Physical therapy is an awesome and rewarding field, but practice owners know all too well the challenges that come with it.
The PT field is growing much faster than the average for all occupations (Bureau of Labor Statistics). It’s an exciting time to be a PT! Demand for physical therapy is coming from an aging boomer population, more health conscious younger generations, and a growing awareness of physical therapy as a safer, more effective alternative to opioids.
But expenses are rising, reimbursements are declining, and private practice profitability is decreasing, making it harder for owners to stay afloat in the field. As a practice owner, how do you deal with these rising hurdles?
Here are some of the biggest challenges facing every PT practice owner now and how Access can help you overcome them.
PT Market Consolidation
Market consolidation is largely affecting our community. Access Physical Therapy & Wellness is 100% PT-owned, and we aim to partner with private practices to compete against private equity-backed firms.
Insurance companies are making changes that directly affect the financial viability of private practice organizations. Access has a full-time billing department that specializes in collections per each insurance in your payer mix, helping you improve revenue and collections, as well as payer mix.
Rising health insurance costs are crippling to small business owners. Access offers a self-funded health insurance plan to all employees working over 30 hours per week. Our admin team works every year to reevaluate our insurance plans for better coverage and lower costs.
Not Enough Time
Small business owners have very little time to work on admin tasks, such as staff management, marketing, IT, and passion projects, such as writing and speaking at industry events. Access takes on these tasks, and you take back your time to spend on what you love—quality care, building the business through referrals, community outreach, mentoring, or more time with family.
New Tax laws provide an incentive to become a partner as opposed to a W-2 employee. Access can work with you to put more money in your pocket at the end of each year.
Get Back to Doing What You Love
If you want to spend more time with patients and less time navigating healthcare economics — if you’re looking for a solid exit strategy — if you’re ready to grow your practice — Access Physical Therapy & Wellness can help you do it.
Learn about our practice partnerships or contact us today to find out more.