Building Blocks to Success in Private Practice

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Making the Jump into Private Practice

The seasoning of a good clinical therapist often leads to the desire to experience non-institutional practice. An avenue often explored is independent ergonomic evaluation, essential function job analysis, and work evaluation expert witness specialization. In the webinar below, Roy discusses the building blocks to success in private practice:

 CONTACTS

Your database of personal contacts (school, family, church, professional) is valuable to you as you make any form of transition. We strongly urge you, before deciding to go out into your own practice, to sit down and get your database in order. Build your database now. What’s their name and contact information, including email. “It really is who I know that moves
me forward.”

 DUE DILIGENCE

One of the most important things your database of contacts can do is help you differentiate between a dream of what you want to do and the reality. Where are you going and why are you going there?

If you work for an employer, you are a facilitator in their operation and you probably only understand a minor fraction of what it took to build that practice. Maybe you are a good evaluator, but you didn’t build the business. You are going to have to be the entrepreneurial spirit, the manager, AND the evaluator.

 FORMULATE THE DREAM

What are the practicalities? Sit down with people that know the market and know finances, to see if your dream will be successful.

Challenge your dream before you jump off the curb.

 CRAFT YOUR MESSAGE

What is that 7-second elevator speech that will explain what you are doing? What phrasing would you use when you sit in front of a banker to ask for financing?

 SALES

How can you match the quality and the trust that’s already been built up out there in the marketplace? What are the reimbursement rates that you would need to run your business? You’ve got to go and “touch” the people who you believe would buy your product and get a firm commitment from them to agree to buy your product.

 CASH

This is the blood of the business. The scariest part of a business is not lack of sales, but lack of cash.

 STAFF

Hire for the ability to write and communicate. Think about going through a very good temp agency in your area to vet prospects for you.

Get business advisers before you hire any staff.

 BUSINESS LOCATION

Reasonable Accommodation, Essential Function Job Analysis, etc. lend themselves to not having a large business. Look for a business incubator in your town which offers office space that will nurture you along until you need more space.

If you are going to be a B2B practice, you can’t do it virtually. You will need to travel.

 PROFITABLE SERVICES

Look at the services you’re offering. They may have been turned into a commodity in your area. If an outside or local company has come in and set the sales price low, then that’s the market price. You may not be able to do business at that rate.

Watch the number of services that you offer. Don’t think you’re going to increase your bottom line by adding more and more services. Start out with one or two and do an excellent job. If they are going strong and cash is flowing in, do an in-depth analysis of your staffing and financial position before you add any more services.

 PERSERVERE

Surround yourself with positive people. Shelter yourselves internally from the effect of negative and lazy people. Setting up your own practice is not for the faint at heart. Your mind should be full of your business, and not gossip or things you can’t control. If you have a vision, write it down and post it where you can see it. Work toward that vision every day. Find the people who can help you. None of us get here by ourselves.

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