Rehab

Closing your clinic

Briefings on Outpatient Rehab: Reimbursement and Regulations, March 1, 2009

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Although that decision is difficult for any business, closing a company in the healthcare industry comes with other complications that necessitates weighing every option. It’s a decision Peter A. Towne, PT, former owner of Towne Physical Therapy and Rehabilitation in Hamilton, OH, had to make in April 2007 after 30 years of being in business. “I was in my 70s and had been practicing for 51 years,” says Towne. “But I realized I was losing money with every treatment we performed and it wasn’t worth the battle, especially with the three primary insurance companies in the area all reducing their fee structures and Medicare threatening 10% decreases in payments every year.” The circumstances that caused Towne to close his practice almost two years ago have intensified in many parts of the country. Although Towne knows it was his only option at the time, he still regards it as the toughest thing he’s ever had to do.

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