Physical therapists form new employee-owned cooperative
A group of 10 seasoned physical therapists, along with two support staff, have formed PT360, a new employee-owned physical therapy firm based in Williston, Vermont. Under the leadership of Mary Steiger, the members of the group decided to form a new business and were interested in sharing ownership. The Vermont Employee Ownership Center (VEOC) provided initial information on starting up as a worker cooperative and assisted the group with their bylaws.
Worker cooperatives are businesses that are owned and controlled by those who work in them. After an employee has worked in the co-op for a period of time, they can apply to become an owner (“member”). If accepted, they purchase a member share. Members elect the board of directors, and are entitled to a share of profits. Other worker cooperatives in Vermont include Red House Building in Burlington, Green Mountain Spinnery in Putney, and Ronin Tech Collective in Brattleboro.
According to PT360 President Mary Steiger, “In our cooperative we have a shared commitment to working collaboratively. We empower our patients to take ownership of their health, and empower our staff to ensure each patient receives the best care possible. As co-owners each member has a vested interest in the success of our patients and our company. Therefore, we are accountable to each other and each patient in a way that other clinics simply are not. We are happier in business together; and happy therapists make happy patients!”
“We congratulate the owners of PT360 on successfully bringing together all that was needed to start the business they dreamt up together,” says VEOC Program Director Don Jamison. “It was clear to us from the beginning that there was an enormous amount of mutual respect and affection in this group – a great foundation for building a cooperative business together.”
PT360, Inc. is a worker cooperative providing physical therapy and rehabilitation services for orthopedic, neurological, cancer survivorship, cardiovascular, pre- and post-surgery, and chronic pain patients. Treatments include aquatic therapy, manual therapy, therapeutic exercise, lymphedema, and athletic training. The company provides all necessary skilled physical therapy specialties at their new therapist-designed 5,000-square-foot clinic on Industrial Avenue in Williston, Vermont. For more information, visit www.pt360coop.com.
