Any Private Pratice Owners?

[ged0001]

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I would like to get in touch with several private practice owners to get a general idea of what it takes and the time that needs to be put into starting your own practice. PT is very interesting for me, but money is a HUGE factor that is scaring me away from the field. It seems like a lot of guys on here complain about the money aspect of it and it is seriously worrying me. I almost wished i would have been a business major!

Well in all seriousness, how much does a typical private practice owner look to make in a year?

I need to be able to provide for my future family, and i would like to be able to do so in a comfortable environment. Money obviously makes this environment very possible. I am not sure that a 60-70k a year salary will cut it for me in this day and age...

 

[ged0001]

alo?

 

[truthseeker]

I would like to get in touch with several private practice owners to get a general idea of what it takes and the time that needs to be put into starting your own practice. PT is very interesting for me, but money is a HUGE factor that is scaring me away from the field. It seems like a lot of guys on here complain about the money aspect of it and it is seriously worrying me. I almost wished i would have been a business major!

Well in all seriousness, how much does a typical private practice owner look to make in a year?

I need to be able to provide for my future family, and i would like to be able to do so in a comfortable environment. Money obviously makes this environment very possible. I am not sure that a 60-70k a year salary will cut it for me in this day and age...

How much do you think you need? Most of the people that are complaining about the money are not in it for the right reasons anyway. I am very happy where I am (16 years of experience). Sure more money would be nice, but i don't have a beeper, I leave at 5 pm and we have a billing office here at the hospital so I don't have to do much sitting and begging for reimbursement. If I were 10 years younger i might have gone to private practice but my strengths are not the detailed minutae of billing, coding, etc . . . I am a clinician first and that is what I like. I am not trying to discourage you from private practice, but do it for the right reasons. With the increased money, you get 80 hour weeks so you may not see you family, a ton more stress because you are not sure you can pay your secretary, insurance denials that you personally have to deal with, Not as much autonomy as you thought you would get etc . . . Not trying to be a wet blanket but go in with eyes wide open.

Good luck.

 

[sfgirl84]

I, too, am interested in the idea of opening a private practice someday. Typically, how many PT's practice out of one office? Does anyone know the start-up cost? Thanks guys... 🙂
-J

 

[caduceus27]

I would like to get in touch with several private practice owners to get a general idea of what it takes and the time that needs to be put into starting your own practice. PT is very interesting for me, but money is a HUGE factor that is scaring me away from the field. It seems like a lot of guys on here complain about the money aspect of it and it is seriously worrying me. I almost wished i would have been a business major!

Well in all seriousness, how much does a typical private practice owner look to make in a year?

I need to be able to provide for my future family, and i would like to be able to do so in a comfortable environment. Money obviously makes this environment very possible. I am not sure that a 60-70k a year salary will cut it for me in this day and age...

hi
i have a good friend who has an early intervention program which is a private practice in all allied health specialties ( pt ot speech tshh special instruction) etc. he basically works with the state of newyork the only problem with that is its really hard to get the contract. but otherwise it makes really good money. depending on the amount of patients you have you can make around 50000 each month after paying the therapists and all other expenses. though i dont know the start up cost i do know that you need a certain amount of staff and signatures from therpists.

 

[bigdan]

depending on the amount of patients you have you can make around 50000 each month after paying the therapists and all other expenses. .

Wow. $600,000/yr, after paying for costs? I'm interested.

I'd be interested in hearing how big that practice is. That is A LOT of money, even before paying costs. Can you share how many therapists are working in this practice, and what county they are in?

dc

 

[PT2MD]

Wow. $600,000/yr, after paying for costs? I'm interested.

I'd be interested in hearing how big that practice is. That is A LOT of money, even before paying costs. Can you share how many therapists are working in this practice, and what county they are in?

dc

Clearing $50,000 per month? After expenses? This means they would be kicking out $100,000 in net revenue each month. (100K in revenue - 50K in expenses = $50,000 income)

This would mean, assuming ideal reimbursement of $100 net (not gross) per visit, you would need to see ~1000 visits per month. If you break that down to the average number of business days in a month (~20) you get 50 patients per day. This would be 4-5 therapists working at full capacity monthly.

If this person is cranking out this kind of productivity that is truly impressive. It can be done, but getting ~100 referrals per month which is what the above scenario would require is tough in today's market. At best I would say this is a very, VERY rare situation. I am not saying it can't be done, but very difficult.

 

[bigdan]

Agreed. Possible, but I'm interested in how.

For example, in Long Island, the "practice" would bill (and collect 100% of) ~$460 for each Early Intervention CORE evaluation. So it is quite possible to get that much money in. BUT - CORE evals require two or three professionals from different specialties, and the written reports are extensive and fairly labor intensive. And they take a few hours to do.

That's why I was interested in where and how many therapists...if you are in LI or NYC, and have 20 therapists or more (or however many), my suspicion is that you could indeed pull in the mentioned numbers. It's just that you're costs get bigger the more folks you have. Maybe the guy doesn't give benefits, that'll keep costs down. But in down here in NY, you have gotta pay big cheddar to keep folks employed. My gut is that the numbers Caduceus suggested are a bit off, but I agree, they are possible.

And more power to the guy/gal doing it, if it is happening. My hat's off...

dc

 

[truthseeker]

I suspect that they are keeping their patients a bit longer than necessary. That is a huge volume. Hope they sleep well at night.

 

[bigdan]

Truth-

Early Intervention is almost always a full year (or full academic year), and so it is actually easy to hold on to kids for a full year. In fact, if you get them early, you can have them for 0-3 years.

We'll have to wait to see what (if?) the guy that made the claims says about the situation...

dc