All it takes is a quick Google search to figure out what the average wage or salary is for physical therapists in your state. There are many factors that play into this number, and it has a pretty big impact on your business.
For example according to Sokanu, physical therapists in Florida earn an average yearly salary of $86,520. Salaries typically start from $56,440 and go up to $121,330.
Experience matters a lot when it comes to paying your staff physical therapist. A new grad will accept the base salary, but a PT five years into the profession will be looking for opportunity to make more money.
Compare how you compensate your PTs to how other clinics do. Compare to the hospitals. Are you keeping up with competitive compensation or are you paying your PTs less? If you’re paying them less than average, you can expect your PTs won’t stick around for long. If you know there is more money out there, odds are they know it too.
How could you ever give your staff PTs (or the rest of your employees) a raise every year? Between declining reimbursements and increasing overhead costs, giving your team better pay may seem out of the question. Shoot, you may not even be able to pay YOURSELF more. However, there is an answer for this challenge.
In order to pay your staff PTs more and keep them happy working for you, you need to run a more profitable business and increase your revenue. Simple right? Obviously not. Luckily, you can find five quick tips for increasing your revenue if you click here.
Another way to increase your revenue AND reward your staff is by implementing a performance-based culture. By incentivizing better performance, your team members will work harder to keep the schedule full and meet their goals. Ultimately, this will improve revenue generation in your practice and cut down on cancellations and no-shows. Learn more about performance-based culture and how to implement this change in your business.
Overall, you need to take a step back and look at your business. Where are your areas of weakness? Are there gaps in the schedule? Are you tracking all the necessary business metrics for success?
A brief, 30 minute call with a FYZICAL Advisor can help you find the answer to these questions and so much more. You don’t have to figure everything out on your own, because FYZICAL works with practice owners every day to assist with the business side of running a PT practice. Let our experts find the answers for paying your staff more, paying yourself more and growing your existing business.