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For physical therapist private practice owners the business is where they spend the majority of time and the place that receives the primary focus of attention and energy.
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For physical therapist private practice owners the business is where they spend the majority of time and the place that receives the primary focus of attention and energy.
Private practice professionals have special considerations that must be taken into account when it comes to running an independent practice and creating a solid financial plan, yet recent reports in the news have shown that the number of independent businesses that fail is pegged between 50 and 80 percent - which begs the question “what don’t they know?”
For physical therapist private practice owners the business is where they spend the majority of time and the place that receives the primary focus of attention and energy. However most private practice owners lack the knowledge and know how to maximize the value of their practice and the income it generates. P. Christopher Music states in his publication, What Every Private Practice Physical Therapist Needs to Know About His or Her Financial Future, most private practice physical therapists leave their finances in the hands of a financial planner with the premise that “the investment guy will make them wealthy.” He further states that “No way, that is not going to happen. Instead you create your wealth.”
According to Music, the first thing to consider in a physical therapy private practice is gross income and how to allocatethe money that is generated from the practice. This is something a financial planner typically does not do for a private practice professional. P. Christopher Music offers quality advice to physical therapists on allocating money intelligently to create financial prosperity.
Secondly, private practice professionals must consider risk and the management of it. “A financial planner will help you to manage risk with the money you give him to invest but what about risks associated with running a private practice?” What Every Private Practice Physical Therapist Needs to Know About His or Her Financial Future teaches private practice professionals how to manage risk within their practice to generate the amount of income that is needed for financial planning. Music believes that this is what financial planning is really all about. If you do not know how to properly manage risks in a private practice there is no way that “the investment guy will make you wealthy.”
Another aspect of financial planning for private practice professionals is knowing the difference between efficiency and effectiveness. P. Christopher Music outlines the difference between these two objectives and the essential role that they play in private practice financial planning. He specializes in the tools and techniques that physical therapists must use to achieve financial objectives with a minimum amount of risk, loss, and waste.
About P. Christopher Music:
After 18-plus years of being a financial planner, P. Christopher Music decided there had to be a better way. Witnessing financial debacles of big industry and government-driven economies caused Christopher to take action, developing an instrument that measures the success of any financial plan. The Financial Prosperity IndexTM (FPI) is the back bone of Music’s firm, Wealth Advisory Associates (WAA). WAA is a financial planning firm focused on helping private-practice physical therapists understand and implement the most effective strategies to achieving financial success and security. With rampant misinformation and immorality on the subject of money in today’s world, Mr. Music’s system has been described as “easy to understand,” allowing a professional to do what he does best – his profession. Visit www.wealthadvisoryassociates.com
• Bachelors Degree in Business (BA), Mount Union College
• Masters Degree in Business Administration (MBA), Kent State University
• Member, Financial Planning Association (FPA)
• Member, International Association of Registered Financial Consultants (IARFC)
• Certified Wealth Preservation Planner (CWPP™)
• Certified Asset Protection Planner (CAPP™)
• Florida State Representative of the Asset Protection Society (APS)
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