Re: Starting a private practice???

February 28, 2007

Without speaking on the pro/con of a clinical practice, I would still

caution on starting an independent business while living in a situation of

large outstanding debt. I own a recruiting business with 8 employees so I

have similar issues.

I know we live in a fast paced time and hate to delay anything; however, if

you set a plan now to retire the debt it would be good planning for the

“start up” of a business. It sounds very mature of you to start asking the

questions and delaying the start date. I run an independent business and

the costs always seem to exceed what I planned. Customer payments are slow.

Taxes and insurance choke you down. Growth is expensive and it can almost

destroy you… if you put out a good product you can grow....we doubled in

size several times the first few years. The list goes on and on.

I started with a clear and written business plan but that was only a

starting point that we had to modify with time. Use the 2-3 years you are

expecting delay and manage your debt aggressively. I started the business

with no personal debt other than house payment; and only recently took out a

short-term bridge loan to cover building a new office. I think if I had

cover large personal existing debt... I would not have been able to feel

free to expand and grow.

Steve Passmore PT

CEO, Healthy Recruiting Tools

Phone:

Fax:

HYPERLINK " mailto:spass@... " spass@...

" What We Did For You Yesterday is History,

What Can We Do For You Today. "

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From: PTManager [mailto:PTManager ] On Behalf

Of blast7sho

Sent: Tuesday, February 27, 2007 3:44 PM

To: PTManager

Subject: Starting a private practice???

I am currently thinking about putting together a business plan for

starting a private practice. I am realistically looking to start

up in the next 2-3 years. I have a great mentor who believes I will

do great and be successful however I am having some doubts and

concerns about whether I want to go through with this. My goal with

ownership is multi-faceted. This includes the business aspect(which

I enjoy), leadership, and overall delivery of PT services(read

customer service and one on one treatments). Of course I would like

to be profitable as well. My concern at this point is the risk

invovled. I have around $80K student loan debt and with a wife and

child we are living paycheck to paycheck. I really want to hear

from other experienced professionals on whether it is possible to be

successful treating patients one on one in a 1-2 person PT run

clinic in the Northeast. I am extremely interested to know if the

salary is worth the headaches/stress. At this point I have heard

private practice owners make 6 figures but this does not include how

many PT's work for them and how many patients per day are expected,

etc. etc. I have so many more questions and would appreciate any

input in this thread or emailed to me. Thank you for your time.

Berl

Staff Physical Therapist

URMC, Rochester, NY

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2:56 PM

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2:56 PM

March 1, 2007

Hey jason,

I understand your situation. I too once aspired to

have my own practice and eventually took the plung.

However, the plunge was somewhat buffered. I opened a

small practice inside a sporting facility where I was

the only treating therapist and in charge of day to

day operation. Being careful and not setting

astronomical goals can help, but you also do not want

to undershoot. You must have a referral relationship

in your area(why are they going to send to you,

specific skill, niche, etc. Contracting with insurance

companies was not as bad as I thought, but you will

have a few that will blow you off. It does not hurt to

do some part-time or home health on the side to pay

the bills early in the process.

P.S. I am also a musician and was wondering if the

PT's of the world would help a fellow PT out. Go to

www.whcc1051.com and vote for Rayven and Alter

Ego Band on the band contest link. Thanks a million!!!

Vandeventer, MPT

ProActive PT

Bloomington, IN

47403

--- blast7sho wrote:

> I am currently thinking about putting together a

> business plan for

> starting a private practice. I am realistically

> looking to start

> up in the next 2-3 years. I have a great mentor who

> believes I will

> do great and be successful however I am having some

> doubts and

> concerns about whether I want to go through with

> this. My goal with

> ownership is multi-faceted. This includes the

> business aspect(which

> I enjoy), leadership, and overall delivery of PT

> services(read

> customer service and one on one treatments). Of

> course I would like

> to be profitable as well. My concern at this point

> is the risk

> invovled. I have around $80K student loan debt and

> with a wife and

> child we are living paycheck to paycheck. I really

> want to hear

> from other experienced professionals on whether it

> is possible to be

> successful treating patients one on one in a 1-2

> person PT run

> clinic in the Northeast. I am extremely interested

> to know if the

> salary is worth the headaches/stress. At this point

> I have heard

> private practice owners make 6 figures but this does

> not include how

> many PT's work for them and how many patients per

> day are expected,

> etc. etc. I have so many more questions and would

> appreciate any

> input in this thread or emailed to me. Thank you

> for your time.

>

> Berl

> Staff Physical Therapist

> URMC, Rochester, NY

>

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March 2, 2007

,

Have you looked @ the resources available through the APTA-Private Practice

Section? There is a " How to Start a Private Practice Manual " & " How to Start a

Private Practice " course offered. Next course is in Philadelphia in April 2007-