PT Private Practice

[VivaColombia]

I'm curious to know from PT students and recent grads if they plan to open up a private practice after graduating or a few years after practicing? I've been speaking to PTs in different provinces and some of them are making really good money (~250-300K before taxes) owning 2 practices. But the primary concern is that they might not be able to sell those practices down the road since new PTs or decently experienced PTs aren't interested in purchasing practices. Why is that the case? I know it depends on location, patient volume, overhead, etc. but I'm curious why more people don't go into ownership instead of working for someone or the hospital when you can pull high 100K/low 200K salaries post tax? 

[PThopeful23]

There are a lot of things you need to consider when running your own clinic. It involves a lot more of the business aspect, and you need be an experienced PT. The owner at the PT clinic I have been working at for 3 years currently makes over 250-300k+ annually and all the PTs/RMTs that work there make 150k+. However, when I talk to the owner he says he would have never have went into owning his own practice if he knew the amount of stress it would cause him. He said if he could start over he would in a heart beat and would have never went into private practice. Unfortunately for him, his fathers practice passed down to him, and all his fathers' clients. My PT mentor who works there 4 days a week and makes over 100k+, is stress free, and enjoys working there everyday, whereas the owner is the opposite. Yes you can make a lot more owning your own practice, but it is not for everyone.

[Rehab4Life]

It's hard to make a generalization off a few cases. Personally, I've entertained the thought of entrepreneurship at some point, as that's what I primarily did pre-PT school and loved it.

I don't think you necessarily need to be an experienced PT to start your own place, but it's always good to have experience to know how the industry/business works. I think it's generally more about having the interest in business and developing business skills. Starting a business takes learning/education, time, money, stress, challenges and uncertainty/risk (usually financially - don't have a salary anymore). Perhaps those are some reasons that might deter people from doing it. But I guess sometimes higher risk can lead to higher reward?

Also, it takes money to buy out a successful practice. Maybe several younger PTs are more focused on progressing as a clinician, paying off student loans, saving up for a place, starting a family, etc etc.

I also know a couple PTs running private practices. One doesn't seem too stressed (quite the opposite actually haha), and the other doesn't take on much of a case load anymore and focuses more on the business. Although there are several factors to consider.. like a busier clinic with more staff will = more responsibilities. But I think you could also hire people to offload some business-related responsibilities as the business grows. All speculation of course

[Zurv]

18 hours ago, Rehab4Life said:

It's hard to make a generalization off a few cases. Personally, I've entertained the thought of entrepreneurship at some point, as that's what I primarily did pre-PT school and loved it.

I don't think you necessarily need to be an experienced PT to start your own place, but it's always good to have experience to know how the industry/business works. I think it's generally more about having the interest in business and developing business skills. Starting a business takes learning/education, time, money, stress, challenges and uncertainty/risk (usually financially - don't have a salary anymore). Perhaps those are some reasons that might deter people from doing it. But I guess sometimes higher risk can lead to higher reward?

Also, it takes money to buy out a successful practice. Maybe several younger PTs are more focused on progressing as a clinician, paying off student loans, saving up for a place, starting a family, etc etc.

I also know a couple PTs running private practices. One doesn't seem too stressed (quite the opposite actually haha), and the other doesn't take on much of a case load anymore and focuses more on the business. Although there are several factors to consider.. like a busier clinic with more staff will = more responsibilities. But I think you could also hire people to offload some business-related responsibilities as the business grows. All speculation of course

Agree with this pacho

[JohnGrisham]

The numbers thrown around in this thread are definitely above average. Most PTs are not making anywhere close to 200k, especially not first 5 years.

[PPTTT]

4 hours ago, JohnGrisham said:

The numbers thrown around in this thread are definitely above average. Most PTs are not making anywhere close to 200k, especially not first 5 years.

Exactly -- Isn't it closer to 80-120k depending on experience?

[PThopeful23]

I think the numbers in this thread are for PTs who have their own, well established practice, versus somehow who recently graduated

[Probablypt]

The average PT salary in vancouver is around $67k a year according to payscale. Knowing what pt's in private practice make (more than $67k for sure) because many clinics do a contractor style profit split, is this number bound to go up, since PT services are increasingly expensive (~$80-$120 per session = PT gets 50-60% of that per session)? My goal is to be making $100k a year before I hit my thirties because I want to be financially stable. I just wanna know that this is possible if I work in private clinics! Maybe in the future I'll work in the public sector to get benefits, but receive lower pay 

[PThopeful23]

23 minutes ago, Probablypt said:

The average PT salary in vancouver is around $67k a year according to payscale. Knowing what pt's in private practice make (more than $67k for sure) because many clinics do a contractor style profit split, is this number bound to go up, since PT services are increasingly expensive (~$80-$120 per session = PT gets 50-60% of that per session)? My goal is to be making $100k a year before I hit my thirties because I want to be financially stable. I just wanna know that this is possible if I work in private clinics! Maybe in the future I'll work in the public sector to get benefits, but receive lower pay 

Many do contractor split. Where I work, the PT has a 70/30 split and makes 100k working four days a week (longer 8-10 hour shifts however). However, many PTs also rent out a room at a clinic and pay a monthly fee for that room, but you receive 100% of the service fee and there is no split. You also are in complete control of your hours etc. A lot of RMTs do this from my understanding as you end up making much more, however I have only seen a few clinic offering rooms to rent.