Great Brooklyn NY Physical Therapy Practice for Sale Due to Relocation of Owner
DETAILS and OVERVIEW
A longtime Brooklyn physical therapy practice in a very family oriented neighborhood is for sale due to re-location of the practice owner. The practice has an excellent reputation and is a true staple of the neighborhood, well known by area physicians and allied health/ fitness professionals as a facility that truly provides individualized and attentive physical therapy services in a relaxed and friendly atmosphere. A majority of patients are obtained through local word-of-mouth.
The office is Medicare credentialed and participates with most area-wide private insurance companies. The practice averages approximately 70 productive visits per week and receives an average approximately 30 new patients per month. A waiting list for new appointments is typical.
The practice is on the street-level clinic (one small step) in a residential corner building located on a pedestrian-heavy street.
The 800 square feet clinic includes an open gym/treatment area with a hi-lo treatment table, large mat table, upright bike, cybex functional cable machine, and multiple small pieces of equipment around the clinic. Additionally, there is a semi-private treatment area with hi-lo table separated by partition wall and curtain for privacy. The space has tall ceiling with large windows in front and side. The lease is transferrable and renewable; new owner will have to be vetted by Landlord.
Access to the basement with plenty of storage space is available.
Currently there are 3 p/t Physical Therapists (including owner) with 1.5 FTE. There are 2 p/t administrative employees, 1 of who handles in-house billing in addition to day-today administrative tasks.
FINANCIAL OVERVIEW – Full financial information including but not limited to profit and loss statements, balance sheets, and tax returns for the last two years are available for inspection. The gross revenue for the company for the past 3 years is as follows: 2019 -$265,00, 2018- $236,000, 2017-$ 230,000.
PRACTICE STATISTICS- In 2019: 74 visits/week, 30 new/month. Patients scheduled on the ½ hour. 2018: 67 visits/week, 20 new/month. The practice is ramping up post COVID and is getting very busy.
TERMS – Ask price is $125,000 with reasonable terms considered. Full financial and practice analytics are available to serious and qualified buyers. The practice owner is open to flexible terms if there is a minimum down payment of 50% upon closing, The owner is committed to a successful transition and would stay on as needed for up to 3 months.
Serious inquiries only, please email Iris Kimberg MS PT OTR on behalf of the owner.