The Costs and Benefits of Starting a Private Practice

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Most people who go into healthcare have a common goal: To Help People. However, finding the exact position from which to heal others isn’t always so straight-forward. Particularly for psychologists and other mental-health professionals, the decision of whether to work as part of a larger organization or on our own, can be a daunting one. So, let’s look at some of the pros and cons of starting a private practice.

We’ll start with the pros:

Independence

There’s nothing quite like the feeling of owning your own business. You get to decide everything from whether to hold staff meetings to where to put the coffee maker. Need vacation? Take it! There’s no boss to tell you “no.”

Flexibility

You are in charge of your own schedule. If you don’t like working in the mornings, for example, you don’t have to! You are also in control of what types of illnesses you treat, and which cases you would rather refer. So, put on your manifesting hat and start attracting your ideal clients.

Unlimited Room For Creativity

Unlike in a hospital setting, or, even an intense outpatient program, where therapeutic schedules are pretty set, private practice allows you to make a greater range of clinical decisions on your own. Of course, you may still be working within the guidelines of what H.M.O.’s dictate, but, for the most part you have more creative options available to you.

Sense Of Accomplishment

As motivational speaker Tony Gaskins says, “If you don’t build your dream, someone will hire you to help build theirs.” We’re just gonna leave that right here.

And now, like any fair article, let’s look at the cons:

Increased Responsibility

With the benefits of independence and flexibility come increased responsibility. Remember all of those decisions that we said you get to make? Well, at a certain point, they can become overwhelming, if you don’t have the right support. Speaking of support, too many private practitioners attempt to do everything by themselves, without hiring support staff. Don’t make this mistake!

Increased Stress

Now you are not just responsible for the wellbeing of your clients, but your business too. It’s something that you could ruminate about, (if you were that sort of person), and this could lead to increased stress, and even health problems. It may be time to seek therapy for yourself if you find this happening.

Financial Fears And Hidden Costs

Going into private practice may require that you leave a perfectly good paying W-2 position, for an unstable income. Plus, there are many hidden costs associated with opening a practice. Don’t let monetary fears stop you! Read, Lynn Twist’s “The Soul Of Money,” and turn your beliefs about lack into truths about abundance.

The Bottom Line:

Private Practice isn’t for everyone, but, if you can manage your own stresses and fears, it’s incredibly rewarding! Here at Therapy Hive, we want to help you reach your professional potential. If you are navigating the waters of private practice, know that you are not alone! Contact us to learn more about our network of like-minded professionals today!

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