Starting a private occupational therapy practice takes the dual desires of wanting to help people restore their physical and mental functioning and of owning a business. The occupational therapy practitioners needs to have the business skills to operate a successful enterprise while serving people in need of rehabilitation due to injury, accident or disease. Developing the occupational therapy business plan requires doing a lot of planning, including how to generate adequate cash flow. Health professionals naturally want to concentrate on helping people restore their lives, and one of their major challenges is turning attention to business practices needed to ensure ongoing success. The business plan offers a path to success by walking the occupational therapist through the many details of planning and managing a business. These details include:
• In-depth research on industry standards and how the startup revenue and expense projections align with those norms
• Details about the niche market served and the source and size of the patient pool
• Qualifying third-party private insurance payers and business eligibility for credentialing with Medicare and Medicaid
• Type of therapy and rehabilitation services the practice offers and what makes this practice uniquely competitive
• Patient demographics
• Niche markets targeted, such as seniors or children
• Reasons for choosing the business location with a main factor being patient accessibility
• Preparation of space that meets all local, state and federal laws and can accommodate the needs of the patients, i.e. wheelchair accessibility or room for treatment equipment
• Marketing plan for generating referrals from doctors, hospitals, workmen’s compensation insurers, and so on
• Contracts already in place with insurance companies, hospitals, or other businesses
• Capital equipment and supplies needed to deliver services, including computer-aided adaptive equipment and software programs
• Business owner education skills, competencies and experience in delivering occupational therapy services as a health professional and a business manager
• Staffing plan, including recruitment and retention strategies and compensation schedule
• Insurance requirements, including malpractice (usually a significant expense)
• Accounting, billing and electronic health records software systems to track business operations and patient services
Purposes of the Occupational Therapy Business Plan
The occupational therapy business plan can support requests for funding from private or public investors and financial institutions. The business owner has to prove thorough knowledge of the local competition and the available community health services. The business plan can attract investors by describing what this business offers patients that they cannot get elsewhere, like personalized customer service, state-of-the-art medical equipment, or trained professionals able to deliver a broader range of service. It is important to discuss how the business will maintain high quality standards as technology and regulations frequently change.
OGS Capital (https://www.ogscapital.com/) offers a full range of services including preparation of business plans, business proposals, feasibility studies, and much more. Submitting the online contact form will connect the business owner with experienced consultants.
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