This industry as a whole is expected to grow 7% annually through 2018 and due to a shortage of physical therapists, the industry is experiencing high M&A activity. Many therapists have dreams of one day starting their own private practice. Strategic Value:What a motivated buyer will pay. “A costly mistake would be to begin marketing after you start seeing patients at your newly purchased practice,” he says. When it comes to selling your business to a strategic buyer, location is critical. If you want to keep the transition seamless, Baio recommends that you start working out the details of taking over marketing efforts—including doing any necessary re-branding—well before you start seeing patients under new ownership. If you have been thinking about the next step for your physical therapy business, the timing could not be better. “Just because the former owner did things a certain way does not mean you need to keep doing the same,” she explains, noting that you can borrow from the things that worked well for the previous owner and brainstorm fresh, creative ways to make things work even better for you. Specializations help your organization stand out and will bring in new clients looking for niche therapy. Thus, she recommends working with a legal professional who can help you understand all of your options before you decide to rename an existing company with an existing EIN (as opposed to, say, creating a whole new entity). Research Legal Liabilities. If you ask any expecting parent, it’s a lot. “I felt that patients seemed more comfortable knowing that [the office assistant] stayed during the transition,” she explains. For example, if a manual-based practice were to switch over to a movement-based one, it could cause some raised eyebrows from patients. Networking at community events or trade shows is one way to build relationships with local healthcare providers. If your explanation has a positive spin, most patients and staff will be happy about the changes. The Pros and Cons of Starting a Private Therapy Practice . If you want to buy a physical therapy practice in Illinois, browse Sunbelt’s extensive database of listings. If you are the owner of a physical therapy practice, this is an opportunity to cannot afford to miss. For example, according to Pagador, some patients may feel shell-shocked by the announcement that their beloved clinic is under new management. We also recommend an email marketing campaign to advertise your specialties and qualifications. But, if that practice’s top clinicians decide to join or open another clinic down the street after you come on board, you could lose many of their patients, too. 6 Ways to Become a Physical Therapy Clinic Owner. That said, she believes you should be as upfront as possible with your staff regarding the things you would like to change or improve. Asheville, NC 28803 7 private treatment rooms with space for acupuncturist, massage therapist or for other personal services for rent or percentage of patient billings. FAQ . Stay current on all things rehab therapy. In a strategic acquisition, an entity that is already entrenched in the physical therapy space purchases a physical therapy practice that fits into its overall growth plan, … Have any of you purchased existing PT practices? Safe neighborhoods and attractive scenery also plays a role. Request a Free Demo Establishing a private PT practice may not be for everyone, but if you are determined to build one and make your practice grow, it is important to understand what it takes to start a practice of your own. Due to the shortage of physical therapists, practices are using M&A as a growth strategy and are actively looking for firms to acquire. Baio says one way to combat this is to include an employment contract with current employees as part of the sale. Clients are more likely to stay with a practice they like and have more invested in. This type of event creates a safe, non-judgmental, and somewhat anonymous platform for physical … Having a strong referral network in place will show buyers that your business is stable and profitable, decreasing the risk of investing in an acquisition. The annual Graham Sessions started as a result of not having a forum to vigorously debate the issues driving our physical therapy profession. 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