If you have been running your solo practice for a while, it can seem like the next predictable step is to move to a group practice. However, expanding to a group practice is not the right step for everyone. There are a lot of aspects that need to be considered to make sure that you and your business are ready for this expansion. 

Is Group Practice Right for You?

The biggest thing to consider is if this is even the right move for you. If you are starting to feel lonely or isolated and you love the business side of running a private practice, this could be a sign that this is a good move for you. If you have more referrals than you can reasonably manage, this may also be a sign that hiring a clinician makes sense. However, if you have a difficult time delegating tasks to others or are not comfortable in a management role, it is likely best to remain in solo practice. 

Other things to consider are if you have developed a business plan. This allows you to consider the bigger picture and a clear path to achieve your business goals. Spending the time to put the pen to paper is an important first step in expansion. You also need to decide what kind of clients your practice will take and if you want to be private pay, insurance based, or a combination. If you are considering accepting insurance, it is important to develop systems for credentialing, verifying benefits, billing, and following up on denials. You will also have to decide if you want your group to specialize or be multi-specialty.

Pros and Cons

There are several pros to having a group practice!

For example:

• Increased revenue – This is an obvious one, but if you have employees then you will be taking a percentage of whatever it is they get reimbursed for their sessions. This means not only do you receive payment for your own clients, but some from theirs, too. 
• Co-workers (no more getting lonely at work!) – Another obvious one, but this means that you have some built-in support at work now. You won’t be having to deal with the isolation of a private practice anymore.
• Division of responsibilities – This is a big benefit of being able to delegate things out to other people. You will not have to be responsible for every aspect of your business anymore if you are able to divide those responsibilities or have the extra revenue to outsource.
• Meaningful role – It can be incredibly rewarding to transition into a leadership role, provide a positive work environment for other clinicians, and be able to diversify your skill set.

However, there are also some cons to consider and some of these may be deal breakers for you. It is best to be aware now before getting too far in and realizing later when it is more difficult to step away from the idea of a group practice.

For example

• Increased liability – Not only are you responsible for yourself and how you conduct yourself in sessions, but you are also at least partially responsible for your employees, too.
• Increased responsibility – You will now be responsible for filling the caseload of your clinicians, ensuring they get paid, and addressing any issues that arise.
• Providing benefits – Depending on your state laws regarding how businesses must conduct themselves, you may need to provide benefits for your clinicians. This is an added expense and responsibility. 
• Credentialing clinicians – Remember the headache of credentialing yourself? You will also be handling that for your clinicians if you are an insurance based practice.

Do You Think You Are Ready?

This post is only a brief overview of all that goes into practice expansion but we have several ways for you to learn more if you have determined adding clinicians to your team is the right decision for you. We provide business consulting and offer a free consultation that can be scheduled here. We also offer a training of what was discussed in this post. Take our free quiz to assess your level of preparedness for expansion. We are also accepting applicants for Master Your CEO Mindset, a 6 month coaching program that walks you through all the steps to expand confidently and successfully.