* Source: Google Search 08/19/2022
In this article, we will explore the question of earning potential of a physical therapist vs occupational therapist. We will dig deeper than basic compensation. I think the answer will surprise you.
Compare the Earning Potential of a Physical Therapist vs Occupational Therapist in 2022
Cost of Education
Physical Therapist
According to PTProgress “In 2019, the average total tuition for an in-state public university was $66k, while tuition for out-of-state students and private students averaged $112k.”
Occupational Therapist
According to Education.Costhelper.com “The University of Toledo in Ohio estimates tuition of $42,800 for Ohio residents or $81,200 for non-residents over the eight-semester doctorate program. The Occupational Therapy Doctorate program at Belmont University[6] in Nashville, TN, costs $99,800 over seven semesters.”
Physical Therapy vs Occupational Therapy: Cost of Education
Cost isn’t just dollars spent. Comparing the cost of education between physical therapy vs occupational therapy it is important we also factor in time to acquire licensure, opportunity cost, employment opportunities, and anything else that poses an obstacle.
This article from University of Cincinnati Online suggests that a minimum requirement for licensure as an occupational therapist is a bachelor’s degree. This usually takes 5 to 6 years.
Compare that to a required doctorate of physical therapy degree which is the minimum requirement to become an entry-level physical therapist. Many doctorate programs will require 4 years of undergraduate study and 3 additional years of post-graduate study.
An entry-level occupational therapist starting at the same salary as an entry-level physical but 2 years earlier could account for $170,000 in more compensation for the occupational therapist. Add to that 2 years in fewer tuition costs and we can see a sizable increase in earnings for the occupational therapist.
✔️ Win for the Occupational Therapist
Who Earns More Per Hour: PT vs OT
Let’s take a look at some current job listings on Indeed.
Physical Therapy job listings as of today 08/19/2022.
Here are three Occupational Therapy job listings as of today 08/19/2022.
You can see that the physical therapy pay rates are on average slightly higher than the occupational therapy pay rates.
✔️ Win for the Physical Therapist
Insurance Reimbursement Earning Potential of a Physical Therapist vs Occupational Therapist
Medicare Part B is the largest third-party payer of both physical therapy and occupational therapy services.
Medicare Part B along with most other third-party payer insurance plans reimbursement is based on CPT Code rather than professional discipline.
What this means is that regardless of whether a unit of CPT Code 97110 is delivered by a physical therapist or occupational therapist, the reimbursement is the same.
✔️ Tie for the Physical Therapist vs Occupational Therapist
Other Factors to Consider
Physical therapy and occupational therapy often overlap in many ways. The two professional disciplines seek to optimize patient function in similar ways.
If I were trying to decide whether I should become a licensed physical therapist or a licensed occupational therapist I would want to better understand the culture within each profession.
Earning potential is excellent in both disciplines.
Spend time with working occupational therapists and physical therapists across different settings.
Different Work Settings for Both Physical Therapists and Occupational Therapists:
- Outpatient Therapy
- Inpatient Acute Care Therapy
- Skilled Nursing Facilities
- Schools
- Sports Medicine
- Emergency Room Care
- Ergonomics and Industrial Health
- Women’s Health and Pelvic Floor
- Outpatient Therapy in the Home
- Transitional Care Units
- Prisons and Institutional Centers
- and many more settings
Summary:
Only the average therapist will earn the average salary. Once you understand your unique value proposition and how to provide real solutions to real problems you will always be able to earn at the highest level of your profession.
Even the best barista can only charge so much for a cup of coffee.
The profession you choose is less important than what you choose to do with the knowledge you possess. I can buy a hammer and with that hammer, I can break open a coconut or I can build a house. You decide which pays more.
