Private Practice Physical Therapy Salary Reddit This is the place to post questions and answers regarding the latest exciting developments and changes in physical therapy salaries and settings
But what you have to realize is that you can get rich making almost any salary you make in PT It is more about living below your means an accumulating money for investments that will get you rich over time If you make 150k but live a high end lifestyle spending 145k a year you are not going anywhere In this post we will focus on outpatient positions specifically private practice and hospital based jobs We will examine the future projected growth of the physical therapy profession salary differences between private practice and hospital based outpatient positions and the benefits and drawbacks of working in each setting
Private Practice Physical Therapy Salary Reddit
Private Practice Physical Therapy Salary Reddit
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The dream of private practice for many counselors therapists and psychologists is primarily driven by two things freedom and money This often means earning at least a 100 000 therapy private practice salary or more Therapists want more freedom and money than typical mental health jobs allow for Jobs like non profits agencies 1 526 May 7 2015 2 BX1959 said on Payscale the median self employed salary for LCSWs is 118K whereas for clinical psychologists it s 260K the accuracy of those numbers is highly dubious There is likely greater within and between variability in salaries of self employed practitioner
That s because how much a PT earns in private practice varies considerably But the only way to really break the 100k salary mark is to either go into a successful private practice get an administrative faculty position or enter a medical management position It s been a tough financial year for many physical therapy practices Profit margins in outpatient PT weren t that great to begin with and reimbursements continue to decline To combat this issue which has been exacerbated by the pandemic and the ensuing lockdown some clinic leaders have decided to move beyond traditional fixed salaries to alternative compensation models that
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So here are a few things to keep in mind as you contemplate the physical therapist salary 1 Experience geography and industry matter As with most professions a physical therapist salary can vary widely based on a therapist s number of years in the industry However a therapist who falls somewhere in the middle of the pack not fresh If you re charging what we are charging and selling physical therapy the way we do patients pay for the plan of care not 1 on 1 time you can generate 108 000 with 9 patients a week The main bottle neck is trading time for money To get out of that you need to scale your practice so you the business owner are not the only one responsible
As a private practice therapist I earn 6 figures a year and I only work part time This article breaks down exactly how I did it There are plenty of places to look online as you re investigating appropriate compensation for each role in your practice websites such as Randstad PayScale and Indeed as well as our very own salary guides the physical therapist salary guide the occupational therapy salary guide and the speech language pathologist salary guide
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Private Practice Physical Therapy Salary Reddit - That s because how much a PT earns in private practice varies considerably But the only way to really break the 100k salary mark is to either go into a successful private practice get an administrative faculty position or enter a medical management position