The average annual salary for a private therapist in the U.S. is $97,700, according to ZipRecruiter. After years of studying and working as a therapist, consider starting a small practice of your own. Providing private counseling to clients will allow you to work on your own terms, explore recent research, and test the latest techniques.
To succeed as a private practice, you will need strong entrepreneurial skills. Therefore, you need to familiarize yourself with the fundamentals of starting a business in healthcare. Here’s how you can establish a private therapy practice of your own.
Understanding the Challenges of Running a Private Clinic
Before you can set up your clinic, understand the difficulties of running a private therapy practice. This step will help you learn what it takes to grow a successful business. Some common challenges include the lack of marketing skills, taxes, and time management.
You may also have a hard time recruiting and hiring competent and reliable therapists if you don’t already have a solid network. Remember, for a private
Research Ideal Office Locations
Choosing the right location for your private practice is crucial for growth and patient demand. Patients are always looking for convenience, security, and amenities to determine if the costs and therapy services offered are worthwhile. With this in mind, search for a place where clients can easily visit and feel safe.
Also, evaluate your target population to ensure there is a potential for growth. Not to mention, make sure to only rent or lease office space you can afford. Investing in rentals above your budget may lead to harmful financial mistakes throughout the process.
Obtain Workers’ Compensation Insurance
Many private counselors tend to ask, do therapists need workers comp insurance for their business? While therapists are less likely to experience workplace injuries than other healthcare providers, that doesn’t mean you shouldn’t carry employee insurance coverage. No matter how cautious you are at creating a safe work environment, therapists may slip, trip, and fall. A counselor may also experience back injury while lifting a heavy box of files.
Given the high cost of healthcare services, a minor injury can cost your business a hefty amount of fees. Apart from medical bills, lawsuits filed by injured employees can harm your finances. By purchasing employee compensation coverage, you can protect your private practice from the financial implications of an accident.
Build Your Referral Network
Networking with other therapists is a brilliant way to market your private practice therapy business. The right group of professionals will inform you about what does and doesn’t work in the industry and refer clients to your clinic. So commit time and effort to network with many professionals in your niche to gain expert advice and reviews.
Starting a successful private therapy business is possible if you follow the right steps. Take time to evaluate the market and know your legal responsibilities. Also, focus on marketing and network with other professionals and the community to grow your client base.