2nd Edition
Business Fundamentals for the Rehabilitation Professional
The world of business is ever changing, with much of the available information becoming quickly out-of-date. Business Fundamentals for the Rehabilitation Professional, Second Edition keeps pace with this changing world and provides the health care professional with the latest information to answer the “what, where, how, and when” questions that come up when transforming a health care practice idea into a successful business.
With this updated Second Edition, Tammy Richmond and Dave Powers take the health care professional to the next level of implementing successful business operations by the introduction of applications of management principles, as well as implementation of evidence-based practice guidelines and basics to billing and coding documentation. Business Fundamentals for the Rehabilitation Professional, Second Edition addresses how to identify emerging business opportunities, legal and health care regulatory issues, market research and development, and health care operations.
New features in the Second Edition:
- New Management and Operations checklist
- An in-depth look at reimbursement, billing, and financial survival
- Strategic target market promotions
- Updated templates and tools
- Review questions
- Downloadable worksheets available with text purchase
Keeping the user-friendly format of a workbook, Business Fundamentals for the Rehabilitation Professional, Second Edition is the perfect resource for master and doctorate level students preparing for the professional world, as well as rehabilitation professionals and entrepreneurs interested in obtaining knowledge in starting up, managing, expanding, or understanding the health care practice system.
What will you learn?
- How to create a vision and mission statement
- How to develop a business and marketing plan
- How to manage finances within the scope of the practice
- What are your local state and federal regulations
- What are the small business guidelines
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
