Craig addresses the challenges of running a successful therapy practice, sharing insights on setting fees, creating consistent income, and making strategic hiring decisions.
• Setting appropriate fees requires knowing what income you need, how many clients you can realistically handle, and calculating your session rate accordingly
• Consider both personal income requirements and business overhead when establishing fee structures
• Some potential clients will be deterred by higher rates, but those seeking quality care who find the right fit will often prioritize value over price
• Implement a limited sliding scale with clear parameters if you want to serve clients with financial limitations
• Pay yourself consistently as a business owner with a regular salary, not just compensation for client sessions
• Use multiple bank accounts (Profit First system) to ensure stable personal income regardless of business fluctuations
• Before hiring, understand your profit margins and ensure you can sustainably afford additional staff
• Start with administrative support before hiring clinicians to free up your time for revenue-generating activities
• Test your hiring readiness by setting aside potential employee salary for several months
• Consider the pros and cons of W-2 employees versus contractors based on your practice needs and tax implications
Send your questions for future mailbag episodes to info@craigdacy.com or submit them at therapybusinesspod.com.
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Hey Physical Therapists! I'm currently writing the book Profit First for Physical Therapists and I'm looking for advanced readers. Go to www.pf4pt.com to join the waitlist and get early access.
*Intro/outro song credit:
King Around Here by Alex Grohl
