A short excerpt from a YouTube video (Will Humphreys) in which Will and a second speaker discuss an industry projection: an estimated 50% of outpatient physical therapy private practices will be acquired by larger practices by 2028. Will expresses concern that consolidation could diminish the passion-driven, community-oriented care typical of independent private practices, replacing it with standardized, routine care.
50% of all physical therapy outpatient private practice will be acquired by larger practices.
Unfortunately, will. By 2028, it is anticipated that 50% of the existing physical therapy private practices will be acquired by larger corporations.
What percentage Was that again?
50%.
50% of all physical therapy outpatient private practice will be acquired by larger practices.
Correct. That's. That's what the number is right now. By the year 2028. The estimate.
That scares me for so many reasons, and I think you know this as well as I do, is that what makes any unique physical therapy practice successful is the passion and the creativity of the individuals who are giving care. And you can't find a more passionate or creative group than a private practice because they are. They are the ones who hung their shingle. They're the ones who put the risk up. They care arguably more about the patient experience in general. Now you'll get some standardized care with larger groups for sure, but I worry about that devaluing what we do to be more of this service that gets referred out to and we only focus on routine care items versus becoming doctors in our community and having those deep emotional relationships, which is what drives you and I.