you those things. But if you know those things, you can open up a private practice in absolutely no time. Do not be fooled that you need some MBA or some other garbage from college. Things change so much in our industry, it can’t keep up with how they teach you in school.
Physical therapy degree, that’s one thing. To learn how to run a business in today’s era, that’s a whole other thing.