Updated: Jan 16
Often when people hear the word investment, all they pick up is spending money. Let's shift that mindset. Investment equals growth. As a practice owner, that growth can look like learning new skills, empowering your staff, and overall long-term practice success. Making investments toward your practice will better not only improve yourself but, more effectively, it will enhance your practice as well. Below I listed some best practice investments that will get you started in the right direction for the new year.
Attaining a New Skill: Every time I invest in a workshop to learn a new skill, I see results.
Just as if you started a new diet or workout, you may only sometimes see the results immediately. It's the same concept as learning a new skill. In the long run, that new skill will produce more income. When I consult with clients who express they want to become certified in something like DBT therapy, I get excited because I know firsthand that learning this new skill set opens up their practice to more possibilities. Not only will their practice grow, but they will also be able to reach more people struggling with mental health. Learning new skills is the best investment for you and your practice. So if you have been on the fence about purchasing a certification course, here is your notice to go for it. The reward will be worth it.
Group Therapy: This made the investment list because it takes time and consulting to learn how to run group therapy sessions effectively. However, once you have the first group therapy session, you will likely be tempted to offer more group therapy sessions. This is also something you can provide to your clinicians to offer if you are a group practice. I don't need to get into the number on this investment, but I will. If one individual therapy session is $150 for 50 minutes of your time, then that is what you make $150 for 50 minutes of your time. However, if you have ten people in a group therapy session and the rate for each is $65, and you spend about 2 hours between setting up, cleaning up, and, running the session, you will make $650 for two hours of your time. It is a big difference in a positive direction. If you have the proper training in place, With group therapy, you will also be able to make a good amount for your staff running a group therapy session. It is all around a good investment.
Seeking Guidance: This is another area where a mindset shift is beneficial. I have spoken to practice owners who expressed shame when asking for advice on running and managing their practice. Those same practice owners said they wished they would have sought guidance sooner. It is uncommon for a therapy practice owner to have also gone to business school. Most therapists are experts in mental health, not business management. Notably, if growth is in the future for your practice seeking guidance from a private practice management expert seems like the best route, and now is the time! More growth means more income
Delegation: It seems like this isn't an investment opportunity. However, once you master the skill set of delegation, managing your practice becomes much more beneficial. Just think about your dream practice running perfectly—no stressing about how things in your practice are executed or if your assistant is performing the tasks correctly. You know everything is being completed accurately because your assistant is adequately trained, and you can quickly check to be sure because you are in control of your practice. I had so many practice owners come to me about efficiently managing their practice that I created an entire training program going over this topic. When people went through the program, they felt in complete control of their practice and no longer stressed about the administrative or financial side of things.
With the new year, take the time to think about the best investment for you and your practice. If you ever need guidance, feel free to schedule a 15-minute call.
May your business grow and flourish in the years to come.