The ~spookiest~ day of the year is creeping nearer… but when it comes to the private practice physical therapy world, every day is becoming more and more terrifying! OK, that sounds dramatic, but it’s true.
The spooky trend taking place in private practice PT is consolidation. Consolidation is occurring on a massive scale in the industry. It doesn’t matter where you practice in the US – rural or urban – you’re likely experiencing the effects of consolidation right now.
Consolidation is occurring because hospitals and major PT corporations are not run by PTs, but by teams of business people. They have expertise and power in the business world, and that gives them more leverage when it comes to purchasing, hiring and so much more. You have difficult time competing because you probably don’t have a team of business people working for you – you’re on your own.
Hospitals and major corporations are snatching up private practices one-by -one (or two-by-two is more like it). You have probably noticed in the last five to 10 years, your colleagues closing their doors or being bought out for this reason. The pressure is increasing rapidly for you to make a decision, because you can’t continue to do business the same way you always have and survive consolidation.
There are a few possible options for you as a private practice owner still operating in today’s healthcare climate.
- Sell out to the hospital or corporation
- Keep working hard on your own and pray you can make enough money to pay your employees
Neither option sounds great and neither option gives you what you want. You want to grow your business and give your patients the best care available. You can’t do either of those things if you sell out or if you’re struggling to get by. Unfortunately, these are the only options for private practice physical therapy owners… Or is there another option?
The third option available to you today that you may not be aware of is franchising. Franchising is NOT the same as selling out to a hospital or corporation. Franchising your physical therapy practice allows you to remain 100% independent but never alone.
Being part of a franchise is the BEST answer to consolidation in private practice because you’re a part of something bigger (the power, knowledge, education of a corporation) but with all the control of being independent. Click here to discover everything you need to know about franchising in PT.
This cutting-edge solution isn’t so spooky. There IS a way for you to not only survive in private practice but GROW and THRIVE. It’s the answer you’ve been searching for all along!