Quick answer: Overwhelmed physical therapy practice owners can combat exhaustion by exploring several structural business options. You can bring in a business partner, sell the practice, restructure your organization, or step down from ownership while continuing as a treating physical therapist. The right option for you depends on your priorities and the business partner you choose to sell to or partner with.
Physical therapy practice owners rarely discuss burnout openly. The problems that create these overwhelming situations don’t have simple fixes. No inspirational advice can fix the constant fire-fighting that running a practice entails.
You worked hard to become a practice owner, but there are many challenges, learning curves, and external pressures that can lead to burnout, especially when you continue to treat patients in addition to running the business. If you’re not considering leaving the profession and your career entirely, what options do you have for finding relief? The answer is several: but it might take some time to find the solution that’s right for you.
How is clinical burnout different from the burden of practice ownership?
People throw the term “burnout” around a lot these days, and for several different reasons. Some people rightly experience burnout due to hostile workplaces, the intensity of juggling multiple jobs, or feeling disconnected from the values that originally drew them to physical therapy.
The burden of ownership may not always look exactly like burnout. For many physical therapy practice owners, the factors causing overwhelm might actually stem from positive business growth. For instance, struggling to hire enough staff usually means you have a healthy reputation among physicians and patients.
Plus, as the owner, you finally hold the authority to enact the exact patient-centered treatment plans and positive workplace environment you always wanted to create.
Maybe your situation is unique and this isn’t ringing true. Still, most practice owners aren’t wishing they could stop being an owner tomorrow. They simply want a better support system to sustain their long-term vision for the clinic.
What are the best options for finding support as a physical therapy owner?
You have several choices to relieve the pressure of ownership. Consider these specific options based on your current needs:
- Bringing in a partner: Partnership is an option that allows you to access back office support while retaining control of the practice.
- Selling the practice: Sale can mean many different things based on the terms you negotiate.
- Restructuring the organization: Hiring a dedicated clinic manager or outsourcing certain aspects of the clinic can reduce the daily burden on you.
- Stepping down from ownership: Selling or partnering may provide the opportunity for you to re-focus on a clinical role rather than a business-first one.
All of these options are available to you. You might look at some of them and say a hard “NO” right now, which is perfectly fine. The point is, sometimes, simply remembering that you do have options can make the future seem less overwhelming. Knowing you control the destiny of your physical therapy practice can help put your daily administrative problems into a better perspective.
Take control of your clinic’s future today
You do not have to carry the weight of your practice alone. Simply recognizing your choices can be a helpful reminder that you’re in control.
It’s also important to remember that partnership and sale are not one-size-fits-all processes. With the right partner, you can find the resources and support you need while retaining the things about your practice that matter most to you.
At Alliance Physical Therapy Partners, our partnership model focuses on what you need as a practice owner. Leaders throughout our organization are PTs themselves, which means we’re uniquely aware of what really helps and what’s important to you. Learn more by contacting our Growth team today.