The 3 P's: Passion, Perseverance, and of course, Patients!
Who wants to start a physical therapy business? Hanging a shingle isn’t enough. A large population of people in pain, who want to get back to life, exists. It should be very easy to maintain a steadily thriving business. Well… that isn’t necessarily so.
Business barriers are overwhelming. How many businesses have a model where “value” doesn’t really matter? I mean, if you go to the store to purchase a MP3 player, you’ll have a variety of options. You choose the MP3 player based on benefits and features. The physical therapy world is different: customers receiving services are removed from determining value because insurance companies determine what will be paid without regard to the charge on submitted claims. In other words, it would be like going to the grocery store and saying, “I don’t agree with the $165.80 bill, I’m only going to give you $100.” It’s a whole different world out there for physical therapists.
First, do the majority of people know what physical therapists do? Physical therapists are the best darn secret in the medical world! Unless you are employed by Starbucks in Seattle, the local community has to be informed. Second, a small clinic has no negotiating power with insurance companies. Not all insurance contracts reimburse reasonably. A physical therapist owner has to know the cost of doing business to determine if participating with an insurance company is a sustainable decision. Third, often times, the insurance company dictates that physicians refer subscribers for physical therapy services. This means that physical therapists really do need to educate the whole community – physicians, large employers and those who live in the community.
So why would a physical therapist choose to own a physical therapy clinic? Simply speaking, merging the thrill of the barriers with the satisfaction of seeing people move forward in life is an adventurous ride. Words cannot describe how it feels to be a part of someone’s life and assist with the journey in returning to life. In striving to really do things better, sometimes the best option is to take a risk and become self-employed. A vision and a strategy of “care enough to compare” should impose value. It is a delightful challenge to outperform a competitor. Physical therapy is about changing lives, one life at a time. The honor and privilege to serve and better the lives of others are priceless; conquering the business barriers is exhilarating.
A recipe of tips: Begin with a few cups of passion, an ounce of vision and a tablespoon of strategy. Stir in courage, hard work, perseverance, and patience. Whip in advice from mentors, the Small Business Association and professional associations. Sprinkle in honesty and integrity. Flambé full-hearted belief what you have to offer is valuable and necessary for your customers. Capitalize on your strengths; acknowledge your weaknesses; jump on opportunities; identify your threats.
Comments
No matter one's vocation, your statement that "it is a delightful challenge to outperform a competitor" is the bottom line in free enterprise. Your passion is your drive, and your success is your reward. Nobody can know that as well as a small business owner. Thanks for sharing your experience, which I find inspiring!
Enjoyed the story. It's important we all take the tame to educate the community at large about what we do and how we can bring positive impacts to their lives.
The story was funny, direct to the point and right on the money. This is how people successed, the stuff it takes to make great companies. The best part is in the end, advice to others "recipe of tips". This summed it all up, start with passion and stay the course with honesty, hard work, integrity and more passion. Keep going when all signs say stop and bond with people that can help. I struggle with my business and see her recipe depicts what it takes to start your own business. "Guts"
What a good story. It is nice to know there are people in the profession of physical therapy that are motivated so much by the well being of their patients. Large physical therapy clinics often miss the personal touch, with the number of patients in and out the door being a prime objective. It is obvious with this Therapist, the patient's quality of life is first and foremost! A good PT can make the difference on whether someone will return to work or their interests! Linda N.
Great Article Selena
Very Good. All the best with Red Cedar.
Nuff said!!!
Kudos!! Thanks for getting it out there!
I enjoyed your article. As a practioner of 30 yrs, 28yrs in private practice, I love what I do clinically (it is truely an honor and privilege to serve and better the lives of others); I am proud of impact my practice has had within the community (it is great to look back each year and see what you and your staff have built); and I love the receptiveness and opportunity to share what we do and know with the medical community. This articles extinguishes business headaches. Refocused.
LSR70
A story about reality. We are changing lives and thats why I am in business. It is wonderful to be able to fascilitate change hands on. Share knowledge about the human body and show how to use our bodies ergonomicaly - form and functions. Education is key. The PT field is enormus and each of us need to spread the word.
You are so right on! I do everything I can to inform everyone I come into contact with that the patient has a choice, but so many do not know what therapy has to offer and rely on the MD to tell them. Direct access can help, but only if the community knows what that means. Build a relationship with each patient through providing the best care possible. Owning a clinic is the best way to do that as you decide how that will be carried out.
Encouraging. That I am not alone in my attempt to be successful in my new business venture. I just quit my job of 16 years to grow my private practice. I drive around with BELIEVE in my rear view window. Thanks.
Thank you, everyone, for your comments and rating the story. I certainly hope that at least 50% of those that viewed the story were not physical therapists! :) The health care world has immense problems - variation of practice - unnecessary surgeries and the risks of surgeries/failed surgeries - drugs and their side effects - the cost of surgeries and side effects.... physical therapists aren't costly and can be a better choice!
Inspiring, truthful, well spoken.
Thank you for writing this story. It is important that the community at large be educated, as you stated, even physicians because oddly enough, some do not have a full grip of our educational background and the whole of services we offer. The profession is growing and we have a unique opportunity to "change lives"...I know, I've been a part of it and have seen the joy and relief on many a patient's face when someone actually knows how to help them regain their lives and/or independence.