The Smart Path Forward: PT James Park on Going Independent! (RTS Newsletter #10)

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Community Spotlight ☀️ Smart Risks, Strong Results — How One PT Built His Practice Through Careful Planning

For James Park, entrepreneurship was never part of the plan. "It was never my intention to start my own practice," he recalls. "I was pretty much a follower in the sense that if there's a structure placed in front of me with clear requirements for advancement, that was perfect for me."

After a decade in the field, including four years in Manhattan, he hit a crossroads familiar to many clinicians – mounting burnout and diminishing satisfaction with traditional practice models. "I hit a point where it was either stick with it and be miserable, potentially leaving the profession, or consider starting my own clinic," James explains. "After conferring with my wife and getting her wholehearted support, I started gathering ideas and researching how realistic this could be."

A Calculated Approach to Independence

True to his nature, James approached practice ownership methodically, spending six months researching and planning before making the leap. After establishing his LLC in early 2018, James launched his practice that June. What started as an "experiment" quickly proved viable, and he's never looked back.

Technology as a Time Multiplier

One early lesson James learned was the importance of investing in the right tools and technology. Initially focused on minimizing costs, he tried using Google Docs for documentation – a system that quickly proved unsustainable as his practice grew.

"People get so focused on cost savings that they don't realize what's more valuable is your time," James reflects. "When you break it down by the hour of time you don't have to spend, any good system will be worth that investment." This philosophy has guided his approach to practice management, leading him to invest in tools that automate administrative tasks and free up more time for patient care.

Building a Sustainable Practice

James has built his practice around clear specializations, understanding that success comes from being specific about who you serve. His practice now serves a mix of out-of-network and cash-pay patients, along with a growing Medicare population. "Medicare patients are some of the best I've ever worked with," he notes. "Why ignore that population when there's so many of them that need help?"

Looking to the Future

When asked about the future of physical therapy, James emphasizes the importance of individual action over waiting for systemic change. "Rather than waiting for something magical to change, it's about what can I do directly to change the outlook for my profession?" he says.

He's particularly excited about the new generation of physical therapists entering the field. "With new talent comes different perspectives and probably a more entrepreneurial, more proactive approach," he observes. "You now have younger clinicians who are clearer about wanting to start their own practices from the get-go, and they have so many more resources accessible to them. That only bodes well for the profession."

Through his journey, James challenges the common misconception that entrepreneurs are inherent risk-takers. His success demonstrates that the best entrepreneurs often succeed not through bold gambles, but through careful risk assessment and methodical planning. "A lot of folks assume entrepreneurs are super risk-on," he reflects, "but the reality is they're very good at identifying what the risks are and trying to mitigate those risks as best as possible." For clinicians considering independent practice, this measured approach – identifying potential challenges, planning for contingencies, and taking calculated steps forward – might just be the surest path to success.

World of Rehab 🌐

• [Speech] The ASHA Leader's roundup highlights the most popular articles and discussions among speech-language pathologists in 2024, featuring topics like post-pandemic skills gaps, multilingual services, and legislative changes affecting service delivery.

• [Physical] Physical therapists are embracing new technologies like AI, computer vision, and wearables to enhance patient care and track movement data, with the global PT software market expected to reach $34.87 billion by 2028.

• [Occupational] A new partnership between Healthcare Therapy Services and OneStep is using AI-powered smartphone technology to analyze senior living residents' gait patterns and prevent falls, with early results showing 27 fewer falls annually per 100 residents.

Indie's Insights: Over-Promised, Under-Delivered — The Reality of Healthcare Technology💡

A clinician I spoke with recently was a month behind on their notes. Another spends 2-3 hours every night catching up on documentation. This isn't just a failure of technology - it's evidence of a growing administrative burden that technology was supposed to help solve.

The administrative burden in healthcare has been steadily increasing. Insurance requirements have become more complex. Quality reporting standards have…

See you in two weeks,

Eddie

P.S. Have questions about how to navigate all the information being thrown your way about technology and AI? I'd love to hear from you - reply to this email!

Last Laugh 🤣

Going back and forth with insurance be like…

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