Thank for sharing this since you have real perspective and skin in the game ...... some questions come to my mind based on what you said and my interactions with other PTs if you maybe so kind to answer which will give me more perspective on the move you are contemplating as i can compare and contrast based on your answers
1. Hard to advance in the field ? how so ? couldn't you open your own practice and increase your pay significantly ? ( or is that easier said than done, high over head etc ?
2. I have heard the insurances are even harder on you all . is that true? are there still issues with needing a referral from anyone or can a pt just walk-in to see you with an issue ? ( i can see how the later can be quite limiting) What other issues do you have with insurances/medicare ?
3. I was told that you can crack 100K but you have to work like 60-70 hrs a week by combining multiple jobs..true? Other wise the pay is around 75K for a job with limited salary increase, especially in desirable metro area ?
4. Did the doctoral degree add real value ? aka worth the money for those 3 years?
5. You have residency? Is that a must ? you have to pay for it ? what value does it provide for you ?
6. I was told there are no HIGH ticket items in your field that reimburse well ..true? which will affect private practice in that case
7. You spoke about respect in the field/for the profession ... do PTs call themselves Doctors now or introduce themselves as Dr. ? or that taboo? What is the general consensus in your profession regarding this? What do patients think of this/perceive this?
8. You mentioned 80k in loans... is that the average one would incur in PT school ? or is that you being savvy and keeping your expenses low ? Is the usual debt to income ratio 1:1 coming out ? and how fast does the income advance upwards?
G0dfather,
Thanks for your questions. I will try to answer them best as I can.
1. Outside of advancing into more managerial roles that will limit you in practice (which I enjoy) there are not many opportunities within the clinic. Outside of becoming a clinic director (which doesn't add much to pay increase) there are not many opportunities. In the field private practice is becoming much harder due to large companies acquiring smaller ones in groups and negotiating lower prices with insurance companies. (almost like CVS affect)
2. See last statement above.Also it is depends on the insurance company and the state practice act. Some states are still fighting for total direct access, along with a multitude of other services (dry needling, etc...). Also reimbursement rates keep dwindling.
3. 100% true. Most PTs I know (including myself) have to work PRN, which is not an issue but at this point QoL and income make it hard to enjoy the hard work that is being put in.
4. As of now I see it two sided. On the educational front I do see value. With the addition of radiology, physiology etc.. I am well prepared to practice. But, I don't see the benefit with education becoming increasingly expensive and adding a third year of mostly clinical was not worth it.
5. It is not a must and does not add much value in earning potential. I did not have to pay for mine.
6. I am not 100% sure due to me being affiliated with a large group, but I can assume that is true due to insurance reimbursement. Most companies are transitioning into cash based therapy.
7. Seeing as though its only been mandated for the last ten years there is a lot of push back from PTs c masters and also the taboo affect. Most patients don't even know.
8. Averages are pretty close to or well above 100-150k. Depends on the institution. Private schools are way more, even eclipsing 200K. I was very saavy with scholarships and my living situation.
Thanks for any advice that you can provide based on the information I have provided.