Jun 21, 2021
Is the traditional private practice a good fit for you? This episode is all about the different ways you can be in private practice and why it may or may not be suitable. First, Gordon explains what type of clinician would excel at private practice and how it can be a great challenge for most people. Then, Gordon dives into the four different ways to be in private practice as a clinician. Tune in for tips and tricks on how to start, grow, and expand your practice.
Private practice isn't necessarily for everyone. It takes a certain kind of person to be in private practice. The number one reason people want to go into private practice is because of the autonomy that it gives them. Being your own boss and just working for yourself is appealing because it gives you a lot of flexibility in your time. However, it's not for everyone. Many people want to work for someone else because they get benefits, they're an employee, their income is predictable, and they may have a retirement plan and health insurance already ready to go.
People that are in private practice need to have an entrepreneurial spirit about them. Private practice owners need to like the challenge of entrepreneurship. However, many people do not like the challenge and the risk that is involved with private practice. If you are interested in private practice but you're not interested in growing something big, then you don't have to. You can have a very successful private practice as a solo practitioner. Since Covid, it's possible to build just completely online practice. That's one model of private practice.
Another model of private practice is putting yourself out there as an independent contractor. One way you can do this is through popular online platforms like BetterHelp, Talkspace, etc. When you sign up to be a therapist on platforms like these, you are signing up as an independent contractor. They will provide you with a platform, and they will provide you with clients. For some people, that might be very appealing. Even if you are an independent contractor, you are still self-employed. This is one thing that many people will get in trouble with because you still have to pay your self-employment taxes.
For people who are still going the full contractor route, form a separate entity for yourself like an LLC. Talk to an accountant and an attorney about your options. That way, you will have more protection. If you're contracting yourself out, you're just contracting out your LLC. There are different ways you can be taxed as an LLC, so it will be critical to get an accountant's opinion. Depending on how much you are making is how you should set up your entity.
Another thing you should think about is going into a group practice. Maybe you're already a solo practice. If you love the entrepreneurial sides of things, leading people, the excitement of growing a company, and bringing on more and more people, then start a group practice. Whether you are thinking about a part-time contractor or bringing on full-time employees, there are some factors that help you know when the situation and timing are right. Check out the Solo to Group Practice: Adding More Therapists to Grow Your Time & Income Webinar to learn more about growing group practice.
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Gordon is the person behind The Practice of Therapy Podcast & Blog. He is also President and Founder of Kingsport Counseling Associates, PLLC. He is a therapist, consultant, business mentor, trainer, and writer. PLEASE Subscribe to The Practice of Therapy Podcast wherever you listen to it. Follow us on Twitter @therapistlearn, and Pinterest, “Like” us on Facebook.