Is Going Into Private Practice Worth It In Physical Therapy?

Welcome back, providers. On this special edition, we are pleased to have Nathan Shields coming back as a special guest.

Thanks for having me, Ryan.

It's so exciting because today we're going to be discussing something a lot of PTs wonder, when they're in their clinics, is it better if I own my own practice? So today we'll be answering the question.

What are the pros and cons of owning your own practice?

That's right. And we'll be doing that. Coming right up.

Guys. Welcome back to the channel once again, my name is Will Humphries and if we're meeting for the first time, please consider hitting that subscribe button there below. That makes it possible for us to make videos like these for you to help you increase your income, impact and freedom. And today with Nathan being here, we're especially lucky because we're gonna go through what it's like both as an owner to see the pros and the cons. So let's get right into it. Let's talk about the pros of being a physical therapy owner. Nathan, what's the first thing that comes to your mind?

First thing that comes to my mind, the endless opportunity. I mean, you can open up a clinic and it's all blue horizon in front of you. You can make it whatever you want. Endless opportunity financially to make it a lifestyle that you want to make it. That's all in front of you. Those endless opportunities.

I love it. Yeah. And I think that people don't realize that when they get really upset graduating from school with their high debt, with their low salaries, that going into private practice is an option for pts. And it does create an option for more wealth as well. You get more control. That's another opportunity that we've talked about in the pro side, is that when you have control, you can dictate what kind of care you give. You can dictate how big you want your company to be, how compliant with the regulations you want to be. Which, of course. Well, unfortunately, we live in a world where a lot of PT owners don't, which is why I say that, because.

You have your choice.

Always have a choice. So if you. Look, if you work for a mill and you'd like to be more ethical, you can control it by going into private practice.

That's right. And you can make it if you want to. Niche down.

Yeah.

If you want to be in network versus out of network, you can make it whatever. If you want to combine it with CrossFit, personal training, aquatics, you can do whatever you want. You got full control it's yours. It's your baby.

It's your baby. What's another one for you?

Yeah. So the next thing I think about is that you can really learn a lot as a business owner. You like to think you know a lot, and of course you do. You're a great technician, you're a physical therapist, you're a master, doctorate, whatever. But the business side is a whole new ballgame. And you get to learn so much about not only business, but leadership, human relations, and all that kind of stuff that we didn't learn in physical therapy school. The opportunity for growth intellectually, professionally is amazing.

Yeah. I think the thing that surprised me going into private practice was that it influenced what kind of father I became. It influenced what kind of professional in other worlds. I mean, really, it has changed me as an individual because it's no longer about physical therapy. It's about entrepreneurship. And that is a skill set that requires you to develop on all levels. And one of the biggest things I learned, which is another pro, is that you aren't just an employee of a company anymore. Not that there's anything wrong with that. As a matter of fact, I don't think there's anything better or worse than being an entrepreneur or a member of a company. There's just something about owning your job in a company that makes you an influencer, because you are the one who dictates what kind of experience these men and women have when they come to your company. So you get to create an environment where for people to come feel enriched. And when they're working at a place they love, and I'm sure we've all had jobs that we've loved before, it creates a different experience of life, and you get to be an influencer in that. Unfortunately, there's always a flip side of the coin, which is the con end of being an entrepreneur. Pt practice owner.

So what would be the first thing that comes to mind as a con?

Well, you're taking all the risks. Yeah. What comes with the blue horizons that I'm talking about is also the risk, the flip side. So financially, you're going to outlay a lot of money. Your name's going to be on any debt note. If you have some student debt to begin with, now you've got more, and then you're taking risk. You talked about obeying the regulations. Well, you're taking that risk on as well.

Yeah, that kept me up at night at first, like the risk that I was taking on financially and when it came to the insurance companies. But the Other thing, another con is the sacrifice it takes to open a practice. And I think a lot of pts at this point are like, well, I'm already out. I don't want to deal with the financial risk. And now we're talking about sacrifice. You know, as you were mentioning earlier, it's time, energy, away from our family, away from other endeavors we could be pursuing, are really being funneled into this business to help us learn and grow. So that is another con for sure. What about another con for you?

Well, in that lack of. Or that sacrifice definitely leads to stress and burnout.

Yeah.

Right. There can be a ton of stress involved with the financial headaches and the burden of the people that you're working with and having to deal with that, the energy that it takes away from your personal endeavors as well as the familial. If you have a family.

Yeah.

Responsibilities that you have, there's a huge sacrifice. This is a. I think a lot of owners look and see it. Other, or I'm sorry, would be owners look to see successful PT owners and think, well, if they can do it, I can do it. Not knowing what that person is doing behind the scenes to really make everything work. So it can be really stressful being a PT owner, especially in today's day and age when reimbursements aren't the best and the margins are kind of slim.

Totally. One of the biggest problems we have in physical therapy, and I would say in medical entrepreneurship in general, is that there's a huge gap between what we know in the medical field versus what we don't know in business. And so that's one of the reasons Nathan has produced this podcast called the PT Owners Club, is because he's looking to fill that gap, as I do in this channel, to help you get the business information you're missing, to help you increase your income impact and ultimately your freedom. And so at the end of the day, would you recommend to someone going into private practice.

I have to go back to why. Yeah, right. Does it fulfill a personal purpose? Is there an influence that you want to make in your community, with your family, or a personal goal that you have in mind? You have to figure that out first and see if the sacrifice is equal to the benefits.

Yeah, I would agree with that completely. And what I would say after coaching with students and speaking with groups over the years, is that most pts should be entrepreneurs, but they are too scared to become them. And so if you have a strong passion in physical therapy, to become a physical therapist, a physical therapist assistant, an ot. I would strongly encourage you to overcome that barrier to become an owner. Because I believe that when we are the doctors in the community, the care quality goes up. In addition to the fact that better lives can be lived by you, you can have a better experience in your industry by being an influencer and overcoming those things. I wouldn't. Although those challenges were hard for me, I don't regret going into it at all.

Not at all.

Not at all.

No. It was great.

So guys, that is it. What else do you think goes into making the decision of going into a PT practice? Owner? I would love to hear that in the comments below. But until next time, thank you Nathan for being on the show again, man.

Thanks for having me. It's great.

Alright guys, until next time.