If you have been thinking about private practice, it can be hard to know where to start. It sometimes can seem like there are endless options for how to approach this process. And if we’re being honest, it can be intimidating to branch out independently and take on all of that extra responsibility. There is certainly comfort to be had in a group practice or community mental health and knowing that certain things will be taken care of for you. However, there is also a lot of freedom and autonomy that comes with starting a private practice for yourself.
If you do end up deciding to start your own practice, there is a lot to consider to ensure you do everything properly. This blog post can be a great way to get an idea of how ready you are and what to consider.
Are You Ready?
Have you been unhappy with the values at your current job? Maybe there is a misalignment in how to handle clients, client concerns, or the work environment itself. There could also just be a work culture you don’t really agree with. If these considerations have been on your mind, it could be a sign for you to branch out on your own and start a private practice.
Maybe you love your current practice, but you want more flexibility in how things are handled or flexibility in your schedule. Maybe you just want things to be less complicated as far as how when you are able to take time off or what your hours look like. These could also be good signs that you are ready to go out on your own.
What is important to consider, though, is that you also need a good head for business. You need to understand which aspects of running a business you want to handle yourself, and which you will delegate out (assuming finances work out). Do you want to handle billing? Insurance claims? Scheduling? If not, you will need to hire someone for whatever aspects you do not want to do. An account can be a great resource to assess your finances and make smart business decisions.
You also need to be familiar with the legal side of things in your state! Hiring a lawyer to consult with is a great idea here. There is a good chance that your current group practice you work for already has legal counsel. There is a reason for that! Legal things can become complicated fast and having someone in your court that really understands that will be your best bet to avoiding any legal issues or have the support if there is an issue.
Of course this is not the complete list of things to consider when determining if you are ready to take the leap into private practice. If you are interested in a checklist, we sell one here.
Other Things to Consider
If you have decided that your own private practice is something you are interested in, you have to consider what will your practice look like. Will you be doing in person only, telehealth only, or hybrid? Will you be a solo practitioner or do you want your practice to grow into a group practice?
Do you think you will go out on your own full time? Or maybe you want to take it slow? Many individuals start off part-time, working in community mental health or at a group private practice and taking on their own private clients one or two at a time. They grow slowly from there until they determine it is time to go full-time in their own practice. Others are confident they can go full-time right away. Only you can decide which of these options is right for you.
What about insurance? You can choose to be private pay only and decide not to go in network with insurance companies at all. You also have the choice to only take insurance or select which plans you want to be in network with.
Pros
Flexibility: You determine how many clients you take on and when. You get to schedule your weeks the way you want to, not based on what your boss needs you to fill. Your needs and goals determine your caseload and schedule.
Autonomy: You get to make the big decisions. You manage your time, how your business is structured, and how clients are helped.
Earning potential: Sure, the expenses come out of your pocket, but you get to determine your rates (caveat: for insurance, the company sets their own rates). You also do not have to give a percentage or set amount of your pay to anyone else.
Work culture: You are the boss so you get to create your own work culture and ideal work environment!
Cons
Risk and Liability: It cannot be denied that when you are the owner of the practice, all of the risk falls on you. You have to make sure you understand your local, state, and any federal laws that apply to your business so remain in compliance.
Marketing: You are likely not going to be able to bring a full caseload with you to your private practice. Even if you are, you are still going to need to market your business in order to make sure you are able to generate new clients when the current ones discharge.
Inconsistent income: Clients may leave unexpectedly, clients cancel, and sometimes life just happens. You do not have the stability that is promised by your current workplace and this is something you need to plan for.
No benefits: You are responsible for paying for your health insurance and any other benefits you may want or need and the full cost will be your responsibility so make sure to budget for this!
Ready for More?
If you think you are ready to start your own private practice and want to learn more, there are many resources out there before you take the plunge. This blog post could never cover everything you would need and no single source will have all the answers. Consider booking an appointment with one of our consultants or purchasing a training on this subject (we have one here) in order to get more information and start your journey. We are also offering a FREE webinar on 12/9/24 at 12 EST via Zoom. You can register here.
Take this quick quiz to help determine how ready you may be!