This thought is based around this article Back pain? Bum knee? Be prepared to wait for a physical therapist
Physical therapists need a better career path, and Maverick Community is offering just that—an immediate opportunity for PTs to enjoy a more sustainable career. There has to be a better way…
Summary bullets detailing the problem with the PT industry:
- Demand for physical therapy is exceeding the supply of physical therapists.
- Supply of physical therapists is low because the economics don't make sense.
- The average physical therapist graduates in $140K of debt from 7 years of schooling (4 years of college + 3 years of PT school). 90% of PTs have education-related loans.
- The average salary out of PT school is ~$95K.
- The standard PT clinic job leads to burnout, which is the main cause of PTs leaving the industry.
- Burnout is described as emotional exhaustion, depersonalization of care, and low personal accomplishment. These clinicians are seeing ~20 clients per day for ~20 min at a time, which leaves them with little ability to impact long-term change. And, in the end, the economics are not strong enough for someone to put up with the stress of debt in combination with long hours and low fulfillment.
Maverick Community has a huge opportunity to change the PT industry and improve the lives of our dedicated PTs. This is a huge and worthy problem to solve.
Here is an overview of the “traditional” career path of a PT vs. the career path of a PT working for themselves at Maverick.
“Traditional” PT Career Path
(stays an employee) | “Traditional” PT Career Path
(opens own facility after working as an employee) | Maverick Entrepreneur Career Path | |
7 Years of School Debt | $140,000 | $140,000 | $140,000 |
Year 1 - 2 Salary at a Clinic | $95,000 | $95,000 | $95,000 |
Year 3 - 5 Salary at a Clinic | $110,000 | ||
Manager Salary at a Clinic | $130,000 | ||
Costs to Start New Location | $300,000 start-up & facility costs
+ $100,000 working capital requirements
+ Personal Guarantee Risk on a lease
+ Sacrifices of giving up training clients to train & manage employees + clean + deal with landlord + etc. | $1,750 to buy monthly unlimited package at Maverick | |
Profit (before taxes) | $130,000 | Revenue: $500,000 (13 sessions per day at $150/session, working 5 days/week)
Profit: 20% of gross revenue = $100,000 | Revenue: $200,000 (4 sessions per day at $200/session, working 5 days/week)
Profit: $170,000
($200K - $21K rent - $10K other expenses) |
Notes: Pluses/Minuses | Not setting own hours, working for someone else. Spending little time with clients and working too many hours.
This option will take a long time to pay back student debt, especially if living in an expensive city like Los Angeles | A lot of risk for minimal reward.
This option will take a long time to pay back student debt, especially if living in an expensive city like Los Angeles
Tax advantages from owning own business | Making more money working less hours with less risk = less stress & happier life
No debt
Surrounded by entrepreneurs
Tax advantages from owning own business |