4) The Business of PT Flashcards
1
Q
What are the different organizational formats?
A
Solo Practice, Partnership,and Corporation
2
Q
What are the benefits of opening a private practice?
A
- Financial Incentive
- Autonomy and control of professional practice
- Assuming leadership positions
- Community involvement
3
Q
Small Business
A
Business that employs <20 employees
- Cost-effective
- Can react quickly to change (nimble)
4
Q
What are the threats to private practice owners?
A
- Professional → Corporate entities, POPT’s
- Personal → Stressful on family life
5
Q
When starting a PP, what do you need?
A
- Experience
- A Plan
- Self-Assess
- Decide on values
- Make goals
6
Q
When starting a private practice, who do you need to hire?
A
Attorney, Accountant, and Billing Person
7
Q
What does formal planning/strategic thinking do for your business plan?
A
Incr odds of success
8
Q
What are the parts of a business plan?
A
- Cover pg
- Executive Summary
- Table of Contents
- Business Description
- Financial Info
- Supporting Info
9
Q
Transmittal Letter
A
Explains the nature of the business; Has all the financial details
10
Q
Describe market research
A
- ID desired location
- ID location’s demographics
- ID available providerships
