I haven't been able to find out any idea of what a PT who starts their own practice can expect to make.
PT business owner's salary?
- Thread starter 8MoreReps
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That's because how much a PT earns in private practice varies considerably. But the only way to really break the 100k salary mark is to either go into a successful private practice, get an administrative faculty position, or enter a medical management position.
So, generally speaking, if you do well in private practice, you can make more than 100k for sure. Again, this depends on a lot of factors, e.g. location, reimbursement, number of visits, etc.
So, generally speaking, if you do well in private practice, you can make more than 100k for sure. Again, this depends on a lot of factors, e.g. location, reimbursement, number of visits, etc.
It is pretty much limited by the reimbursement rate isn't it, regardless of whether you are a regular PT or an owner. Of course you can take a bigger cut of it being the owner, but you have to pay extra for utilities and overhead etc. I'm just seeing if it is worth it financially to become an owner. If you just make an extra 10-20k I don't know if it is worth the stress.
Don't get me wrong I am not in PT for the money, but money is very important. Are there any other ways to advance financially as a PT to get over 100k? Like become a rehab director or something after being in the business a while?
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I have been discussing this very matter with a number of people recently. As goyo said, it is very difficult to glean an accurate assessment of a PT owner's salary. Reimbursement obviously plays a large factor. You must also consider overhead for owning one's business, location, and the type of clientele one treats. Many healthcare professionals(i.e. physicians and dentists) that are successful and who have unrestricted direct access often consider only taking cash versus having to deal with the hassle of insurance. These individuals may live in more "well to do" areas though. You also have to consider your clientele.
The demographics in certain areas plays a factor as well. Are you going to be opening your business in Beverly Hills(or the like), Northern/Central New Jersey(a place that seemingly has higher PT salaries for several reasons), or a rural area(i.e. backwoods of Mississippi where I have seen that PT salaries can reach the 140-150K mark)? Or are you going to try to set up a clinic in the heart of Manhattan, Chicago, or Philadelphia? These types of factors will dictate if your clients can pay out of pocket or in the case of a rural area the competition for your services may be much less than in a metropolitan area. Another factor to consider is individual state reimbursement rates. I have been told(so take with a grain of salt) that a state like NY has terrible reimbursement rates compared to some other states. That will effect how much money you can generate.
8moreReps money may not be everything, but it is(IMHO) extremely important. Our generation of DPTs will be leaving school with a much heavier financial burden than any other up until this point. Half of my professors and some CIs talk about how they went to school for free and received a monthly stipend. All I can do is facepalm. We live in a "Brave New World" so I am with you when thinking that finances are "very important."
The demographics in certain areas plays a factor as well. Are you going to be opening your business in Beverly Hills(or the like), Northern/Central New Jersey(a place that seemingly has higher PT salaries for several reasons), or a rural area(i.e. backwoods of Mississippi where I have seen that PT salaries can reach the 140-150K mark)? Or are you going to try to set up a clinic in the heart of Manhattan, Chicago, or Philadelphia? These types of factors will dictate if your clients can pay out of pocket or in the case of a rural area the competition for your services may be much less than in a metropolitan area. Another factor to consider is individual state reimbursement rates. I have been told(so take with a grain of salt) that a state like NY has terrible reimbursement rates compared to some other states. That will effect how much money you can generate.
8moreReps money may not be everything, but it is(IMHO) extremely important. Our generation of DPTs will be leaving school with a much heavier financial burden than any other up until this point. Half of my professors and some CIs talk about how they went to school for free and received a monthly stipend. All I can do is facepalm. We live in a "Brave New World" so I am with you when thinking that finances are "very important."
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If I remember correctly, a PT mentioned to me that roughly 60% of the total revenue went to employees in his clinic. So if you know the number of patients and billing info you might be able to get a ROUGH estimate. This specific PT was in the state of Washington.
I am curious on how successful a specialty area of PT practice would be such as a sports clinic or geriatric focus for examples? Most of the private clinics I have come across seem to be ortho outpatient and seem to be doing well. Is this the way to go when it comes to private practice ownership?
