Physical therapist salary can vary widely from state to state and is based on education and experience. Physical therapists can also make substantial income from being a traveling PT or by remaining hourly.
According to the Bureau of Labor Statistics, the median annual wage for physical therapists was $89,440 in 2019. The highest-paid 10% made $124,740, and the lowest-paid 10% made $62,120. Click here to see what physical therapy practice owners make.
The physical therapy industry is projected to continue growing in job volume and salary. The BLS predicts the PT industry will grow 25% by 2026 and add 60,000 jobs.
The highest-paying states for physical therapy are Nevada, New Jersey, California, Texas and Alaska. In addition, specialty and employer can impact PT salary. PT careers in home healthcare services, schools, nursing care and retirement facilities and outpatient care centers tend to pay the highest.
If you’re interested in private practice physical therapy, there are some important things to know:
There is a tremendous amount of money to be made in private practice physical therapy
The private practice sector of physical therapy is growing and will always be in demand. As a physical therapy practice owner, you take home a yearly base salary plus a percentage of revenue, or “profit.” Successfully run private practices generate between $250,000 and $2,500,000 per year in gross revenue. If you are able to successfully manage your practice and operate at 20% pre-tax profitability, that’s another $50,000 to $500,000 in annual profits! Some of the most successful private practice owners in the country are members of FYZICAL, hear their stories here.
If you can hone your business skills and run an efficient and profitable practice, you have the opportunity to take home substantial income.
Money can be just as easily lost in private practice physical therapy
There are a lot of challenges that come along with owning any business; a physical therapy business is no different. You could be the best physical therapist clinician in the world, but that doesn’t guarantee you a profitable business.
Along with the business challenges, there is increasing competition and consolidation in the PT industry to be aware of.
Understanding the economics of private practice physical therapy is key
This is the part about being a business owner that most PTs are afraid of. There is a science to a profitable business operation.
FYZICAL helps startups and existing private practices grow and succeed in a challenging healthcare landscape. If you want to work for a physical therapy practice, or if you want to start a physical therapy business, speak with a FYZICAL Advisor to get a head start and see what’s taking place in the profession.