Business Fundamentals for the Rehabilitation Professional, Second Edition

The world of business is ever changing, with much of the available information becoming quickly out-of-date.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:

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?

Contents 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

 "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

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.