Business Fundamentals for the Rehabilitation Professional

Dedication

Acknowledgments

About the Authors

Contributing Authors

Preface

Chapter 1 Getting Started

Tammy Richmond, MS, OTRL

Step 1: Perform Self Assessments and Practice Assessments

Step 2: Identify Your Business Opportunities

Step 3: Analyze Your Business Opportunities

Step 4: Create Vision, Value, and Mission Statements

Chapter 2 Business Structure

Tammy Richmond, MS, OTRL

Step 1: Determine Your Tax Status

Step 2: Determine Your Legal Structure

Step 3: Create Your Organizational Structure

Step 4: Select Your Business Name

Chapter 3 Business Plan

Tammy Richmond, MS, OTRL

Step 1: Develop Your Business Plan

Step 2: Secure the Details

Chapter 4 Marketing Plan

Tammy Richmond, MS, OTRL

Step 1: Analyze Your Market

Step 2: Create a Marketing Plan

Step 3: Implement Your Marketing Plan

Step 4: Assess and Redirect Your Market Strategies

Chapter 5 Implementation

Dave Powers, PT, DPT, MA, MBA; Tammy Richmond, MS, OTRL

Step 1: Gather Advice and Consultation From Experts

Step 2: Complete Your Operational Infrastructure

Step 3: Build Your Management Skills and Standards of Care

Step 4: Promote Professional Competency and Code of Ethics

Chapter 6 Financial Management

John Richmond, CLU, ChFC; Tammy Richmond, MS, OTRL

Step 1: Understand Accounting Basics

Step 2: Manage Your Cash Flow

Step 3: Improve Your Profitability and Manage Your Risks

Step 4: Understand the Basics to Billing and Reimbursement

Chapter 7 Reflect and Redirect

Beverly Sumwalt, MT (ASCP), MA; Tammy Richmond, MS, OTRL

Step 1: Reflect on Performance and Productivity

Step 2: Redirect to Enhance Profit and Reduce Expenses

Appendix A Business Plan

Appendix B How to Start a Private Practice: Break-Even Analysis and Potential

Management Actions

Appendix C Samples of Marketing Materials

Appendix D Implementation Tools

Appendix E Documentation Self-Assessment

Appendix F Productivity Self-Assessment

Appendix G Management and Operations Checklist

Appendix H Sole Proprietorship Start-Up

Appendix I Electronic Resources

Glossary

Index

Biography

Tammy Richmond, MS, OTRL, is partner of Ultimate Rehab, LLC, Pacific Palisades, CA and an owner of a clinical private practice called Hands 4 Health. She is an adjunct professor at USC, a legal expert, and an author. She also holds positions in state association committees.

Dave Powers, PT, DPT, MA, MBA, is partner of Ultimate Rehab, LLC, Pacific Palisades, CA and an owner of a clinical private practice. He holds positions within the national and state Physical Therapy Associations, holds faculty positions at Mount St. Mary’s College, Los Angeles, CA and University of Southern California, Los Angeles, CA, and serves as an expert witness and investigator for the State of California Licensing Board.

 "The book is written in a straightforward, easy-to-read format. It presents the basic principles of development and operation of a private rehabilitation practice in language appropriate to the management of any small business. The writing style lends itself to rehabilitation professionals who are novices in the area of business management and who are just beginning to explore the conceptual ideal of developing a private practice. Also contained in the book are many tables in each chapter and appendices that provide sample forms the reader can use to implement each step in the creation and development of a rehabilitation practice. Business Fundamentals for the Rehabilitation Professional is a worthwhile read for any rehabilitation professional who is considering opening a private practice. It will provide the basic knowledge to determine if the development of a private practice is a good move and will provide a basic framework to guide the decision matrix required to develop and implement a viable and sustainable business endeavor."  

— John M. Cheeks, PT, DPT, DHS, MSG, CSST, CEA, School of Allied Health, Department of Physical Therapy, Louisiana State University, Laurel, MS, Activities, Adaptation, & Aging

 "I recommend this book for any rehab professional who is even thinking about starting a business practice. It is useful for non-rehab business start-ups. In addition, the text could be used by existing rehab businesses to improve on current practices."  

— Mary Casey, MS, PT, ADVANCE for Physical Therapists & PT Assistants