Private practice professionals reveal concerns about financial future

The main financial purpose of private practice is the derivation of profit.  A well run physical therapy practice should be taking home about one-third of the gross income on an annual basis, says P. Christopher Music, author of What Every Private Practice Physical Therapist Needs to Know About His or Her Financial Future.  In the current economy, private practice professionals have raised concern regarding their financial prosperity.  In an independent market research study on private practice physical therapists by Trend Creators:

• Private practice physical therapists showed that 26 percent believe that if they continue to work things will be okay. 
• Another 24 percent revealed that despite a desire to make their practice grow, this is not happening with the current economic conditions. 
• Another 16 percent had planned for chance of loss and had set aside finances to remain financially stable as the business grows. 
• And 10 percent of private practice physical therapists have to currently work hard and refrain from spending in an effort to have funds for the future.

The overall feeling of private practice owners was that they needed to increase the number of patients to be financially stable and ensure that the business will be there in the future.  P. Christopher Music points out in What Every Private Practice Physical Therapist Needs to Know About His or Her Financial Future that part of planning income for a private practice should include three essential income planning steps:

1. marketing and the ability to keep patients for the length of their treatment
2. how well the program is promoted to get patient compliance, and
3. how well the patient treatment is delivered 

Music also says that a professional armed with practical financial know-how on how to increase income for a private practice during times of economic uncertainty is a necessity for continued growth.

About P. Christopher Music:

After 18-plus years of being a financial planner, P. Christopher Music decided there had to be a better way. Witnessing financial debacles of big industry and government-driven economies caused Christopher to take action, developing an instrument that measures the success of any financial plan. The Financial Prosperity Index^TM (FPI) is the back bone of Music’s firm, Wealth Advisory Associates (WAA). WAA is a financial planning firm focused on helping private-practice physical therapists understand and implement the most effective strategies to achieving financial success and security. Visit www.wealthadvisoryassociates.com