How Much Do Physical Therapists Make?

Written by Cindy Bercaw | June 26, 2023

Are you considering the physical therapy industry as your next professional move?

You might want to.

In the United States, the PT industry alone was estimated at $53.08 billion in 2023, projected to increase by 8.2% annually. In fact, by 2060, 95 million seniors in the U.S. will rely on physical therapy to help them relieve pain and increase their mobility.

Based on education and experience, a physical therapist's salary can vary widely from state to state. Physical therapists can also make a 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 $95,620 in 2021. The highest-paid 10% made more than $127,110, while the lowest-paid 10% made $61,930. Click here to see what physical therapy practice owners make.

The physical therapy industry is projected to grow in job volume and salary. The BLS estimates that the employment of PTs is projected to grow 17% from 2021 to 2031, much faster than the average for all occupations. According to U.S. News & World Report’s Best Jobs of 2023, physical therapists ranks #3 in Best Health Care Jobs.

The highest-paying states for physical therapy are Nevada, California, Connecticut, Delaware, and New Jersey. In addition, specialty and employer can impact PT's salary. PT careers in home healthcare services, nursing and residential care facilities, hospitals, 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 healthcare industry is exploding, and the private practice sector of physical therapy 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 can 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

Challenges often are part of 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 a profitable business.

Business challenges, increased competition, and consolidation in the PT industry are all factors to consider. However, there are options that provide business opportunities for physical therapists and investors wanting to get in on the growing healthcare industry.

Understanding the economics of private practice physical therapy is key

This is the part about being a business owner that can intimidate many PTs. There is a science to running a profitable business operation, and FYZICAL has all the tools and resources to help you be successful.

Whether you work for or own a private practice and you're looking to franchise with FYZICAL, or you're an entrepreneur looking to start a franchise with FYZICAL, we have a business model that will fit your needs. Schedule a no-pressure 15-minute call with FYZICAL today to get a head start and see what’s taking place in the profession.