Physical therapy, especially in our outpatient settings, is facing unprecedented challenges. Even before the pandemic we were seeing the trend of people leaving the profession and job satisfaction ratings going down. There are many contributing factors like the cost of schooling, reduced reimbursement, low salaries, unattainable metrics, overwhelming documentation loads, and burnout just to name a few.
Another factor I will discuss here is the rise of venture capital and corporate-owned practices, which are reshaping the industry in ways that may harm both practitioners and patients.
VC investment and larger-scale companies can bring much-needed resources and efficiencies to physical therapy practices. (I hope many of them are still in it for the right reasons). For some, this may be an optimal work environment. My concern is the drive for increased profitability and scalability can lead to a commoditization of services that many of us believe diminishes PT’s overall value. Quality care in physical therapy relies heavily on factors like personalized attention and professional autonomy which can be compromised under a profit-driven model which prioritizes financial returns, often at the expense of quality patient care and workplace demands.
This results in increased patient loads, overbooked schedules, and a focus on quantity not quality. The emphasis on profitability can compromise the therapeutic relationship between therapist and patient, undermining the profession’s core values and has lead to burnout on a grand scale. Burnout affects the well-being of PTs, leading to poor quality of care for the patients.
Don’t get me wrong, I am not saying that PT practices and owners should not be making money because the should and need to in order to survive. Like all businesses, PT is a business… that happens to provide a great and valuable human service. With margins getting slimmer and slimmer and bigger companies needing to pay more executives and corporate types up the ladder…something has to give.
Fortunately, there is an answer. Small private practices owned by individual passionate physical therapists offer a viable solution. By owning their practices, physical therapists can create a work environment that aligns with their values and professional standards, and have a sense of control over the patient and employee experience.
Passionately led private practices foster a more personalized approach to patient care, enabling therapists to build strong, trusting relationships with their patients. This leads to better treatment outcomes, higher patient satisfaction, and PT job fulfillment. This will reduce the risk of burnout by allowing for a more balanced workload and improved work-life balance. All sounds great right? Well it is, but the issue is most PTs think it is too hard to start their own practice. We are in the boom of technology and AI which is making the administrative load of running a practice so much easier. We need to embrace it and use it to our advantage.
I believe that small private practices owned by passionately led PTs will reduce burnout, keep quality caregivers in our profession, and save outpatient physical therapy. Sounds grandiose I know, but it can happen. So here is the thing; It is not easy, but it is also not as difficult as most think it is. Business models can vary greatly, ranging from “we come to your home” practices, to solo practices in a local gym, to multi-site practices in their own buildings. Each variation has benefits and challenges and depends on the PT and their personal skill sets in the areas of business, relationships, stress management, and risk tolerance.
I started my PT practice 21 years ago and built a niche sports medicine practice with insurance-based services and self-pay fitness & recovery services as well. I got help at the beginning from a business consultant and continued my business acumen through specific training. It is now my mission to be that resource for others who want to do the same.
Supporting your locally owned PT practice not only fuels the economy, it preserves a standard of care that benefits everyone so, let’s not forget about them.
