“What do I legally and ethically need to have my own practice? What are the costs associated with back-office operations? Is it better to start off with hiring unlicensed therapists for your group practice?”
Find out more in this episode as I share some basic information you need to know when starting a group practice. We’ll go through a list of things to help you determine the possible operating costs in your business. You’ll also learn the right approach to hiring clinicians that fit for your group practice.
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Podcast Goals:
- Present a guide to determining your back-office operating costs and what to consider when hiring clinicians for your group practice
Timestamps:
- What to consider when renting a private practice office space (04:12)
- Other required insurances apart from malpractice insurance (09:07)
- Operation expenses: Virtual vs physical office space (13:44)
- Deciding between hiring an unlicensed and licensed therapist (16:47)
- Looking at HR hiring laws per the board and IRS (30:33)
- On paying your interns and helping with their clientele (33:14)
Standout Quotes:
- "In DTA we talk about figuring out your ideal client. It should be no different of you writing out what your ideal office space is. Then you have to look at your budget, you have to look at where your business is, you want to consult with a tax person to really see if that's a best move for you with your money and predictability. And then you sit down and look at your options, and I say options because you don't want to dive into just saying yes right away." (08:42)
- "If you don't have stability on your own, by yourself, and then you bring someone on, and you're giving them money to live on, think about that. You're helping them create a life for themselves whether they're unlicensed or not, and they're depending on your structure to be organized, to be seamless, to move them through the hiring process, to onboard them. If you don't even know what these words mean, hold off on group practice." (20:09)
- "If you are stable and you are making over $10,000 a month consistently over 6 months in your business, then I would say, you can consider a group practice especially if you got the clientele for it." (29:20)
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