If you’re a licensed physical therapist and want to start your own firm, you couldn’t have picked a better time. More and more people are turning to physical therapists to address issues that before they’d have only taken to a physician. Perhaps this is because they’re discovering the efficiency and quality of rehab services isn’t sacrificed when seeing a physical therapist—if anything, they get more individualized attention.
If you are considering starting your own practice, one of the main concerns you’re probably contemplating is the cost. How much does it cost to establish a physical therapy business? In this article, we try and breakdown some of those expenses.
1) State permits. For a number of businesses, you will need startup permits. Depending on the state in which you live this can range from a couple of hundred dollars to a few thousand. Do your homework on this one. You can’t afford to not be in compliance.
2) Equipment. For this, it will vary based on the specific services you offer. You can most likely figure a variety of fitness equipment, which can range from 500-2000.00 per piece of equipment. Then there are items such as heart monitors and other such medical accessories you will likely need.
3) Rent/Mortgage. One of the big costs is going to be that of the space itself. Where will you start your physical therapy business? Whether you rent or buy, be prepared for the monthly fees associated to include utilities, Wi-Fi and other such accompanying expenses.
4) Personnel. Odds are you’ll need at least a couple of people working for you. Research local pay scales in order to determine what you can expect to pay for the likes of an administrative assistant or a second on-staff therapist.
Getting started can be costly, but if you truly want to make it work, there are ways you can get funding. Us at First Union deal with physical therapists across the country helping them to set up their practices. Our loan products range from 5k to 1 million. We have the resources and flexibility to get you the money you need, call today!