BusinessHABTherapy Business: A therapy business in Nigeria requires going beyond registering it and establishing it as considering a few significant factors is also essential. Start-up owners must therefore follow these factors and separate their business entity from personal finances because this is worth of their trouble and time.
1. Therapy Business: Choose a Business Name and Register It
When one has chosen a business name specifically aligned to the business, he or she must never rush out and purchase stationeries and business cards yet. Firstly, there is a need to ensure that no other business uses the same name. A therapy contracting business necessarily requires filing a fictitious name or a trade name. In addition, there must be a specific statement of a business name if it differs to other companies. One should learn more about the necessary steps to follow when registering the business name.
Don’t be afraid to give up the good to go for the great. You can request publication of your article for publication by sending it to us via our Email below. businesshabblog@gmail.com or SMS/WhatsApp) or call +2347034920650. Click here to start business now with businesshab.com
businesshabblog@gmail.com
Therapy Business
2. Obtain a Checking Account and Prepare for a Business Record Keeping System
In addition to the mentioned above, obtaining a checking account is also deemed necessary. This helps in establishing a business and in separating it as an entity. This also makes things easier and clearer when it comes to the IRS. In any personnel, authorities that care for the business, it will just be easier if this has been set up.
Afterwards, one must prepare for a business recordkeeping system that allows him or her to capture the information needed in supporting the business deductions. Ensure that the business expenses and income are monitored and assessed all the time. This task is only carried out effectively and efficiently if a recordkeeping system is around. This also helps track certain things concerning the business and how it is doing. In addition to that, it is much easier and faster deducting all those expenses from the income tax at that time.
Therapy Business
3. Establish a Social Media Presence and Marketing the Business
Establishing a social media presence and marketing the business are the next best steps that need to be followed. Marketing and social media marketing are seldom paid attention to. But, really, these have been proven to be effective tactics and techniques when competing in the industry. Especially in the therapy contracting industry, social media presence helps boost the business and pushes it further.
In this present environment, social media is a one terrific way of letting people know the business and develop the relationships. Thus, they can be attracted back to the site established for a therapy contracting business. Nevertheless, be extra cautious in using it for selling therapy services directly.
Thinking of social media and using it in a different way is a must. Make use of social media and let it bring readers back to the website. Offer clients some tips and let them join the list. After they know the business, they will trust and like it more turning them into clients.
4.Research the Market in Your Area
No business venture can begin without some precise market research. When conducting your research, you will need to answer the following questions.
- Who are your patients?
- What type of physical therapy do they need?
- Why do they need physical therapy?
- What will it take to make them choose your clinic?
After you’ve answered these questions, you want to canvas the competition.
- How big are the practices in your area?
- How are your competitor’s businesses structured? Are they, solo practitioners, partnerships, franchises?
- How long has the competition existed?
Answers to these questions will help you determine the potential for possible clients in the area you are considering starting your PT clinic.
5.Choose Your Physical Therapy Niche:
A clear idea of what exists in your market gives you the necessary insight into what niches are under serviced.
Maybe it’s pediatrics or geriatric.
Choose one of those niches, and you will likely set yourself up for success.
With a clear idea of the niche you hope to represent, begin reaching out and discussing your idea with therapists who are respected in that area.
After you’ve chosen a niche, you can also start searching for physical therapy practices for sale in your area.
6. Insurance-Based:
A good idea of what you want to do and where you want to do it will lead you to the question,
“How am I going to run my practice?” The first major decision you need to make with regard to the “how” is,
“How am I going to bill?”. Research the benefits of choosing to enter into contracts with insurance companies versus providing cash services.
Historically speaking, insurance contracts make things easier.
You will only be responsible for collecting co-payments.
However, more and more insurance companies are decreasing reimbursement rates, which has led many physical therapy private practice salaries to decline.
Thus, many physical therapy start-ups have opted to use a cash-based plan.
Be sure to do your homework in this area as your company’s success is contingent upon income.
7. Legal Liabilities:
When it comes to HIPPA, you can never be too sure.
Take some time and learn the ins-and-outs of all of your legal liabilities.
If you can afford a consultation with an attorney, it might be in your best interests.
Legal responsibilities are one of those “ounce of prevention, pound of cure” scenarios.
Don’t skimp on learning the rules because there’s a good chance it will cost you a lot later down the road if you don’t.
8. Therapy Business : Secure Financing:
A solid business plan is the key to securing the necessary financing to begin building our your practice. There are a few places you can look for funding.
- Banks
- Angel Investors
- Family members
- Friends
If you opt to go the bank route, you should be aware that you will likely have to revise your business plan.
Also, there will be endless amounts of paperwork to complete the lending process.
So, be patient and prepared if you are seeking funds from a bank.
9. Therapy Business : Get a Location:
A solid understanding of how much money you have to bankroll your physical therapy clinic will give you a clear vision of how much you can afford for rent. Begin searching for a location within your budget. A few things to consider when looking for the right space for your practice are:
- Rent structure
- Square footage
- Location
- Parking
10. Therapy Business :Hiring Staff:
You planted the seed earlier in your endeavors when you were selecting your niche; now it’s time to actively recruit the best. Let college classmates know you are looking for quality therapists.
Spread the word to old colleagues who you know are quality physical therapists. You will also need an office manager, so you can stay focused on patients and not managerial tasks. Make sure you hire someone who you feel can be the face of your practice. Your office manager must be efficient, but also kind and friendly. He/she will be any client’s first impression of your practice.
11. Therapy Business : Marketing Plan:
You need a well-rounded marketing strategy. Plan on developing print and digital marketing materials. If you can afford radio or television ads, those are effective forms of advertising. Do not underestimate the power of visiting local doctors’ offices and sharing your specialty.
Be sure you have business cards and print materials available for them to pass out to the patients they refer. Most importantly make it easy for doctors’ offices to schedule patients directly from their office.
12. Therapy Business : Build a Website:
Don’t spend thousands of dollars on a website. But, make sure you get a page that can host a blog. You want to make sure it is branded with your logo, not a third party site, and you need to make sure that you use some SEO strategies so that it ranks above your competitors.
Eventually, you will need to create a blog so that you can show your patients that you are industry expert.
13. Therapy Business : Design the Space:
You’ve got the word out; now you should design a space that can house the patients you are marketing to. When designing your space, take into consideration that a professional designer will help you maximize your square footage while capturing your vision of your clinic.
It’s important to note; your physical space is a direct reflection of your clinic. Patients will judge you if things don’t look nice. So, if you can’t afford a designer, make sure you spend some time looking at how other clinics are set up and try to mimic some of the designs that you feel are efficient and effective.
14. Therapy Business :Get the Necessary Therapy Equipment:
Create physical therapy equipment list, and start shopping for the best deals. Order your equipment and then set it up according to your design. Don’t forget to look for physical therapy practices for sale. You can find some good deals on equipment that people are trying to get rid of.
15. Therapy Business : Buy Your Office Supplies:
You will also need to purchase office furniture and supplies. Comfortable waiting room furniture is also important—especially since you will have people who need rehabilitation sitting in the waiting room.
Purchasing the most up to date computers would also be wise. Slow computers can be frustrating and can impose unnecessary wait times on clients who are on the phone or who are in the office. People hate waiting, and forcing them to could cost you patients. Spend the extra few dollars and keep your technology up to date.
16. Therapy Business : Offer Incentives:
Your space is ready, your computer systems are in place, and all the big managerial decisions have been made. Now you need to develop a plan to get patients in the door, and more importantly, you need a plan to keep them coming back.
Remember it costs five times more money to earn a new customer than it does to keep one. Consider a loyalty program or some other type of incentive like reduced rates for the first few months. Do something to show your new patients you value their business.
Therapy Business
17. Decide How You Will Do Your Billing:
Are you going to use a 3rd party billing services, or is your office manager going to handle billing?
There are pros and cons to both options, so be sure you do your homework about the different approaches.
18. Create a plan for growth
How do I attract the people I want to serve to my practice? If I am already full, how am I going to leverage my time to take more per hour and help more people. This becomes the plan and then things start to fall into place.
Therapy Business
19. Know your numbers (conversion rate, length of stay, etc.)
-If 10 people call, how do I respond? Do I return the call? How many do I talk with right away, and how many become clients.
Insurance based? 60-90%
Cash only? 30-60%
Conversion on the intake call is critical to the success of your practice.
A therapist Casey called had a voicemail message that said, “I will return your call in 24-48 hours and if I don’t, call me back.”
In her own practice, Casey creates a custom voicemail each day, stating the date and the fact that they are in the office. She also lets people know that they can immediately book an appointment online, or they will get a call back within 2 hours. Casey created this habit every day because she feels like it is that important.
We need to get over our fear of being on the phone. Statistics show that the first person that answers the phone gets the customer.
20. Therapy Business: Advertising your therapy business
According to the old adage, you’ve got to spend money to make money. But how true is that for a private practice like yours?
When you’re starting a business, the last thing that you want to do is spend money when you don’t have to. Advertising is probably way down your list – you plan to worry about it later.
But you won’t attract new clients by just sitting back and waiting for them to notice you. The best way to spread the word about what you do and get your business out there is still to be pro-active and to advertise.
The good news is that you can pick and choose HOW you go about this process. Some approaches are much more affordable than others.
Firstly, think about your private practice and who it’s targeting.
What is your ideal client likely to read?
Where are they likely to spend their time?
Where might they search for a business like yours?
Once you know this information, you can pick and choose an advertising medium that works.
Therapy Business, If you want to start an internet related small retail business, then the internet cafe is the best business to start. Even, it is a great self-employment opportunity for the youths also.
BusinessHAB