buying a physical therapy practice

07/12/2020 Uncategorized

When it comes to HIPPA, you can never be too sure. Phone: 704.676.0940, 4 Herman Ave Ext, Suite C Phone: 813.773.3773, Viking Mergers Completes Sale of P. Saylor Fencing After Only 60 Days, American Board of Physical Therapy Specialties, Business Brokers: 3 Reasons You Need Professional Representation, How to Sell a Plumbing Business for Top Dollar, Selling a Manufacturing Business: 5 Things to Consider, When Should I Sell My Business? For example, according to Pagador, some patients may feel shell-shocked by the announcement that their beloved clinic is under new management. Physical Therapy W/ Real Estate Seller Financing. Strategic partnerships are a great way to boost revenues, build service offerings, and generate more leads simply by networking. Even if you have not thought about selling your business or purchasing a business, it is never too early to start planning. Many therapists have dreams of one day starting their own private practice. If you’re unfamiliar with pelvic floor treatments, but 20% of existing patients are in the clinic for those diagnoses, you’ll need to know that in advance and plan accordingly. Clients are more likely to stay with a practice they like and have more invested in. Selling your business may feel intimidating but with the help of an intermediary, it can be completely painless. Similarly, Pagador advises looking at provider-payer relationships before making the purchase. Family Business Succession Planning: Are You Ready. There are currently almost 186,000 employed physical therapists in the United States. Buyers are looking for a firm in a livable area with good schools and job opportunities. Fax: 800.606.4597, 18809 West Catawba Ave, Suite 102 Sunbelt has relationships with a number of Illinois physical therapy clinics for sale and for lease that are sure to match your criteria. Buyers are looking for a firm in a livable area with good schools and job opportunities. 3. Raleigh, NC 27601 Mount Pleasant, SC 29464 Offering complementary products and services can boosts your revenues and customer loyalty. That said, she believes you should be as upfront as possible with your staff regarding the things you would like to change or improve. If they choose not to stay, with whom will you, “We are excited to announce updated office hours”, “We are pleased to add the following additional services”, “We are thrilled to introduce new staff members”. In fact, Sunbelt currently has listings for 0 physical therapy practices for sale in Illinois (IL). The outpatient rehabilitation industry is thriving right now, and growth is being driven by several factors. Also 2 PT aides and 2 employees at reception. Examples of larger groups include: U.S. Physical therapy practices rely heavily on physician’s referrals and referrals through organizations such as ACOs (Accountable Care Organizations). 25 Year well established practice… Market conditions are favorable now, but could change any day – let this year be the year you finally take your business to the next level. If you are not quite ready to sell and you are still in growth mode, a larger scale partnership may be something to consider. You can develop a set of valuation multiples from sold clinics for direct comparison to a physical therapy practice you want to value. In a strategic acquisition, an entity that is already entrenched in the physical therapy space purchases a physical therapy practice that fits into its overall growth plan, … Our baby boomer populations is building demand in this sector as is rapidly advancing technology and current healthcare plans. Strategic Value:What a motivated buyer will pay. Charlotte, NC 28277 7 private treatment rooms with space for acupuncturist, massage therapist or for other personal services for rent or percentage of patient billings. Some of the acquisitions are strategic; others are financial. After all, a name... Meredith Castin, PT, DPT, is the founder of. Private Equity/Financial Sponsors. The physical therapy practice is one that requires a licensed physical therapist who seeks to run a business to set forth processes that will allow patients get the service that they deserve. Products such as protein powder, exercise balls, kettlebells, or fitness attire could really drive your sales up and increase your cash flow. Discover how WebPT works across all of outpatient rehab. Business sales price to SDCF; Sale price to EBITDA; Example: valuing a small physical therapy … Pagador also stresses that it’s vital to understand the clinic’s treatment style or philosophy (if there is one) before you take over. This will help maintain the trust and support of current patients. There are three ways of valuing a business: 1. The ‘Chelan Chat’ is a twist on the Annual Graham Sessions hosted by the Institute of Private Practice Physical Therapy. forging relationships with referral sources. The Consolidation Myth: Is the Independent PT Private Practice Really Going Extinct? Phone: 704.676.0940 But, if that practice’s top clinicians decide to join or open another clinic down the street after you come on board, you could lose many of their patients, too. As much as you want to respect the way the former owner(s) ran the clinic, Pagador maintains that making the new practice your own is key to building your brand and establishing your own loyal clientele. One of the biggest benefits to purchasing an existing practice—especially a successful one—is the fact that the prior owner has likely done quite a bit of marketing and branding. M&A activity is strong in the physical therapy field, giving business owners a unique advantage. Last year, at WebPT’s fifth annual Ascend business summit for rehab therapists, the WebPT team hosted a... I’ve spent an enormous amount of time researching MIPS—from digging through the 2,000-odd pages of the final... Over the years, I’ve spoken to many physical therapists with aspirations of someday owning their very own... All you physical therapy private practice owners and providers can take a collective sigh of relief, because... What’s in a name? 6 Ways to Become a Physical Therapy Clinic Owner. The first step in that process is a business valuation, which we are happy to … 5 Things to Know Before Buying a PT Practice. Phone: 866-221-1870 You might assume that when you purchase a practice, the existing patient pool will come as part of the deal. Research the market before deciding to start a physical therapy business. Contact WebPT Phone: 864.626.6056, 414 Fayetteville St, Suite 216 It has a very loyal client base and is currently seeing between 100 and 150 patients a week. Specializations also give practices new marketing material and the opportunity to tailor services to niche customer groups, plus buyers will feel more secure with certified staff members. There … Firms in the physical therapy industry are often seen partnering with physician’s offices  to guarantee referral leads in exchange for referring clients to that doctor. “A costly mistake would be to begin marketing after you start seeing patients at your newly purchased practice,” he says. View Details Absentee-Run Physical Therapy Practice San Diego. This physical therapy practice brings a steady income of over $65,000 for the Seller as an absentee owner. “I felt that patients seemed more comfortable knowing that [the office assistant] stayed during the transition,” she explains. The first step in the M&A process is finding out how much your practice is worth. We also recommend an email marketing campaign to advertise your specialties and qualifications. Phone: 919.230.0775, 1000 N Ashley Drive, Suite 610 Ultimately, partnerships can increase you customer base, revenues, and show buyers that your business is in growth mode. Research Legal Liabilities. “It’s not your fault; they may just have been blindsided by the transition, or they are just very picky about who they want to work with,” she says. Thus, she recommends working with a legal professional who can help you understand all of your options before you decide to rename an existing company with an existing EIN (as opposed to, say, creating a whole new entity). Short Profile: This physical therapy practice brings a steady income of over $65,000 for the Seller as an absentee owner. SELLER WILL FINANCE! 2. $1,650,000 Cash Flow: $521,873 Broward Co., FL View Details Five Physical Therapy Clinics in Southeast Florida. We have valued and sold several physical therapy practices in the southeast and we hope these tips will get you ready to take the next step in the small business cycle. Specialized Physical Therapy Practice- Established 25 Years! If patients do leave when you take over the clinic, though, Pagador cautions against taking it personally. Create a list of all the conditions and injuries you are likely to treat ; Create a second list of the most important items to effectively treat the conditions on your first list; … Having a strong referral network in place will show buyers that your business is stable and profitable, decreasing the risk of investing in an acquisition. Busy top quality out patient … And if they wanted to buy Nike, the whole company, the value of Nike’s goodwill would represent much more than their tangible assets—it would have to include the company’s goodwill. But if you’re hoping to maintain the same insurance contracts, a name change can cause lots of headaches! Fax: 866-225-0057, Max Your Margin: How to Stay Profitable Amid Falling Reimbursements. This can seem very attractive to a therapist just starting out in private practice. FOR ADDITIONAL INFORMATION YOU MUST VISIT OUR WEBSITE AND COMPLETE THE NDA UNDER THE BUSINESS 4-SALE TAB: WWW.STEVEDSMITH360.COM Confidential Listing! 17250 Lancaster Hwy, Suite 601 The annual Graham Sessions started as a result of not having a forum to vigorously debate the issues driving our physical therapy profession. “This can prevent you from having your dreams of a turn-key clinic crushed,” he explains. Referrals are critical in the physical therapy industry. Market Value:What a buyer will pay to take over the clinic as is. If your explanation has a positive spin, most patients and staff will be happy about the changes. There is a lot of confusion about the best way to sell a physical therapy clinic these days. However, there are some important questions to ask when buying any type of medical practice. Your practice will also appeal more to buyers due to the additional revenues streams and one-stop-shop offerings. Offering additional services such as massage therapy or a Zumba class will also increase your revenues but will give you something even better – client loyalty. This buyer will likely have a plan and a means to significantly increase profit beyond its current profits. The physical therapy market has been active recently with a number of mergers and acquisitions taking place. The first step to selling any business is finding out how much it is worth, and we can tell you with a no-cost, no-obligation valuation. While some clinicians wait until they’ve been working for years before they take the plunge, more and more new graduates are opting for clinic ownership right out of school. Social media and a robust website probably won’t get you a referral, but it will make you easier to find online and build credibility in the community. The Pros and Cons of Starting a Private Therapy Practice . Safe neighborhoods and attractive scenery also plays a role. She recommends gradually transitioning over to your preferred techniques and treatments styles, rather than switching overnight. Here are the typical valuation multiples used to appraise physical therapy businesses: Business sale price to annual revenues plus inventory. When it comes to selling your business to a strategic buyer, location is critical. Fulfill every rehab therapy business need within one platform. Considering that a buyer may be moving to your city to manage the firm, they may not consider a practice in a seedy area. More than ever before, it's important for sellers to know the tactics and techniques that are being used to maximize sales price and achieve desired sale outcomes. Having certified therapists on your team will open up your offerings to specialized populations and give your business the opportunity to earn additional revenues. Pagador does add that if you have a strong following from your previous clinic or setting, then this may not be as much of an issue. Physical Therapy Practice W / Secure Customer Base : United States > Alabama: $250K - $500K: $809,653: $201,623: Existing 16-year Physical Therapy Practice and Rehabilitation Center located on the Gulf Coast. Request a Free Demo When it comes to selling your business to a strategic buyer, location is critical. Pagador originally purchased a clinic that bore the name of the existing owner. Even if you do everything in your power to ensure a smooth transition, you might still run into unanticipated roadblocks. “Have a script prepared in case patients get curious as to why certain changes are occurring.”. On a lesser scale, simply sharing office space with another firm, such as a chiropractor, would get more people in your door and potentially round up new customers, without all of the fine print of a merger. When Pagador purchased her clinic, she made it a point to maintain the warm, family-oriented atmosphere the previous owner had created. She anticipated that this would take time, but it ended up taking much longer than she expected. 5 Physical Therapy Clinics strategically located near large senior communities, Physical Therapy Practice For Sale in CA. It’s also important to consider how the transition will impact the clinic’s current personnel situation. Considering that a buyer may be moving to … Despite your best intentions, though, many patients will stay loyal to their therapists. By Wendy Salazar, MFT. Establishing a private PT practice may not be for everyone, but if you are determined to build one and make your practice grow, it is important to understand what it takes to start a practice of your own. You now have a complementary service to offer clients, plus a new pool of prospects and tons of future marketing fodder. One of the largest sub-sectors of the healthcare industry is the outpatient rehabilitation sector and even further down the chain, the physical therapy field. Buying Physical Therapy Practice physical therapy Comments : Skip Navigation Links. Stay on top of the latest rehab therapy tips, trends, and best practices with our weekly blog digest. That means medical practices aren’t worth much and no one is really lining up to buy them. Order | | | SERVICES: HOW IT WORKS: QUIZ: FAQs (888) 995-8568: ORDER! See how WebPT helps you over your biggest business hurdles. MAKE OFFER! Many folks wind up purchasing existing practices so they don’t have to build a patient load from the ground up or worry about forging relationships with referral sources. Phone: 843.405.8575, 105 E North St, Suite 201 This industry as a whole is expected to grow 7% annually through 2018 and due to a shortage of physical therapists, the industry is experiencing high M&A activity. Meredith Castin, PT, DPT, is the founder of The Non-Clinical PT, a career development resource designed to help physical, occupational, and speech therapy professionals leverage their degrees in non-clinical ways. Have any of you purchased existing PT practices? Perfect Touch physical therapy center is a one-man business that is owned by Mrs. Bella Toby, a world-renowned physical therapist. One of the selling points often used in pitching the sale of a therapy practice is that an existing client base goes along with the practice. Physical Therapy Practice in Bryan, College Station. Asheville, NC 28803 Learn the top 5 things that you must know and understand before you open a cash based or private pay PT clinic As the owner of a physical therapy practice who may be getting ready to sell, you will want to build the strongest referral network possible. Safe neighborhoods and attractive scenery also plays a role. Firms within the industry are also trending towards specialized service offerings, creating a higher demand for aggressively-growing firms looking to add new services to their repertoire. With that in mind, here are a few things to ponder before you purchase a PT practice: John Baio, PT, DPT, owner of Martino Physical Therapy, strongly advises that anyone purchasing a PT clinic do everything possible to keep things amicable during the transition. SELLER IS RETIRING! If you want to keep the transition seamless, Baio recommends that you start working out the details of taking over marketing efforts—including doing any necessary re-branding—well before you start seeing patients under new ownership. Quiz. If you’re going to transition to cash-only, a name change won’t make a huge difference when it comes to collecting payments. You may be buying a therapy practice but you can’t buy clients. Physical therapy practices are mostly being acquired by strategic buyers, or buyers who have a business in the same industry and are looking to expand. This is a Physical Therapist owned, thriving, Save. Your physical therapy practice doesn’t have to just offer rehabilitative services. There are over 115,000 physical therapy practices in the United States and successful ones can bring in profits as high as 10.9%. The American Board of Physical Therapy Specialties offers certification courses in 8 main areas: sports, cardiopulmonary, pediatrics, orthopedics, neurology, clinical electrophysiology, and women’s health. If your business has been trending upwards for the last couple years, you may be in a good position to finally cash in on all of your years of hard work and sell your physical therapy practice. She believes this helped keep the good vibes flowing after his departure, as his current and returning patients really trusted his judgement. Tampa, FL 33602 That’s why it’s so crucial to establish trust and build a positive rapport with the patients you will “inherit” from the previous owner. “Enlist their help as far as how to explain changes to patients,” she says. Many physical therapists dream of owning their own practice one day. Proprietary MW Software for Physical Therapy … Networking at community events or trade shows is one way to build relationships with local healthcare providers. Will the current staff want to stay on with you as the new owner? If you have been thinking about the next step for your physical therapy business, the timing could not be better. Regardless of when the timing feels right, one of the biggest decisions facing an aspiring clinic owner is whether to buy an existing PT practice or start one from scratch. If you ask any expecting parent, it’s a lot. Greenville, SC 29601 If … Selling to a private equity/financial sponsor might be an attractive option because this kind of group can help with the financial management of your practice … Pagador opted to stay on WebPT, and she retained the previous owner’s office assistant, bookkeeper, and accountant. “I threw him a ‘Happy Retirement’ party and invited current patients as a way to show a positive transition of ownership,” she says. Now that you know part of what goes into valuing a physical therapy practice, you can begin taking steps to ensure your business secures the highest multiple possible. He notes that it’s always preferable to have the previous owner in your corner as your biggest cheerleader. Physical therapy practices are mostly being acquired by strategic buyers, or buyers who have a business in the same industry and are looking to expand. We have included some of the commonly used formulas to give you an idea of what is important during the valuation and also some tips on how you can increase that number. To do that, Lilyanne Pagador, PT, DPT, owner of Pagador Physical Therapy, recommends asking yourself: She also points out that you’ll need to decide whether you’ll continue using the same EMR provider, billing service or solution, bookkeeper, accountant, and legal counsel. Seller currently employs a manager/licensed therapist to run the business and treat the patients, with 2 additional part-time therapists and 1 receptionist. A private practice usually entails more risk, responsibility, … This practice is a provider for all insurances and has a seperate NPI Number...This means a new owner can start business right a way… We Have Selected a Recipient For Our Fall 2019 Entrepreneur Endorsement Scholarship! PM&R Practices/physiatrists treat back pain, sports medicine, spinal cord injuries, strokes, disabilities and brain injuries, and provide … Keep in mind that all businesses are different and only a professional intermediary can tell you the true value of your business. If you want to buy a physical therapy practice in Illinois, browse Sunbelt’s extensive database of listings. Resource designed to help physical, occupational, and growth is being driven by several factors part of the rehab! 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