PowerPoint Presentation

#thrivingprivatepractice#whattheresearchshows

Sean B. Stokes, Ph.D., LPC-S, LMFT-S

private practice research1Add:-Reasons for doing this research.-Take aways-Brain storm ideas to become more visible in their community-conclusion-further research going onprivate practice research2

Review of the Literature

private practice research3Review of LiteratureLit on Private Practice is scarce (Harrington, 2013)This lack of research could be due to lack of collaboration between academia and cliniciansJournal of Mental Health Counselors devoted one issue to this topic (vol. 35, 2013).Review of the LiteratureThere is some concentration on forms of practice.Sole proprietorship, partnerships, corporationsAdditional focus on how to start up and maintain practice.Picking a space, networking, finding nicheBurnout rate is lower than those in community health settingsCreating positive environment important

Review of the LiteratureColburn (2013) points to need to diversifyServices offered can bring potential income and greater presence in communityLook to add services that take little to no further certificationContract with community organizationsOffering group services and testing servicesReview of the LiteratureBusiness MindsetKey elements of success (Horak, 2009; Rossi, 2009)Private practice is blend of healthcare and small businessEntrepreneurial innovationHave to become more comfortable with fact you own/operate a businessLearning to run a successful business

Review of the LiteratureBusiness MindsetThose practitioners with the spirit of an entrepreneur are the most successful in private practice (Walfish & Barnett, 2009, p. 17).Entrepreneurial mindset gives clinicians better chance to create opportunities to grow practice and network with othersHard for clinicians to get minds set of for-profit businessVery little training offered while in Masters programReview of the LiteratureBusiness MindsetDeveloping a SWOT analysis is fairly straightforward. List five items in each of the following categories that best describe your practice. 1. Strengths. What makes your practice effective, different, or special? 2. Weaknesses. In what areas does your practice need to improve? private practice research9Review of the LiteratureBusiness Mindset3. Opportunities. Where are there opportunities for you to enhance your practice and improve your chances of achieving your goals? 4. Threats. Aside from internal weaknesses (item 2), what are real threats to the success of your practice?Stout, Chris E.; Grand, Laurie C. (2007-07-31). Getting Started in Private Practice: The Complete Guide to Building Your Mental Health Practice (Kindle Locations 983-987). Wiley. Kindle Edition.

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11Review of the Research

private practice research12DemographicsAverage number of therapists in the practice => 1.6Average number of fully licensed counselors / therapists => 1.5Average number of intern / associates => .33Average number of clients / week => 16.25Average fee collected => $83.00private practice research13DemographicsAverage degree =>MastersAverage license held =>LPCAverage number of years in practice => 10Average business structure => PLLCprivate practice research14Defining a Thriving PracticeMost common answer received was having a practice that generated more income than expenses and allowed the participant to be as busy as they wanted to be. Other answers including have at least 20 clients a week, having a full calendar booked at least 3-4 weeks ahead, and having a good name in the community. private practice research15How do you define a thriving private practice?

15Defining a Thriving PracticeTop three responses:Generating sufficient income Generating an appropriate number of referralsReceiving positive client feedbackSubsequent responses:Being well-known in the communityBeing emotionally and/or spiritually rewarding

private practice research16Training Received All but two respondents stated they had received little to no training in their Masters degree program regarding starting or running a private practice. Two respondents stated they were in the business world prior to becoming therapists / counselors which helped in setting up their practices.private practice research17Main Sources of IncomeMajority of respondents reported that they have a mixture of private pay, insurance and EAP contracts.Majority of respondents reported they take credit cards and that the convenience for the client outweighed the cost of accepting the cards.private practice research18private practice research19

MarketingThe number one answer for marketing approaches was meeting other professionals face-to-face to generate referrals (e.g. Networking with others).Other professionals included clergy, attorneys, doctors, psychiatrists and other licensed professionals in agencies and private practice.Additional networking opportunities included memberships in local professional associations / organizations.private practice research20MarketingSecond answer was relying on word-of-mouth referrals from clients / former clients.Third most popular answer was having a good website along with internet presence.

private practice research21MarketingMany participants noted that they teach classes or give seminars in their communities.Examples included speaking or teaching at:PTA meetings Lions club / Kiwanis / Rotary clubYMCA / YWCA teacher in-service trainingsprivate practice research22What kind of 22Social Mediaprivate practice research23private practice research24Smart phones and social media expand our universe. We can connect with others or collect information easier and faster than ever.

~ Daniel Goleman

Social Media UsageFacebook=>6Twitter=>2Instagram =>1LinkedIn=>5Psychology Today=>11Google+=>2Tumbler=>0WordPress / Blogging=>4private practice research25Additional Social Media Outlets & Use of TechnologyYouTubeFoursquareRadioIncreasing the Search Engine Optimization (SEO)

private practice research26Participant QuotesIve found the most beneficial thing for me in developing my practice has been building relationshipswith peerswho often refer to me.Dont work in isolation. Dont be afraid of reaching out to others in the profession.Find your market niche. Gain a business acumen and dont be embarrassed to talk about money.private practice research27Take-away from ResearchHave to do face-to-face marketingHave to have entrepreneurial spiritHave to have business acumen

Have to think of the practice as a business

private practice research28Have to think of the practice as a business.Here is what that might look like.

If you are in it just to set your schedule, be as busy as you want to be, that is not an effective business model. Based on the lit and just a business model.

How many are the sole provider for the family? That impact how the practice: business vs hobby How hungry are you? If I dont have the business acumen, how do I get it or become more business savvy?

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Putting It All Togetherprivate practice research30Developing a Business PlanGoalsShort-term goalsLong-term goalsBusiness StructureFinancial GoalsService DescriptionPricing Structureprivate practice research31Discussion Questions (potential)Financial Goals: What is the importance of having financial goals for the practice?Service Description: Is it important to have a niche for your practice? Why/Why not? Pricing Structure: turn to those around you and discuss the benefits hinderances of having a sliding fee scale vs. set fee for practice?

31Developing a Business PlanNetworking / MarketingWho?What?Where?How?SWOT Analysisprivate practice research32Have them discuss these areas of business planning.32ResourcesThe Therapists Advertising and Marketing Kit by Laurie C. Grand (2002).Getting Started in Private Practice: The Complete Guide to Building Your Mental Health Practice by Chris E. Stout and Laurie C. Grand (2007).Building Your Ideal Private Practice: A Guide for Therapists and Other Healing Professionals by Lynn Grodzki (2000).Practice of the Practice | A Start-up Guide to Launching a Counseling Private Practice by Joseph R. Sanok (2012).private practice research33ReferencesCohn, T. (2013). Building a practice in rural settings: Special considerations. Journal of Mental healthCounseling, 35, 228-244. Colburn, A. (2013). Endless possibilities: Diversifying service options in private practice. Journal of Mental Health Counseling, 35, 198-210. Harrington, J. A. (2013). Contemporary issues in private practice: Spotlight on the self-employed mentalhealth counselor. Journal of Mental Health Counseling, 35, 189-197.High, L. (2007). Legal issues in private practice Family Therapy Magazine, Sept-Oct, 36-39.Horak, J. (2009). Can a marriage and family therapist think like an entrepreneur?, Family Therapy Magazine, Nov-Dec, 44-46.Kelley, L. (2006). How to motivate clients to show up for appointments. Family TherapyMagazine, Oct-Nov, 35-37.Lent, J. & Schwartz, R.C. (2012). The impact of work setting demographic characteristics, and personality factors related to burnout among professional counselors. Journal of Mental HealthCounseling, 34, 355-372. Rossi, P. (2009). The practice of private practice. Family Therapist Magazine, Nov-Dec, 34-39.Walfish, S., & Barnett, J.E. (2009). For optimal success, think like an entrepreneur. FamilyTherapy Magazine, Nov-Dec, 17-20.