What is a Key Person?
A Key Person is a practicing therapist who is a director of a Therapeutic Associates clinic. A Key Person’s primary responsibility is patient care, but they also manage business operations and make decisions for their practice. Key People are partial owners of their clinic and receive a percentage of their clinic’s net profits in addition to a base salary and benefit package.
Who Can Become a Key Person?
Traditionally, a Key Person has been a Therapeutic Associates staff therapist who has demonstrated strong clinical abilities and management potential and has identified an interest in taking on a leadership role. Occasionally we find highly qualified therapists from outside our organization who demonstrate the skills and potential that we seek in a Key Person.
How Can I Become a Key Person?
Once a potential Key Person opportunity has been identified, a review and selection process is initiated to place the right therapist in the new site as the director. A roster of potential Key People is maintained within the company and is continuously updated and reviewed so the company may act quickly and efficiently when a new opportunity has been identified. Potential Key People are asked to participate in Leadership Interviews and complete our Leadership Development Training Program. This program is comprised of courses focusing on business and leadership skills in areas such as time management, human resources, marketing, and finance, among others.
What Responsibilities Do Key People Have?
Ultimately, Key People must create a successful practice by managing all aspects of clinical care delivery, revenues, and expenses. A Key Person is responsible for all aspects of the practice that any sole owner of an independent therapy clinic would be responsible for, with the exception of the financial risk or debt incurred in starting a new practice. Our company has over 60 years of history, dozens of long-tenured shareholders and other peer mentors, and an administrative team of experts that help all of our practices achieve success.
How long until I become a Key Person? Become a Shareholder?
The Key Person track is an individual one, and opening a new practice relies on the combination of the right person, right place, and right time. While every track is different, we typically say that it takes 3-5 years from start of employment with TAI to have the opportunity to move into a Key Person role. The time it takes for a Key Person to be offered a position as a shareholder in Therapeutic Associates is strictly determined by the success their practice experiences. Key Persons have achieved the opportunity to become a shareholder in as little as three years, but most Key Persons have averaged between 5-7 years to earn a shareholder opportunity.
What is a Shareholder?
A Shareholder is, like a Key Person, a practicing therapist and owner of a TAI clinic. Shareholders have ownership in the overall company and participate in the financial risk and reward of the company as it expands through new endeavors. Shareholders are awarded a higher percentage of net profits from their own practice and are granted a percentage of annual total company net profits. Shareholders also retain voting privileges that enable them to actively participate in the leadership and governance of the company.