Your Therapy Practice

To be successful as a therapist in private practice today, you have to be savvy about business– there’s just no getting around it.  Whether you are starting your practice, managing an established practice, or hoping to expand your practice, you must focus on these key areas of business basics in order to protect your practice and propel it forward:

  • Client satisfaction

This term does not refer to the therapy you do with your clients.  Client satisfaction refers to the ease with which clients are able to find you, schedule with you, and, in general, conduct business with you.

  • Marketing

“Marketing is the process of anticipating, managing, and satisfying the demand for products, services, and ideas.”– Wharton School, University of Pennsylvania.  Clients are out there in need of therapy services.  Are they able to easily locate your therapy practice?  Do you have a clear brand and message that potential clients can recognize and understand?

  • Operations

How do the nuts-and-bolts of your operation work?  How are you billing for your services?  Who is your telephone carrier?  How is your equipment maintained?

  • Finance

Do you know what money is flowing in and flowing out of your practice on a weekly or monthly basis?  Do you know what your liabilities are?  Do you know what your assets are?

  • Human Resources

If you have even one employee in your practice, you must be aware of key federal and state labor and employee safety laws.  You must also pay close attention to employee payroll and tax issues.  Failure to be vigilant can be costly for your practice.  Employees can also bring with them a host of other challenges.

  • Risk management

Every practitioner knows about professional liability insurance, but there are other ways to protect yourself from risk in the private practice setting.  Limiting your risk exposure should be an important part of your decision-making process as a business person.

In my work with clinicians over the years, the key difference between those who were able to build and sustain outstanding practices and those who were not, was their ability to grasp and apply these concepts.

Follow along with my blog as I cover all of these key areas and offer you insights into how you can learn to apply these basic business concepts in your therapy practice.

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