Physical Therapy Clinic Feasibility Study in the Seattle-Tacoma-Bellevue, WA Metro Area

Therapy clinics in the Seattle-Tacoma-Bellevue area borrow more than the class does elsewhere. A $230,000 median loan comes to 1.53x the class's national figure, with the central loans spanning $50,000 up to $700,000. The area is 12 of 406 metro and micro areas for the class, has a location quotient of 1.22x and places the class 14 of 39 among its own. SBA recorded 65 approvals from FY2017 to FY2026 for $31.7 million, and King County, WA alone supplies 47 of them.

Lender record and franchise share

Heritage Bank (WA) is the one lender the file lists by name, with 5 loans totaling $3.0 million, a large average beside the area median that suggests acquisitions of practices. SBA gives a franchise share of 0.00%, so these are independent practices. The program split is masked for lack of enough loans in a cell.

A lumpy year-by-year trail

FY2017 and FY2018 each show 5 loans, at $2.3 million and $2.9 million. FY2019 shows 7 loans for $1.4 million, FY2020 8 loans for $7.3 million and FY2021 9 loans for $6.9 million. FY2022 and FY2023 are masked. FY2024 and FY2025 each carry 8 loans, with $4.8 million and $2.2 million, and FY2026 has 10 loans for $1.4 million. Cancellation after approval: 12.8% at minimum, measured on clinics approved between FY2017 and FY2024. The ceiling variant and the charge-off rate are masked by SBA, and no one should treat either as nil.

What a Seattle-area clinic study must test

Start with referrals: orthopedic surgeons, primary care groups and employers, and how many already have a preferred clinic nearby. Lease cost in Seattle and Bellevue is the next test, since occupancy cost will drive the break-even visit count more than equipment will. Staffing deserves its own line, because therapist wages and recruiting time set how fast the schedule fills. Payer mix matters for cash timing, as reimbursement lags the visit. Cost and equipment should be compared with the $230,000 median, and an acquisition of an existing practice needs a separate valuation of goodwill and patient records. Loan-payment coverage deserves a run on a slow ramp and again after losing a lead therapist. Counties follow the July 2023 area definitions.