Wednesday, October 14, 2015

5 Ways to Make $6-Figures as a Physical Therapist

Making $100,000 or more is and has been a big benchmark for years now as the "You've made it moment." Being that the median income in the United States is currently about $52k circa late 2015, making twice as much as "the middle" definitely has a nice shine to it.

However, one begs the question: Can a Physical Therapist make Six Figures a Year? After all, it was reported that the average PT makes about $80 annually...

My answer: YES!

Today's post is all about .........!

5 Ways to Make 6 Figures as a Physical Therapist

It starts with attitude!


MAIN POINT:
PTs will never make 6-figures if they keep regarding their job, position, career, or profession as a 9-5 gig. Physicians, surgeons, attorneys, and accountants who make their 6-figures work 50, 60, 70, sometimes 80, or 90 hours a week. The earning potential is there! PTs need to reach out and grab it, own it, and grow it out.

Take Away Talking Points:
  1. Home health should easily be at $100-$110k per year of either total or just direct paid compensation. In fact, I've heard as high as $250k but that was with a PT grinding out 60+ hours a week... probably more.
  2. Location based facilities such as SNFs or government facilities can pay minimum of $45/hr. It isn't a stretch for them to pay $48/hr to get you to 6-figures. Many can easily afford $50/hr and I know of a local one in the boonies of San Diego that is $60/hr!
  3. Travel, Registry, and Staffing Agencies contract with companies for human resources to be available at a moment's (or short time's) notice. About 10 years ago, new grad PTs were making $90k a year with these contracts. Add the sign on bonus of $10k+ a year, and you've made it.
  4. Supplementing your income with any of the 3 above by shortening your 40 hours or simply adding to it is a great strategy.
  5. Making a director level management position is a sure way to make it to $100k. However, make sure companies don't low ball you during the initial offer.

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