They find gratification, even fun, in setting business goals and achieving them. The people who do best in private practice are those who are able to embrace the business end of the business as a challenge or even as a game. Even if you decide not to accept insurance, you will still need to deal with collecting money and managing a cash flow that can be erratic. If you decide to accept insurance, youll need to deal with different billing procedures for each carrier.
The business of private practice requires that you learn everything from bookkeeping to basic tax law to marketing strategies to good record keeping. Private practice is most definitely a business and as such requires sound business practices. Embrace the business end of the business. These days, nearly everyone in private practice works with those two issues regularly, so they are no longer available as a specialty that will set you apart from others.) 3. (Note: Only a few years ago, specializing in trauma work or substance abuse would define a practice niche. Choose something you can get passionate about! This will become a reliable base for your practice. Examples might be pain management, sports psychology, dual diagnosis, children who are developmentally delayed, school problems, family businesses, adolescent anxiety and depression, or elder care.
What makes you different from the other dozen or so private practitioners that people in your area can choose? Identify an area that you genuinely can commit to and get the training you need to be the local expert. Although most psychotherapists like to work as generalists seeing people from many walks of life and with many different problems and diagnoses its also important to find something that you can uniquely offer to your referral sources. Successful practitioners conduct a careful needs assessment of their communities. With that increase in responsibility, though, comes an increase in freedom and earning power. Only you can decide if the benefits outweigh the fact that in private practice you will have to assume responsibility for many of the support services that an agency provides. Any money you make will benefit you directly because you are no longer paying for agency overhead or union activity. Private practice also means the freedom to set your own hours, define the work you want to do, create your own working environment, and choose your clients and modes of intervention. Understanding the differences and making a clear decision that the differences are worth the effort are the hallmarks of a successful private practitioner. Private practice isnt easier than agency work its different. Go into private practice with a clear vision of its challenges as well as its rewards. Whats their secret? Most have consciously or intuitively embraced principles that dramatically increase the odds for success. Most are doing so in ways that they personally define as successful. Many thousands of therapists are seeing many thousands of clients in private practice settings every day. The dream of a successful private practice doesnt have to be only a dream. You want to be sure that you have the information and support you need to maintain a work life and lifestyle that you relish. But you are worried about maintaining your success in the face of increasing pressures from multiple sources.
So far youve been able to do the work you love with personal integrity and sufficient financial reward. Or maybe you already have a private practice that is doing just fine, thank you.
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