Business Mindset

A significant barrier that arises when engaging in discussions about the topic of business ownership among many occupational therapists pertains to their overall understanding and knowledge of business principles and practices. This gap in knowledge can often deter individuals from pursuing entrepreneurial endeavors or managing their own practices effectively. For instance, Participant 9 articulated this challenge succinctly when stating, “I would say the biggest hurdle is like having no idea where to start.” This sentiment encapsulates the feelings of uncertainty and confusion that many occupational therapists experience when contemplating the complexities involved in establishing and running a business.

Blank Slate of Uncertainty

This lack of foundational business knowledge is an essential factor to consider when delving into the intricacies of running and operating a business. The administrative side of business ownership is particularly crucial, as it encompasses a wide range of responsibilities that are vital for the success and sustainability of any practice. Participant 10 elaborated on this point, emphasizing the myriad of administrative tasks that come with owning a business: “When you have a business, it's like all of the administrative tasks. So that could range anywhere from like filing your LLC. Understanding your taxes, your bookkeeping. Figuring out all of the different platforms that you might have so. You know, I have a platform that holds all of my content and then I have a platform that is my electronic records management platform.” This highlights the multifaceted nature of business operations, where an owner must navigate not only the legal and financial aspects but also the technological tools necessary to manage their practice effectively.

As the discourse shifts towards the topic of business knowledge, a pertinent question arises: Are we learning the right skills in graduate school to best prepare an occupational therapist for business ownership? This question is critical because, while many valuable skills are imparted during graduate studies—such as clinical competencies, patient care techniques, and evidence-based practice—there appears to be a notable disconnect when it comes to equipping future occupational therapists with the essential business acumen necessary for successful entrepreneurship. The curriculum often focuses on clinical education, leaving little room for the exploration of business management principles, financial literacy, marketing strategies, and operational planning, all of which are vital for those considering starting their own practices. This gap in education can lead to feelings of inadequacy and apprehension among therapists who may be passionate about providing care but lack the necessary tools to thrive in a business environment.

During the research conduction, a comprehensive survey was administered to a diverse group of 31 different occupational therapy professionals who are not business owners. This survey aimed to gather insights regarding their educational background, particularly focusing on their preparation for the business aspects of occupational therapy practice. One of the critical questions posed in the survey specifically addressed the level of preparation provided by occupational therapy (OT) schools concerning business management, particularly in relation to understanding and navigating insurance rates. This aspect is crucial, as it represents a significant component of business ownership, especially from the administrative perspective.

The results of the survey revealed a noteworthy statistic: an overwhelming **64.5%** of all participants expressed feelings of being underprepared for the business responsibilities they would face in their professional careers. This sentiment underscores a potential gap in the educational curriculum offered to OT students, highlighting the necessity for more robust training in business-related topics.

In addition to the quantitative data gathered from the surveys, qualitative insights were obtained through interviews and direct observations conducted during classroom sessions of an administration course. These observation hours were designed to assess the barriers that students encounter in relation to business ownership while they are still in their educational programs. One of the major takeaways from this multifaceted approach to data collection was the recurring theme of insurance education. Participants indicated that there is a generalized need for a more in-depth exploration of insurance-related topics prior to embarking on fieldwork experiences.

The concern is that without adequate preparation in these crucial business skills, students may miss out on learning valuable competencies that are essential for successful business ownership during their internship experiences. This gap in knowledge could potentially hinder their ability to navigate the complexities of running a practice, which includes dealing with insurance claims, understanding reimbursement rates, and managing financial risks.

Therefore, it is imperative that these essential skills related to business ownership and management are addressed cohesively within the academic environment. By integrating more comprehensive business education into the OT curriculum, schools can better prepare students for the realities of practice ownership. This could involve not only theoretical instruction but also practical workshops, case studies, and mentorship opportunities that foster a deeper understanding of the administrative side of occupational therapy. Such initiatives would ensure that future practitioners are well-equipped to handle the challenges of business ownership, ultimately leading to more successful and sustainable practices in the field.

Leading to a possible barrier in the interest of the therapist when considering the role of a business owner, the apprehensions surrounding entrepreneurship can significantly impact their professional decisions and career trajectories. Participant 2 articulated this sentiment succinctly by stating, “We're not business people. We actually have very little interest in business in general. I always swore that the one thing I would never do is open my own OT business.” This statement encapsulates a widespread feeling among therapists who may feel overwhelmed by the complexities of running a business, particularly in fields like occupational therapy where their primary focus is on patient care rather than financial management or marketing strategies. For many therapists, the thought of becoming self-employed can evoke a sense of intimidation and uncertainty that may deter them from even contemplating the leap into entrepreneurship. The transition from a structured workplace environment, where responsibilities and roles are clearly defined, to the unpredictable realm of business ownership can be daunting. Therapists often fear the myriad of challenges that come with managing their own practice, including the need to navigate legal regulations, handle insurance reimbursements, and maintain financial stability. Additionally, the lack of formal training in business management within most occupational therapy programs leaves many practitioners feeling ill-equipped to handle the demands of entrepreneurship. This gap in knowledge can exacerbate feelings of insecurity and reluctance to pursue self-employment. The perception that one must possess a certain level of business acumen to succeed can further reinforce the notion that owning a practice is not a viable option for those who are primarily trained in therapeutic techniques and patient interaction. Moreover, the emotional toll of leaving a stable job with a predictable income to venture into the uncertain waters of self-employment can weigh heavily on therapists. Many may be concerned about the financial risks involved, such as the potential for inconsistent income, the costs associated with starting and maintaining a business, and the responsibility of managing expenses without the safety net of a regular paycheck. Such fears can lead to a mindset that prioritizes job security over personal ambition, ultimately resulting in a reluctance to explore the possibility of entrepreneurship. In summary, the combination of a lack of interest in business, feelings of intimidation, and the perceived barriers to entry into the world of self-employment can create significant obstacles for therapists considering the role of a business owner. These factors contribute to a broader narrative in which many skilled professionals may opt to remain in traditional employment settings rather than pursue the potentially rewarding, yet challenging, path of entrepreneurship in the field of occupational therapy.

Interview and Survey results gathered from Entrepreneurship and OT, Alex Heumann OTD, 2022.