A Mindset shift from Physical Therapist to Entrepreneur
You aren’t just a physical therapist anymore, instead you’re now a business owner. This might sounds straightforward to you, this is actually a significant change. Switching into an entrepreneur role will present you psychological as well as practical hurdles, and it’s important to acknowledge these. Until you have a support team, you will be your business’s entire C-suite, from the chief operations officer to the chief financial officer.

An Administrative Burden
Managing a business will require you focus more of your attention on the finances, operations, marketing, advertising, human resources, etc. You will also have to manage these aspects of daily operations while also practicing administering physical therapy.

Luckily there is technology that can help you cut down on the administrative burden. Accounting and billing software can streamline your bookkeeping. Meanwhile, digital marketing channels allow you to reach potential customers online easily – social media is a free, far-reaching platform, for instance.

Human Resources
You can further reduce your administrative burden by delegating tasks to other people. To do this with confidence, you want to build a trustworthy team.

Human resources management will be a critical challenge. You have to build a team from the ground up and then sustain and manage that team. When hiring professionals for your physical therapy practice, there are necessary professional credentials to consider. Request a resume and copies of degrees, certifications, and licenses. Beyond these basics, you want to ensure any individual you hire is a good fit for your company culture. Conduct in-person interviews and call references to assess personality traits, like the ability to work in a team.

Managing Risk
Owning a physical therapy practice invites legal risks. You might face lawsuits from patients, for example. You also face risks related to employees, such as discrimination lawsuits and workers’ compensation claims. On top of that, there are broader crises to consider – like what happens if you have to pause operations because of COVID-19 restrictions?

The right professional and healthcare provider insurance coverage can help you survive such unexpected scenarios. Here are some types of insurance a PT practice may need:

  • Professional liability coverage: This covers costs related to patient claims, including everything from damages to lawyer’s fees.
  • License protection: Malpractice claims can require you to protect the right to keep your PT license. This can cost thousands in legal fees. License protection covers these costs.
  • Workers’ compensation: If one of your employees is hurt on the job, this covers their medical expenses.
  • Commercial property insurance: A robbery or natural disaster can damage valuable PT equipment, computers, and furniture inside your business. Commercial property insurance helps you replace these valuable goods.
  • Cyber risk insurance: A cyber-attack against your business can jeopardize sensitive patient data as well as payment information. Cyber insurance covers damages and the cost of restoring data security.


Now that you have read some basic tips and things to consider you are ready to start your practice. After you have found a place that meets your needs you will still need to make on offer, secure financing, sign the practice sale agreement and lease, and complete the purchase.  As you can see a lot of important factors go into this decision. Make sure you are being properly advised. Practice Advisors 360 is the nation’s leading dental advisory company. Contact us today at (844) 360-8360 or visit us online at practiceadvisors360.com